NAND ipl raises Series A Funding from Khattar Holdings
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NAND ipl raises Series A Funding from Khattar Holdings
Gurgaon: Gurgaon-based Navran Advanced Nanoproducts Development International (NAND ipl) has raised funds from Singapore-based Khattar Holdings for an undisclosed amount. Khattar Holdings have picked up 40 percent stake in the company. Credence Advisors, Delhi-based advisory firm, was the sole advisor in the deal. Incorporated in 2008 by Abhinava Srivastava and Kumar Binit, NAND ipl is engaged in developing, manufacturing and commercializing nanotechnology based specialty products. They have set-up a new plant in village Dhamandri, Himachal Pradesh, for the manufacture of Polymerised toner, a Nanotechnology product in India, used in the latest color laser printers and photocopiers. Other products of NAND ipl are Bestone chemical toner, which is also used for color laser printers and Eco-Neev, a diesel, and furnace oil fuel additive, which delivers significant fuel saving benefits and reduced emissions. Other products in the queue include specialty nano-polymers, nano-pigment dispersions and specialty nano-wax dispersions. Srivastava, Co-Founder and Managing Director, NAND ipl, feels that the investment from Khattar Holdings came at the time when they are into a vent of expansion. They are pleased by the endorsement of NAND ipl's science and technology by Prakash Patel, a PhD chemical engineer from Princeton University with several years of experience in development of new technology. Prakash Pal has several patents and publications to his credit and will also fund NAND ipl in near future, said Srivastava. Khattar Holdings was founded in 1990s and chaired by Sat Pal Khattar, it is a family investment holding company with investments in different and diversified fields in many parts of the world. Sat Pal Khattar, Chairman, Khattar Holdings, said that their due diligence on NAND ipl's science and technology confirmed its potential not only for the current commercialized products but also for several high margin and novel products including nano pharmaceuticals. He was awarded the Padma Sri by Indian Government earlier this year. He co-chairs the Singapore-India Partnership Foundation, started as the nucleus for exchanges between the two countries and is a member of the city-State's presidential panel on minority rights, besides being an advisor to the Singapore Indian Chamber of Commerce and Industry. Kumar Binit, Co-Founder and CTO, NAND ipl, said, "We currently do not want to disclose the amount of deal. But the fund raised will be used for expansion of our new plant in Himachal Pradesh to fulfill the increasing demand of our product worldwide. This is the first series of funding and we plan to raise more funds in the near future pertaining to our needs. We even plan to float an IPO in another 3-4 years." Nanotechn Solutions, a division of NAND ipl, has signed MoU with U.K-based Oxonica Energy, in 2009 for exclusive distributorship of its Envirox product range in India. Binit said, "It was very difficult for us to validate the VCs for the need of nanotechnology and its future. But Khattar Holdings understood the essentials for such technology in India." With an overhead count of more than 170 employees, the firm entered into commercialization of its products three months back. "Today, with a corpus of $12 million, we do not find any competitors in India, but we do have four competitors worldwide, to name one is Xerox," said Binit.