<article>Within six months of starting operations, Pune-based startup <a style="color: #000080;" href="http://www.allygrow.com/">Allygrow Technologies</a> has acquired two companies in a bid to become a pure play engineering research and development services.</article>

Within six months of starting operations, Pune-based startup <a style="color: #000080;" href="http://www.allygrow.com/">Allygrow Technologies</a> has acquired two companies in a bid to become a pure play engineering research and development services.
Allygrow has acquired Germany-based <a style="color: #000080;" href="http://www.a-el.com/">AE Automotive Elements GmbH</a>, a high end product development firm, and engineering services arm of US-headquartered <a style="color: #000080;" href="http://www.ranal.com/">Ranal</a>, a specialised manufacturing engineering services provider.
The financial details of both transactions were not disclosed.
“The acquisitions are in alignment with the company&#8217;s aggressive growth strategy to become a pure play engineering research and development services (ERDS) provider with end-to-end capabilities and significant global footprint,” the company said in a statement.
Founded by Prashant Kamat, Allygrow started its operations in August 2015 with a $20 million funding led by<a style="color: #000080;" href="http://zodius.com/"> Zodius Capital</a>. The company focuses on core engineering design, development and manufacturing engineering services
&#8220;The investments in the two companies will help us build upon the complementary strengths of each entity and create a comprehensive service portfolio spanning across concept engineering to manufacturing support for customers globally,&#8221; Kamat said.
&#8220;Furthermore, in terms of top line, these acquisitions have enabled Allygrow to attain revenue of around $15 million mark in less than six months, manifesting in the fast-track growth we are committed to,” he added.
The company aims to reach $100 million in revenue over the next 4 to 5 years and gain traction in areas such as aerospace, medical technology and embedded space.
<a href="http://www.equirus.com/">Equirus Capital </a>advised Allygrow on both the transactions.
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Within six months of starting operations, Pune-based startup Allygrow Technologies has acquired two companies in Germany and US.

India: Pune-based Allygrow acquires two companies in US, Germany

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