Affirma Capital, alongside 360 ONE Asset and others have agreed to invest up to USD ~56 million in RMSI Limited, a leading engineering services player. This transaction, led by Affirma Capital, is its first investment through its India-focused vehicle, Agastya Capital India Growth Fund, in close partnership with 360 ONE Asset, which invested from its flagship Secondaries and Technology-focused strategies.

Over the past decade, RMSI has established itself as a global leader in engineering services with marquee clients across navigation, mapping, telecom, utilities and sustainability. RMSI’s core capabilities are at the forefront of multiple high-growth segments including AI/ML data annotation, autonomous driving, augmented reality and mapping/navigation for global technology leaders.

The investment in RMSI underlines Affirma Capital’s deep expertise in technology and related services, gained through executing and managing multiple investments in the segment including TBO Tek (leading travel tech platform), Prodapt (leading mid-market IT services player for Telco sector) and T-Map Mobility (map navigation service provider in Korea).

Udai Dhawan, Founding Partner and India Head of Affirma Capital, said: “We’re thrilled to partner with Rajiv, Anup, and the outstanding RMSI team. RMSI is redefining what’s possible in geospatial engineering, and we’re excited to help accelerate its next phase of growth. We look forward to working closely with them to further strengthen the leadership team, pursue strategic and inorganic growth opportunities, and leverage our global network to scale the business.”

Vijay Nallan Chakravarthi, Partner at Affirma Capital, said: “From our very first interaction with Rajiv and Anup (co-founders of RMSI), we were impressed with their vision, execution capabilities and the large market opportunity. Location services and AI/ML are becoming increasingly ubiquitous and RMSI is uniquely positioned with its strong track record and domain expertise to be a beneficiary of this opportunity. We are excited to partner with RMSI and look forward to collaborating with the management in scaling up the business leveraging Affirma Capital’s value creation playbook.”

The Agastya Capital India Growth Fund is Affirma Capital’s India-focused fund that targets investments between INR 200 to 500 crores to take meaningful stakes in companies with enterprise values between INR 500 and 2,500 crores. The Fund is focused on consumer, healthcare, technology and financial services sectors. The Affirma Capital team in India has a 23-year track record of partnering with first generation and family run entrepreneurs. Affirma Capital India leverages its time-tested value creation playbook to help companies scale and become national or global champions.

Anchored at the crossroads of differentiated secondaries capability and deep technology expertise, this investment by 360 ONE Asset exemplifies the firm's ability to partner with seasoned, high-quality founders and co-investors. 360 ONE Asset has a proven track record of executing such private equity and pre-IPO investments across sectors, with past transactions including Bluestone, Vastu Housing Finance, Swiggy and OneSource Specialty Pharma.

Sandeep Maheshwari, Senior Fund Manager at 360 ONE Asset, said: “We are impressed by RMSI’s superior capabilities in geospatial and engineering services serving marquee clients globally. Rajiv and Anup have demonstrated remarkable leadership, vision and execution in building this company. We are excited to work with them in the next phase of the company’s journey towards its IPO.”

Rajiv Kapoor, Promoter, Chairman and Managing Director of RMSI, said: “We are delighted to partner with value-added investors like Affirma Capital and 360 ONE Asset in our next phase of growth. The investment is a testament to the valuable franchise that we have built and the strong tailwinds in the markets we operate in. We look forward to the partnership with Affirma Capital and 360 ONE Asset to accelerate growth and solidify our position in the spatial, engineering and AI/ML markets”.

Anup Jindal, Promoter, CEO and Joint Managing Director of RMSI, said: “We welcome seasoned investors like Affirma Capital and 360 One ONE Asset Management as shareholders. This is a significant milestone for RMSI as this marks the first external investment in the company’s history. The investment validates the domain reputation and expertise which RMSI has built over the past three decades. We look forward to this collaboration and to build RMSI into a global champion”.

About 360 ONE Asset

As one of India’s largest alternative asset managers, 360 ONE Asset oversees $6 billion in private markets. Within this, its flagship venture capital and private equity (VC & PE) platform manages $3.6 billion, with a portfolio of 85 companies, and a seasoned investment team based in Mumbai and Bangalore. The platform spans the entire company life cycle, from Idea to IPO, offering investment solutions across Venture Capital, Growth Equity, Late-Stage PE and pre-IPO, Secondaries and Fund-of-Funds. The platform also has deep domain expertise in technology, consumer, healthcare, financial services and industrials/ manufacturing coupled with a deep understanding of Indian capital markets. It has a 10-year track record of successfully partnering with founders and of innovation, consistently bringing new offerings to the Indian market. 360 ONE Asset was recently awarded ‘Best Private Equity House’ at the Global Private Banking Innovation Awards 2025. It also won ‘Best Private Equity House’ at the Finance Asia Achievement Awards in 2023 (Winner) and 2024 (Highly Commended). https://www.360.one/asset

About Affirma Capital

Affirma Capital is an independent emerging markets mid-market private equity firm owned and operated by the former senior leadership of Standard Chartered Private Equity. It currently manages over USD 4 billion in assets for a global base of institutional investors. Affirma Capital has a team of 50+ professionals operating out of 6 regional offices in Singapore, Seoul, Shanghai, Mumbai, Dubai, and Johannesburg. www.affirmacapital.com

About RMSI

RMSI is a global leader in providing digital intelligence solutions, combining spatial expertise with advanced technologies to enable smarter, faster, and resilient decisions. We help clients tackle some of the world’s most pressing challenges—ranging from smart utilities and networks to autonomous transportation, climate resilience, disaster management, food security, and sustainable human habitats.

With over 30 years of experience, a team of 6,000 professionals, and clients in 35+ countries, including Fortune 500 companies, RMSI is a trusted partner in digital transformation. Our solutions combine deep-domain knowledge, advanced analytics, and cutting-edge technology to drive measurable impact.

RMSI has been consistently ranked among the ‘Great Places to Work’, and is recognized for its strong values, culture of innovation, and commitment to excellence. For more information, please visit www.rmsi.com