Singapore-based Xcelerate, parent company of legal compliance service provider Aparajitha, on Tuesday said it raised $25 million (around Rs 207 crore) from private equity firm Federated Hermes and others.
The funding round was led by Federated Hermes, a global private equity investor with assets under management of $757 billion as of December 2023, Madhujeet Chimni, co-founder of Xcelerate, said in a statement.
The other investors who participated in the current round included existing investors Altair Capital and Exacta Capital Partners.
Xcelerate’s co-founders and other existing shareholders, too, invested into this round, he added.
The fresh capital will be deployed for strategic acquisitions and ongoing investment into business operations, team and technology, Chimni said.
Following the investment, Sean Yoo of Federated Hermes Private Equity will join the board of Xcelerate.
Xcelerate offers tech-enabled, scalable compliance solutions to its corporate clients to help them maintain high governance standards, manage risks and ensure compliance with various laws and regulations.
Xcelerate’s first platform acquisition was Aparajitha Corporate Services in India. Aparajitha now provides compliance services to approximately 2,000 large enterprise clients.
Post the investment by Xcelerate, Aparajitha consolidated its position with the acquisition of Comply India and a majority stake in Simpliance Technologies.
Some of its India clients include Amazon, Boeing, Samsung, Puma and HDFC among others.
