Brihaspathi Technologies Gears Up for IPO with Focus on Expansion and Innovation

Brihaspathi Technologies, an AI surveillance firm, plans an IPO next financial year to boost R&D and manufacturing. It raised USD 10 million to expand facilities and workforce, securing a major MSRTC project. The company aims to enhance India's security landscape with advanced technology.

Brihaspathi Technologies Limited, based in the city, announced plans for an Initial Public Offering (IPO) in the next financial year. The funds raised will bolster its research and development capabilities and expand its manufacturing capacity, showcasing a significant growth trajectory.

The company has recently secured a USD 10 million funding boost from foreign institutional investors, earmarked for expanding its operations. A new 72,000 sq ft CCTV manufacturing facility is set to be operational by the end of the current fiscal year, marking a pivotal step in the company's expansion plans, according to a company press release.

In its pursuit of innovation, Brihaspathi Technologies is set to hire over 400 new employees as part of its commitment to delivering top-tier, AI-driven security solutions developed in India. This growth is underscored by the acquisition of a key surveillance project with Maharashtra State Road Transport Corporation (MSRTC), solidifying its position in the public sector.

(With inputs from agencies.)