Bharti Airtel acquired an additional 20.6 per cent stake in Lavelle Networks Private Limited on Tuesday, the company announced through an exchange filing. The company's stake in Lavelle Networks increased to 45.6 per cent.
Airtel, through its Startup Accelerator Program, aims to support growth of early stage Indian tech startups and partner with them in building significant scale to achieve its vision.
The valuation of the acquisition has not been disclosed due to the reasons of confidentiality.
The acquisition shall be made in multiple tranches, upon fulfillment of conditions precedent.
Lavelle Networks, founded in 2015, is a networking software startup that delivers next generation cloud powered technology to optimize, secure and manage enterprise branch networks.
Its flagship scaleAon- SD-WAN platform has connected several thousands of Indian enterprises from the nation’s largest financial institutions to e-commerce networks. The Company launched its product line in 2016-17 and accelerated to a significant market share within the last three years in the early adopters of SD-WAN technology in India.
The company's turnover in FY 2021-22 was at Rs 14.08 in crore up from Rs 10.64 crore in the financial year 2020-21.
Bharti Airtel shares
The shares of Bharti Airtel on Wednesday at 11:44 am IST were trading at Rs 887.40, down by 0.50 per cent.
