Affirma Capital, 360 ONE Asset to invest $56 million in engineering services firm RMSI

Affirma Capital, alongside 360 ONE Asset and others have agreed to invest up to $56 million in RMSI Limited, an engineering services player.

The transaction marks Affirma Capital’s first investment through its India-focused vehicle, Agastya Capital India Growth Fund, executed in close partnership with 360 ONE Asset, which participated through its Secondaries and Technology-focused strategies.

Over the past decade, RMSI said it has built a global presence across industries such as navigation, mapping, telecom, utilities, and sustainability. The company’s capabilities extend into high-growth segments, including AI/ML data annotation, autonomous driving, augmented reality, and mapping/navigation solutions for major global technology clients.

Affirma Capital said the investment underscores its confidence in the technology and engineering services sector, where it has a proven track record of managing and executing successful deals.

The firm’s earlier investments include TBO Tek, a leading travel tech platform; Prodapt, a mid-market IT services provider for the telecom sector; and T-Map Mobility, a map navigation service company in South Korea.

Udai Dhawan, Founding Partner and India Head of Affirma Capital, said: “We’re thrilled to partner with Rajiv, Anup, and the outstanding RMSI team. RMSI is redefining what’s possible in geospatial engineering, and we’re excited to help accelerate its next phase of growth. We look forward to working closely with them to further strengthen the leadership team, pursue strategic and inorganic growth opportunities, and leverage our global network to scale the business.”

Vijay Nallan Chakravarthi, Partner at Affirma Capital, said: “From our very first interaction with Rajiv and Anup (co-founders of RMSI), we were impressed with their vision, execution capabilities and the large market opportunity. Location services and AI/ML are becoming increasingly ubiquitous and RMSI is uniquely positioned with its strong track record and domain expertise to be a beneficiary of this opportunity. We are excited to partner with RMSI and look forward to collaborating with the management in scaling up the business leveraging Affirma Capital’s value creation playbook.”

The Agastya Capital India Growth Fund is Affirma Capital’s India-focused fund that targets investments between Rs 200 to 500 crore for meaningful stakes in companies with enterprise values between Rs 500 and 2,500 crore.

The Fund is focused on consumer, healthcare, technology and financial services sectors. Affirma Capital India leverages its time-tested value creation playbook to help companies scale and become national or global champions.

Sandeep Maheshwari, Senior Fund Manager at 360 ONE Asset, said: “We are impressed by RMSI’s superior capabilities in geospatial and engineering services serving marquee clients globally. Rajiv and Anup have demonstrated remarkable leadership, vision and execution in building this company. We are excited to work with them in the next phase of the company’s journey towards its IPO.”

Anup Jindal, Promoter, CEO and Joint Managing Director of RMSI, said: “The investment validates the domain reputation and expertise which RMSI has built over the past three decades. We look forward to this collaboration and to build RMSI into a global champion”.