Engineering and technology services company BlueBinaries has raised Rs 60 crore ($7.2 million) through a combination of debt and equity funding, led by Anicut Capital.

The funds will be used to expand its existing customer base of OEMs and tier I automotive suppliers across various regions, and to enhance its SDV and digital capabilities, as stated in a press release by BlueBinaries.

Founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries focuses on accelerating the development of software-defined vehicles (SDVs) with E/E architecture design and development services, as well as digital technologies like cloud computing, DevOps, AI/ML, cybersecurity, and IoT solutions.

Market research indicates that the automotive electronics and software market is projected to exceed $80 billion by the end of 2030.

Based in Chennai, the company serves a diverse customer base in Europe, the UK, the USA, and the APAC region. It aims to deliver cutting-edge technological solutions and services for the mobility industry.

Anicut Capital is in the process of raising its third credit fund with a target corpus of Rs 1,300-1,500 crore. The firm is also nearing the close of its first debt fund under the GIFT City structure.