Cofounder Vivek Bansal said the Gurugram-based company has set up manufacturing bases in the UAE and the US, particularly to circumvent the tariffs imposed by the Trump administration on India.
“The next round (of funding) would be an IPO,” he told ET. “We want to get to the billion-dollar mark before that in annualised revenue. The process is yet to start, but we are looking at the right timing.”
While Bansal, who is also the company’s president, engineering, did not disclose its current revenue figures, a Crisil ratings report in 2024 had projected the firm to post revenue of Rs 35,00-3,800 crore in FY25. The previous fiscal year, it had posted Rs 2,145 crore in revenue.
The electronics manufacturer has so far raised $65 million through three rounds of funding, with the most recent being a growth equity investment in 2024 by Applied Ventures. Previously, Motilal Oswal Private Equity had invested in the company.
The company makes a range of products and components, including 5G base stations, Wi-Fi routers and access points, industrial IoT products, automotive electronics, EV chargers, AI servers and consumer electronics including laptops and wearables.“While all segments are fast-growing, the telecom and data centre segments are the highest revenue drivers for us,” Bansal said. To accommodate the surging order book of AI servers, the company is setting up a 1,000-acre plant in Tamil Nadu, along with another planned in Madhya Pradesh focusing on industrial automation products, he added.VVDN currently has manufacturing units in Manesar and Visakhapatnam.
It is expanding manufacturing to the US and UAE, driven by local requirements of sourcing in the UAE, geopolitical situation in the US, and the need to circumvent potential tariffs. “Localised manufacturing helps offset tariffs and access local business requirements,” Bansal said.
US exports currently account for $150 million of its annual revenue.
Being a design-led firm with its own sourcing capabilities, VVDN’s margin profile is more competitive than its rivals, he said.
“Our margins are certainly better than some of our competitors because these guys are pure EMS (electronics manufacturing services) companies. They don’t design the product. So, they have very little control on the component selection,” Bansal said, without naming any rivals.
“In their case, the OEM (original equipment manufacturer) who has designed the product does all the negotiations and goes to them for manufacturing. Whereas in our case, in most engagements, we negotiate the components with our suppliers and get an agreement with our customers,” he added.
VVDN competes with the likes of Foxconn and Jabil, two of the world’s largest electronics contract manufacturers.
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