Bharti Airtel buys 20.6% stake in Lavelle Networks, total stake will reach 45.6%
Bharti Airtel share price closed 0.68% higher at ₹891.90 per share on BSE on Tuesday
India's leading telecom firm, Bharti Airtel has acquired additional 20.6% stake in the SD-WAN startup, Lavelle Networks.
With this, Bharti Airtel's total ownership will increase to 45.6% in the the SD-WAN startup.
The company will acquire an additional 20.6% stake in Lavelle Networks in multiple tranches.
Airtel has made this acquisition of stakes under its Startup Accelrator Program, for the support of early stage Indian tech startups.
Bharti Airtel 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.
The company's flagship scaleAon-SD-WAN plaform has connected several thousands of Indian enterprises from the nation's largest financial institutions to e-commerce networks.
Its product line was launched in 2016-17 and accelerated to a significant market share within the last three years in the early adopters of SD-WAN technology in India.
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.
