Kedaara acquires majority stake in Great Software Lab

BENGALURU: Private equity firm Kedaara has acquired a majority stake in Great Software Laboratory Pvt. Ltd. (GS Lab), a digital product engineering services company based in Pune, at an undisclosed amount.

GS Lab, which has grown at a rate of over 20% over the last five years, aims to use the investment from Kedaara to accelerate business growth by leveraging global relationships of the PE firm and its partners.

“Over the past 18 years, we have scaled GS Lab into a 1,600+ person innovation-led organisation,” said Shridhar Shukla and Sunil Gaitonde, cofounders of GS Lab. “The investment by Kedaara will enable us to further build on our strengths and take advantage of the growing need for innovative software and digital solutions across industries globally and in India, by leveraging Kedaara and CD&R’s extensive network and relationships.”

Digital product engineering services is a high-growth sector globally. According to Nasscom, India’s engineering R&D sector is expected to grow at a CAGR of 13% to $65 billion by 2025, up from $31 billion in 2019. This growth is being fuelled by rapidly accelerating digitalisation across industry verticals.

India is uniquely positioned to tap into this opportunity and support global multinational companies (MNCs) with their digital transformation efforts, given a strong focus on innovation, a large and diverse talent pool, and the ability to provide differentiated service delivery.

“It is quite clear that digital is becoming the core differentiator for businesses across the board globally. With a strong product DNA and IP-led culture, GS Lab is very well positioned to be one of the premier digital engineering service providers based out of India,” said Pramod Bhasin, operating partner, Kedaara.

GS Lab works through the entire software development cycle, from ideation through design, development, execution, deployment, and support. Its team of engineers and product architects offer capabilities in cloud, identity management, security, internet of things (IoT), artificial intelligence/machine learning (AI/ML) and data sciences to its clients across sectors. The company aims to differentiate itself through its innovation-led R&D culture with an extensive set of IP-driven in-house accelerators.

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