Norwest Invests ₹750 crore in Padmini VNA Group for a minority stake

Padmini VNA Group (“PVNA”) today announced a strategic growth investment from Norwest of ₹750 crore for a minority stake. This investment will be used for growth and innovation of the company, that is focused in clean, connected and future-ready urban mobility solutions.

The partnership is set to drive market expansion, strategic acquisitions, and scaling Padmini VNA Group’s capabilities in urban transit and connected mobility for Indian and global customers. 

The Group comprises Padmini VNA Mechatronics, PV Clean Mobility Technologies, and Padmini E-Drive, offering solutions in mechatronics, electronics, and clean mobility technologies. With a strong focus on innovation, the company boasts 30% of its workforce being engaged in research and development, with 100+ patents and expertise across high-efficiency automotive components and advanced E-Drive technologies. 

PVNA has a global presence spanning Europe, Asia, and North America, with 2,100 employees across 3 manufacturing facilities, and is a supplier to multiple OEMs across the two-wheeler, passenger vehicle, commercial vehicle and construction equipment/off-road segments.

The company is partnered with leading OEMs and Tier-1 suppliers to deliver products and solutions such as emission control solutions, sensors, braking applications, thermal management, actuators, seat solutions, motors, and solenoid valves.

Kabir Bhandari, Managing Director and Chairman, PVNA, said, “For over 30 years, we have built this group on a singular belief that world-class mobility innovation can be conceived, engineered and scaled from India. Partnering with Norwest is a strong validation of this journey and our ambition to build a truly global, innovation-led Indian mobility enterprise.”

Niren Shah, Managing Director and Head of Norwest India, said, “We are delighted to partner with Kabir and Viveka, who have built Padmini as a highly differentiated, IP-driven auto-component platform, anchored in a strong culture of R&D and innovation. Under their leadership, Padmini has navigated multiple market cycles, driven by unparalleled technical know-how, strong customer relationships and world-class operating standards and processes. With its highly differentiated mechatronics portfolio across powertrains, vehicle segments and OEMs, we believe Padmini is well positioned to benefit from India’s ongoing transition to EV and connected technologies.”

Norwest is a global venture and growth equity investment firm managing more than $15.5 billion in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 250 companies in its venture and growth equity portfolio.  Some of the firm’s most notable investments in India include Swiggy, OfBusiness, NSE, Amagi, Infinx, and Five Star Finance.

EY (Ernst & Young) and Trilegal served as advisors to PVNA for this partnership.