Engineering solutions provider QuEST Global on Monday said that global private equity firms ChrysCapital, True North and others have purchased a minority stake in the company for $150 million.
The incoming investors have purchased a portion of the shares held by QuEST’s co-founders and management team, the company said, adding that existing investors Bain Capital, Advent and GIC continue to remain invested in it.
“The investment by three of the most respected global investors, despite the ongoing pandemic crisis, is a testament to our ability to build and grow our business to become the most trusted thinking partner to customers,” said Ajit Prabhu, Chairman and CEO at QuEST Global.
QuEST has a workforce of over 11,000 people, out of which 7,000 are located across its nine centres in India. The company has said that it expects growth in areas such as connected factories and enterprise applications of 5G in the coming years.
The company had told ET earlier this year that it plans to add 3,000 employees to its India headcount over the course of the next one year. QuEST is also focused on building automotive solutions such as connected cars, driver assistance features and autonomous driving.
“QuEST is one of the leading players in the engineering services space and has consistently outperformed its peers and demonstrated the ability to scale accounts in a fragmented industry, by becoming the core engineering partner to most of the top global firms across its target industry verticals,” said Sudip Nandy, Senior Advisor, Enhancin at ChrysCapital.
