Larsen & Toubro International FZE (LTIFZE), a wholly-owned subsidiary of Larsen & Toubro Limited (L&T) picked up stakes in a Delaware corporation, Help Lightning INC. The cost of purchase was $2.5 million, stated L&T in its regulatory filing.
LTIFZE entered into a share purchase agreement on May 17, 2021 to purchase, 6.35 per cent stake in Help Lightning INC. This US company with over 33 employees, has a turnover of $4 million for the financial year 2020, stated L&T in its filing.
L&T informed that this company helps businesses carry out processes more efficiently without the need for experts to travel to sites. Also, extremely useful in minimising disruptions caused by the pandemic. In addition, L&T added the financial returns that may accrue as the company continues to expand its operations and may achieve higher valuation at the time of exit.
It offers a patent protected mixed reality platform allowing virtual collaboration for field service operations. It has over 50,000 users in 88 countries. Despite having operations in the United States and it has a captive development centre in Beijing, China.
Help Lightning's total revenue in 2018, and 2019 2020 was $1.3 million and 2.1 million.