Ma Foi Connecting to raise $7 million private equity

Chennai, April 17 (IANS) City-based management consulting company Ma Foi Connecting Dots hopes to raise around $7 million from private equity and is open to acquire boutique consulting firm in the finance space, said a group official Wednesday.

"We will raise around $5-7 million from private equity funds for the consulting company. We are also open for acquiring boutique consulting firms in the finance space. However, we are not interested in aligning with any of the global consulting firms on assignment basis," K. Pandiarajan, founder and chairman, Ma Foi group, told reporters here.

The 20-member Ma Foi Connecting Dots is promoted by a group of industry veterans from diverse manufacturing sectors to offer consultancy on operationalising strategy, enterprise performance management/enhancement/transformation and building capabilities in the field of defence and aerospace.

According to V. Sunder, managing director at Ma Foi, the depth and quality of advisory available to the Indian manufacturing industry left a lot to be desired as there were no domain experts.

"To start with, the focus will be on aerospace, general engineering, auto components and defence verticals through hub and spoke model with large offices in key metros and satellite offices in remote industrial hubs," Sunder said.

According to Pandiarajan, the company will accept consulting assignments on a hybrid payment mode - fixed fee plus fee based on outcome.