ValueQuest Tristar Fund Invests INR 175 Cr in Hi-Q Electronics

ValueQuest Tristar Fund has announced an INR 175 crore growth capital investment in Hi-Q Electronics Pvt Ltd, a manufacturer of high-precision multilayer bare printed circuit boards (PCBs) used in aerospace, defence and industrial electronics.

The investment highlights increasing investor interest in India’s advanced manufacturing ecosystem, particularly in high-reliability and technology-intensive sectors that support domestic supply chain development.

Anand Rathi Investment Banking acted as the exclusive financial advisor to Hi-Q Electronics for the transaction.

Founded in 1978, Hi-Q Electronics manufactures high-reliability multilayer, high-density interconnect (HDI), flex and flex-rigid bare PCBs designed for mission-critical applications.

The company supplies components to global aerospace and defence tier-I original equipment manufacturers (OEMs), combining engineering expertise with stringent quality standards and rapid prototyping capabilities.

Over the past three years, the company claims to have reported a revenue compound annual growth rate (CAGR) of around 30 percent while maintaining strong profitability within the industry. Hi-Q Electronics has also recently received approval under the Electronics Component Manufacturing Scheme (ECMS).

The INR 175 crore primary capital infusion will be used to expand manufacturing capacity, accelerate technology upgrades and strengthen operational capabilities as demand for advanced electronic components continues to rise.

Aniket Dharamshi, Managing Director and Fund Manager at ValueQuest Tristar Fund, said, “Hi-Q Electronics exemplifies the kind of deep-tech manufacturing champion India needs — a company with strong engineering capabilities, exacting quality standards, and strategic relevance to aerospace and defence programs. This investment represents a meaningful step in strengthening India’s capability to build complex electronic components domestically.”

Sendyl Venkatachalam, Managing Director of Hi-Q Electronics, said, “The capital infusion will enable us to expand capacity, deepen our technology capabilities, and strengthen our ability to serve mission-critical aerospace and defence programs.”

Samir Bahl, CEO of Anand Rathi Investment Banking, added, “Hi-Q Electronics has established itself as a trusted partner to global tier-I defence OEMs, supported by longstanding relationships, strong execution capabilities, and visionary leadership. This transaction reflects growing investor confidence in India’s emerging manufacturing ecosystem.”

With this investment, ValueQuest aims to support companies building advanced electronics manufacturing capabilities in India.