Affirma Capital leads $56 mn investment in RMSI to tap AI, mapping growth

The firm's Agastya Capital fund partners with 360 ONE Asset to back the engineering services company's expansion plans

Private equity firm Affirma Capital, alongside 360 ONE Asset and other co-investors, has agreed to invest up to $56 million in RMSI Limited, a leading engineering and data analytics company serving global clients in navigation, mapping, telecom, utilities, and sustainability.

 

The deal marks the first investment by Affirma Capital through its India-focused vehicle, the Agastya Capital India Growth Fund, made in close partnership with 360 ONE Asset, which invested through its flagship secondaries and technology-focused strategies.

 

Expanding capabilities in AI, ML, and spatial tech

 

RMSI, under the leadership of its promoter, chairman, and managing director Rajiv Kapoor, has established strong capabilities across artificial intelligence (AI), machine learning (ML) data annotation, autonomous driving technologies, and augmented reality mapping. 

 

Affirma’s investment aims to accelerate RMSI’s growth trajectory and strengthen its position in spatial, engineering, and AI/ML markets. “We will work closely with RMSI to further strengthen the leadership team, pursue strategic and inorganic growth opportunities, and leverage our global network to scale the business,” said Udai Dhawan, Founding Partner and India Head of Affirma Capital.

 

Vijay Nallan Chakravarthi, Partner at Affirma Capital, added that AI and location services are becoming increasingly ubiquitous, and RMSI’s domain expertise and proven track record make it well-positioned to capture the opportunity.

 

Affirma and 360 ONE expand India presence

 

Affirma Capital manages several investments in technology and engineering-driven sectors, including travel tech platform TBO Tek, telecom IT firm Prodapt, and South Korea-based T-Map Mobility.

 

The Agastya Capital India Growth Fund focuses on taking Rs 200–500 crore stakes in mid-market firms with enterprise values between Rs 500 crore and Rs 2,500 crore, primarily in the consumer, healthcare, technology, and financial services sectors.

 

Co-investor 360 ONE Asset has also backed several growth and pre-IPO transactions in India, including Bluestone, Vastu Housing Finance, Swiggy, and OneSource Specialty Pharma. “We are excited to work with RMSI in its next phase towards an IPO,” said Sandeep Maheshwari, Senior Fund Manager at 360 ONE Asset.

 

RMSI’s growth outlook

 

Commenting on the investment, Anup Jindal, promoter, CEO and joint managing director of RMSI, said the deal validates the company’s domain reputation and expertise built over the last three decades.

 

RMSI’s clients include leading global technology companies, and its service portfolio spans geospatial analytics, engineering design, environmental modelling, and AI-enabled mapping solutions.

 

The investment is expected to accelerate RMSI’s expansion across high-growth digital engineering and AI-led services, as it eyes further market share and prepares for its next growth phase, including a potential IPO.