Singapore's Xcelerate raises $52 million debt from Orion Capital Asia

Xcelerate, a Singapore-based platform specializing in Environmental, Social, Governance, Risk, and Compliance (ESGRC), has raised a debt funding arrangement of up to $52 million from Orion Capital Asia.

The firm plans to use the funds to refinance existing debt, pursue an inorganic growth strategy, and consolidate its businesses across the Asia-Pacific (APAC) region, the UK, and Australia.

The strategic move aims to strengthen Xcelerate’s market position and expand its capabilities.

Xcelerate's market presence

Xcelerate has made significant progress in the Indian market through the acquisition of Aparajitha Corporate Services, a leader in Labour, Employee, and Industrial (LEI) compliances.

Following this, Xcelerate acquired three competitors, solidifying its position as the dominant player in this segment.

In April, the company expanded into the Stakeholder and Sustainability Reporting and Advisory segment by acquiring a strategic equity stake in Stirrup Communication Consultants, with plans to further grow its ESG advisory and assurance services.

Recent acquisitions by Xcelerate

Last month, Xcelerate acquired a strategic equity stake in Gieom Business Solutions, a provider of Generative AI-powered regtech solutions.

Gieom specializes in standard operating procedure (SOP) and policy management, operational risk and resilience, and digital identity verification, serving approximately 125 clients in the Banking, Financial Services, and Insurance (BFSI) sectors across Europe, the Middle East, and India.

These acquisitions align with Xcelerate’s roll-up strategy to integrate world-class management teams, advanced technologies, and domain experts.

Leadership comments

Madhujeet Chimni, co-founder of Xcelerate, said, “We are excited to partner with Orion Capital Asia in our growth journey. In Orion Capital Asia, we found a partner who is fully appreciative of our business model, supportive of our initiatives and is solutions-oriented. We look forward to working with their very experienced and capable team in a mutually beneficial partnership.”

Shishir Jain, Managing Partner of Orion Capital Asia, shared his thoughts on the collaboration, stating, “We are delighted to partner with Xcelerate in its pursuit to deliver top-quality offerings to its clients in ESG, compliance, and sustainability areas. The growth capital from the new financing would enable Xcelerate to further enhance its leadership position. We look forward to continuing to support Xcelerate’s growth in the future.”

Building a comprehensive GRC

Founded in 2021 by Madhujeet Chimni, Xcelerate aims to build a comprehensive Governance, Risk, and Compliance (GRC) investment and operational organization.

The company’s strategy involves growing both organically and through acquisitions to offer robust GRC solutions to its clients. It is backed by well-known private equity funds, including Federated Hermes, Altair Capital, and Exacta Capital Partners.