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Amber Enterprises Boosts ILJIN Electronics with ₹1,200 Crore Fundraise at ₹12,000 Crore Valuation

Amber Enterprises India Ltd., a leading name in consumer durables and electronics manufacturing, has announced a significant milestone for its subsidiary, ILJIN Electronics India Pvt Ltd. The company has successfully raised ₹1,200 crore from prominent private equity investors, including ChrysCapital and InCred Growth Partners Fund I, valuing ILJIN Electronics at approximately ₹12,000 crore. This strategic funding marks ILJIN’s first external institutional capital raise, positioning it for exponential growth in the rapidly expanding electronics manufacturing services (EMS) sector.

A Leap Forward for ILJIN Electronics

ILJIN Electronics, acquired by Amber Enterprises in 2018, has shown remarkable growth over the years. From generating revenues of ₹300 crore with a 2.8% margin in 2018, ILJIN scaled its revenues to ₹2,180 crore in FY25, achieving a robust 7% margin. This impressive trajectory underscores ILJIN’s strong market position and operational efficiency. With this fresh infusion of ₹1,200 crore, ILJIN aims to become a $1 billion revenue company by FY28 or FY29, solidifying its role as a key player in India’s EMS landscape.

Strategic Investment Details

The funding round is led by ChrysCapital, which is investing ₹1,100 crore, with InCred Growth Partners contributing ₹100 crore through a mix of equity shares and compulsorily convertible preference shares (CCPS). The transaction, subject to regulatory approvals, will empower ILJIN to scale its operations, enhance manufacturing capabilities, and pursue strategic acquisitions to strengthen its market presence.

Fueling Growth in Electronics Manufacturing

The capital infusion will enable ILJIN to expand its footprint in high-precision electronics manufacturing, catering to diverse sectors such as consumer durables, automotive, telecom, healthcare, renewable energy, aerospace, and defense. ILJIN specializes in manufacturing bare printed circuit boards (PCBs), PCB assemblies, and box-build solutions for products like smartwatches, routers, battery energy storage systems, solar inverters, EV chargers, and UPS systems. This diverse portfolio positions ILJIN to capitalize on the growing demand for advanced electronics in India and beyond.

Aligning with India’s Self-Reliance Vision

The investment aligns with India’s “Aatmanirbhar Bharat” initiative, which emphasizes self-reliance in electronics manufacturing. ILJIN’s growth strategy includes deploying capital in advanced facilities, cutting-edge technology, and talent acquisition. Additionally, Amber Group, ILJIN’s parent company, has applied for incentives under the Electronic Component Manufacturing Scheme (ECMS), with projects worth ₹990 crore for multilayer PCBs and ₹3,200 crore for high-density interconnect (HDI) and flex PCBs through a joint venture with Korea Circuits. These initiatives will bolster ILJIN’s capabilities in producing sophisticated PCB solutions, further supporting India’s push to reduce electronics imports.

Recent Strategic Acquisitions

ILJIN has been proactive in expanding its technological portfolio. The company recently acquired a controlling stake in Power-One Micro Systems, marking its entry into the fast-growing markets of battery energy storage systems (BESS), EV chargers, UPS, and solar inverters. Additionally, ILJIN signed agreements to acquire a 40.24% stake in Israel-based Unitronics plc, a global leader in industrial automation and control systems. These moves enhance ILJIN’s capabilities in industrial applications and provide access to international markets like the US and Europe.

Leadership Insights

Jasbir Singh, Executive Chairman and CEO of Amber Group, emphasized the significance of the fundraise, stating, “The ₹1,200 crore fundraise is further validation of ILJIN Electronics’ strong EMS play. This will empower us to pursue both organic expansion and strategic inorganic opportunities, reinforcing our leadership in PCB and EMS solutions while contributing to Amber Enterprises’ broader vision of innovation, market leadership, and self-reliance.”

Raghav Ramdev, Managing Director at ChrysCapital, highlighted the growth potential of the EMS sector, saying, “The EMS sector is poised for robust growth given multiple industry tailwinds, including the recent ECMS scheme. ChrysCapital is excited to partner with Amber Group, which has exhibited strong scale-up and execution complemented by accretive acquisitions in higher entry barrier segments.”

Vivek Singla, Managing Partner and CIO at InCred Growth Partners Fund I, added, “We are delighted to partner with ILJIN, a major player driving transformation in India’s EMS landscape. This partnership aligns with our commitment to backing market-leading, high-growth businesses driving innovation and value creation.”

Market Outlook and Growth Potential

India’s EMS market is projected to reach $80 billion over the next five years, driven by rising demand for consumer electronics, electric vehicles (EVs), and renewable energy solutions. Structural tailwinds, such as energy transition and EV adoption, are accelerating the need for advanced electronics. With ILJIN’s FY25 revenues of ₹2,194 crore and a 52% CAGR from FY22-25, the company is well-positioned to capture a significant share of this market. The recent funding will further accelerate ILJIN’s growth trajectory, enabling it to invest in advanced facilities and explore targeted acquisitions.

Amber Enterprises’ Market Performance

Shares of Amber Enterprises have reflected strong market confidence, closing 1.37% higher at ₹7,790.85 on the BSE on September 6, 2025. The stock has risen 72% over the past 12 months, outperforming the Sensex. Analysts remain optimistic about Amber’s growth prospects, with PL Capital initiating a “Buy” rating and setting a target price of ₹9,782, implying a 34.7% upside.

Conclusion

The ₹1,200 crore fundraise at a ₹12,000 crore valuation marks a pivotal moment for ILJIN Electronics and Amber Enterprises. With a clear focus on scaling operations, enhancing technological capabilities, and aligning with India’s self-reliance goals, ILJIN is poised to become a $1 billion revenue company by FY28/FY29. This strategic investment not only strengthens ILJIN’s position in the EMS sector but also underscores Amber Group’s commitment to driving innovation and growth in India’s electronics manufacturing ecosystem.

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