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Surveillance and security solutions provider Vehant Technologies has raised $9 million in a mezzanine round from the private credit fund of homegrown investment firm True North.

The funding was obtained through non-convertible debentures. 

Vehant Technologies will invest 75% of the funds in research and development (R&D) activities to enhance its current offerings and develop solutions focused on aviation security, enterprise analytics, and smart cities, the company said in a statement. It is looking to hire over 75 R&D specialists and expand its team to over 500 members. 

”This fundraise from True North will help us develop and launch more cutting-edge products in the areas of aviation security, smart and safe cities, and enterprise analytics solutions,” said Kapil Bardeja, CEO and Co-founder of Vehant Technologies.

The remaining funds will be focused on exports to key markets in the Middle East and Europe, the company stated. 

The Noida-based company expects the investment to push its revenue to Rs 350 crore by FY26. The funding also holds significance for the company’s upcoming IPO, within 12 to 18 months (by 2026), it said in the statement. 

Vehant operates two factories in Greater Noida and Himachal Pradesh. 

The company was incubated in 2005 by Kapil Bardeja and Anoop G Prabhu at the Indian Institute of Technology, Delhi. 

Vehant started commercial operations in 2008 with the launch of a vehicle scanning system. Since then, It has broadened its focus to provide AI-based physical security, surveillance and traffic monitoring services. It caters to the requirements of the government, railways, and aviation segments. 

In 2024, Vehant received Rs 90 crore worth of contracts from the Airport Authority of India. It has also bagged contracts from the Defence Research and Development Organisation (DRDO), Central Police Organization, and Karnataka Police. 

Vehant competes with players such as the UK’s Smiths Detection and Gatekeeper and US-based Rapiscan. 

The company has been deploying its surveillance solutions in several airports. Its dual-view machines provide vertical and horizontal screening of luggage. They are designed and manufactured in India under the Make-in-India initiative. 

Safire Capital acted as the financial advisor for the funding round, while Cyril Amarchand Mangaldas was the legal counsel to the transaction.