Denodo Allocates a Portion of $336 Million in New Funding to Expand in India

15 Sep, 2023

Denodo Allocates a Portion of $336 Million in New Funding to Expand in India

Denodo, a leading technology company, has announced its intention to allocate a portion of the substantial $336 million funding it is in the process of raising from TPG, for expansion in the thriving Indian market. This revelation came from an official statement made on September 14.

The firm, headquartered in the United States and specializing in data management solutions, has inked a definitive agreement with the well-known investment firm TPG Growth. This agreement aims to secure a substantial $336 million (approximately Rs 2,788 crore) in an equity-based transaction. Notably, this financial arrangement encompasses both primary capital infusion and a secondary sale of shares by HGGC, a significant participant in Denodo's early-stage funding round back in 2017.

Anticipated to conclude early in October, the transaction's finalization hinges on the standard regulatory approvals required. It is worth highlighting that HGGC will continue to maintain a notable stake in Denodo, affirming its continued commitment to the company, as detailed in the official statement.

India occupies a pivotal role in Denodo's strategic vision, underscoring the importance of this investment in the country. The earmarked funds will be channeled toward business development initiatives and the expansion of the client base in the Indian market. However, Denodo's team has emphasized that the exact allocation of these funds remains a strategic decision, and they cannot presently provide a definitive figure or percentage.

Denodo's presence in India is already substantial, with approximately 100 employees contributing to its workforce of 900 worldwide. This move to invest a significant portion of the $336 million fund in India further solidifies Denodo's commitment to growth and innovation in this crucial market.