Chennai-based MTandT Rentals Limited, one of India's largest aerial work platform rental companies, has raised ₹100 crore through a combination of equity shares and compulsorily convertible preference shares. This is the company's first institutional private equity round.
Of the ₹100 crore, approximately ₹35 crore comes from ValueQuest Scale Fund II, managed by Quest4Value Investment Managers LLP. The remaining ₹65 crore comes from Kalpraj Damji Dharamshi, Harsha Hemang Dharamshi, and Paolomi Kalpraj Dharamshi, jointly holding on behalf of Tidecrest Partners. The Dharamshi family are the promoters of ValueQuest Investment Advisors, a Mumbai-based investment management firm with total assets under management of approximately $3 billion.
Both sets of investors have subscribed at an issue price of ₹459 per share on a private placement basis. Systematix Corporate Services Limited acted as financial advisor to MTandT Rentals on this transaction, with financial due diligence conducted by BDO India Services Private Limited.
About MTandT Rentals Limited
MTandT Rentals is part of the MTandT Group, originally founded in 1974 by the late Rajkumar Modi as Madras Tools and Tackles. The rentals arm was incorporated in 2009 and is led by Chairman Rakesh Modi. The company specialises in renting and selling aerial work platforms, including boom lifts, scissor lifts, and spider lifts, along with PortaDeck composite ground protection mats. It also provides equipment maintenance, operator training, and technical support services.
As of March 2025, the company operates a fleet of over 1,200 aerial work platform units and more than 3,300 ground protection mats, with close to 1,000 employees. Its client base includes Larsen & Toubro, Tata Projects, JSW Renewable Energy, Shapoorji Pallonji, Adani Green Energy, ReNew Power, Power Grid Corporation of India, Suzlon, and Blue Star, among others. MTandT Rentals also holds an exclusive distribution arrangement with Dingli, one of the world's top three aerial work platform manufacturers, for India and the SAARC region.
The company reported revenue of approximately ₹227 crore in FY2024-25, up from ₹167 crore in FY2023-24, recording a CAGR of over 48% between FY21 and FY25. EBITDA margins stood at approximately 42% in FY25.
The funds raised will be deployed towards expanding the equipment fleet and strengthening nationwide presence. India's aerial work platform rental market remains at an early stage, with no listed pure-play operator in the space. MTandT Rentals claims the largest fleet size among dedicated aerial work platform rental companies in India.