BVF Invests Rs130 Cr in Veira Electronics, India’s Largest Smart TV ODM
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Established in 1975, Veira Group is a prominent Indian manufacturer specializing in consumer electronic products. The company has a diverse portfolio that includes LED TVs, washing machines, air coolers, and multimedia speakers. The investment marks successful closure of its Pre-IPO placement round. Veira Group operates two state-of-the-art facilities in Noida, Uttar Pradesh, enabling the production of up to 3 million TVs annually for both domestic and international markets. These facilities are equipped with modern technologies, including vacuum-controlled, zero-dust clean rooms, AOI machines, and robotic production lines, ensuring high standards of quality and efficiency. With this setup, the group can manufacture one LED TV every 5 seconds, making it India’s number one ODM manufacturer. Its extensive TV portfolio incorporates various operating systems such as Tizen, WebOS, Google, and Coolita, covering all categories, including HD, FHD, 4K, LED, OLED, and QLED, making it a one-stop solution for every brand’s requirement.
Speaking about its investments in Veira Group, Ms. Madhu Lunawat, CIO of Bharat Value Fund said, “The Company’s financial performance has been impressive, with sales growing at a 55% CAGR between FY22-24, reaching INR 865 crore in FY24. India’s smart TV manufacturing industry, valued at USD 11.53 billion in 2023, is projected to reach USD 32.57 billion by 2030, growing at a CAGR of 17%. Key growth drivers include rising disposable incomes, increased internet penetration, and the growing adoption of OTT streaming services. Our investment in Veira is a step in contributing to the growth of India’s growing and evolving TV market with key players that have the potential to reshape TV manufacturing.”
Elaborating on growth plans of the company, Mr. Ankit Mani, Managing Director, said, “Veira Group aims to lead the field of design manufacturing by offering customers superior quality products at competitive prices through continuous technological innovations. We are a complete end-to-end solution provider for brands entering the Indian market, with a dependable team offering R&D, sourcing, design, manufacturing, assembly, final testing, and reverse logistics services.”
He further added, “by combining our market expertise with BVF’s robust financial backing, we are well-positioned to maximize shareholder value and drive sustainable growth. This collaboration sets the stage for creating long-term economic value, ensuring a prosperous future for all stakeholders.”
Bharat Value Fund (BVF) has established itself as a prominent fund house in the mid-market sector, investing in profitable growth-stage companies.
About Veira Group: Veira Group was founded by Mr. Virendra Mani, an entrepreneur with over four decades of experience. From cassette players to disc players, speakers, CRT televisions, and now LED TVs, Mr. Mani combines deep expertise with entrepreneurial vision to propel Veira Electronics forward. He is supported by second-generation leaders: Mr. Ankit Mani, Managing Director, who holds a Master’s in Electrical and Computer Engineering from the University of Maryland, USA, and Mr. Sharan Mani, Director, who holds a Master’s in International Business from King’s College, UK. Veira Electronics Private Limited is one of India’s first ODM contract manufacturer to collaborate with Samsung for their Tizen OS. Veira Group is a modern design manufacturer focused on R&D for LED TVs. Veira Group’s commitment to quality and innovation is further evidenced by its ISO certifications, including ISO 9001:2015, ISO 14001:2015, and ISO 45001.
