Airtel buys additional 20.6% stake in Indian tech startup Lavelle Networks
Telecom giant Bharti Airtel has acquired additional 20.6% stake in Lavelle Networks, taking its total ownership to 45.6% in the SD-WAN startup.
The company will acquire an additional 20.6% stake in Lavelle Networks in multiple tranches.
“In furtherance to the earlier communication dated January 31, 2022 and in terms of terms of Regulation 30 of the SEBI Listing Regulations, we wish to inform you that the Company has entered into an agreement resulting in acquisition of aggregate 45.6% stake in Lavelle Networks Private Limited, in which the Company currently holds 25% stake," the company said in its stock filing.
Airtel has made this acquisition of stakes under its Startup Accelerator Program, for the support of early-stage Indian tech startups. After the announcement, Bharti Airtel’s share price closed 0.68% higher at ₹891.90 per share on BSE on Tuesday.
Lavelle Networks was founded in 2015, and is a network software startup working in the field of cloud powered technology. The company provides solution for the optimisation, security and management of enterprise branch networks.
Bharti Airtel had acquired initial 25% stakes in the Bengaluru-based tech startup in February last year. Other than this, ASM technologies, a flobal technology engineering and product development services provider, had also done a follow-on investment in Lavelle Networks.
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