SBL Energy Limited, one of the top-rated mining/industrial explosives manufacturers in India, announced that it has raised INR 325 crores in growth capital from a clutch of marquee investors including Synergy Capital, India SME Investments and ace capital market investor Mr. Mukul Mahavir Agrawal. SBL will deploy the funds to expand its manufacturing capacity in India as well as launch new products.

SBL Energy, the second largest industrial explosives player in India, has been in operations for almost three decades and commands around 10% market share in India. SBL caters to both the mining and infrastructure sectors and is making inroads into the defence sector as well. Apart from supplying its products and services to the companies in India, the Company exports its entire range of products and services to customers in more than 20 countries.

Commenting on the fund raising, Mr. Sanjay Choudhari, Director, SBL Energy Limited said, “We are excited to partner with Synergy Capital, India SME Investments and Mr. Mukul Agrawal. Our investors are forward-thinkers, capable of aiding us in emerging as a leading manufacturer and supplier of explosives and accessories globally. The infusion of funds reinforces our commitment to further enhancing our product and service delivery capabilities. The growth capital also underlines our leadership position and the value we bring to our customers and stakeholders. The next few years look very promising for our industry and we will be striving to capture the emerging opportunities. In the next phase of our progress, we will be working together towards our next milestone of listing the Company.”

Mr. Sudhir Maheshwari, Founder & Managing Partner, Synergy Capital commented, “We are delighted to partner with SBL and help the Company in implementing its national and international expansion strategies. SBL has proven expertise and capabilities in delivering excellence industrial and mining explosives manufacturing. We look forward to supporting the Company’s journey as it is working towards scaling up its business both in domestic and international markets“.

Mr. Mitin Jain, Managing Partner, India SME Investments said, “Investing in SBL Energy reiterates our belief in the emergence of entrepreneurs from tier 2 and 3 centres who are playing a crucial role in India’s pursuit to achieve $ 5 trillion GDP. We are delighted to partner with SBL and look forward to supporting the founders in unlocking the value created by them over the last three decades“.

SBL Energy has engaged BDO India as its exclusive financial advisor and Cyril Amarchand Mangaldas as its legal advisor for the fund-raising round.