Airtel To Buy Additional 20.6% Stake In Lavelle Networks

Bharti Airtel Ltd. said it agreed to acquire an additional 20.6% stake in networking software start-up Lavelle Networks Private Ltd. for an undisclosed amount.

The company, which currently holds a 25% stake in Lavelle Networks, will acquire the stake in multiple tranches, upon fulfillment of certain conditions, the Indian telecom operator said in a stock exchange announcement.

Bharti Airtel said the stake acquisition will be done at arm’s length based on the valuation report obtained from an independent valuer. Following the acquisition, the company will hold a 45.6% stake in Lavelle Networks, it said.

The acquisition, through Airtel’s Start-up Accelerator Program, aims to support growth of early stage Indian tech start-ups and partner with them in building significant scale, according to the statement.

Lavelle Networks, founded in 2015, delivers next generation cloud powered technology to optimize, secure and manage enterprise branch networks, according to the statement.

The company’s flagship scaleAon SD-WAN platform has connected several thousands of Indian enterprises from the nation’s largest financial institutions to e-commerce networks, it said.

Lavelle Networks’ turnover stood at 14.08 crore rupees ($1.70 million) in FY22, up from 10.64 crore rupees a year earlier, according to the statement.

Note: $1 = 82.4185 Indian rupees

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