Telecom operator Bharti Airtel Ltd has entered into an agreement to buy a near 25% stake in Bengaluru-based technology startup, Lavelle Networks Pvt Ltd, which specialises in software-defined Wide Area Network solutions and serves a range of industry segments, catering to retail, banking, e-commerce, logistics and other industries.
Under the NaaS portfolio, Airtel will offer software defined connectivity solutions from Lavelle Networks and co-create a series of innovations as part of its platform.
The acquisition will help Airtel to address the emerging connectivity requirements of enterprises as companies start digitising and adopting cloud to accelerate operations. This also aims to bring 'Made in India' products and solutions for enterprises by offering cutting edge technology and cost efficiencies.
Earlier this month, Lavelle Networks was named in the latest batch of the Google for Startups Accelerator (GFSA) India programme, which helps high potential Indian technology startups to build and scale in its initial years.
In a regulatory filing, Airtel said, “Acquisition of the stake of Investee company is done at mutually agreed pre money enterprise valuation. The said valuation is not disclosed herein due to reasons of confidentiality.” The deal is for a cash consideration.
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