SmartMegh Solutions Pvt Ltd. announced a private placement of 2,335 shares of common stock at INR 6,424 per share for gross proceeds of INR 15,000,040 on January 23, 2016. The transaction will include participation from new investor Ramco Systems Limited, which has signed share subscription agreement to acquire 18.93% stake in the company. The shares will be issued at a premium of INR 6,414 and bear a face value of INR 10 per share.

The transaction is expected to close on February 15, 2016. The company reported revenue of INR 37,250,000 for the year ended March 31, 2015.