Unimech Aerospace has secured Rs 250 crore ($30 million) in a private placement round, drawing investments from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd. This marks the first funding round for the Bengaluru-based firm since its establishment in 2016.
The company announced that the funds were raised at a post-money valuation of Rs 3,250 crore ($390 million). The capital will be allocated towards both organic and inorganic growth initiatives and product enhancement, according to a company press release. Founded by Anil Puthan, Unimech Aerospace is known for producing high-precision tooling for aero-engines and airframes, as well as complex components and assemblies for the aerospace, defense, energy, and semiconductor industries.
The company’s clientele includes leading OEMs in aerospace, energy, defense, and semiconductors. Unimech has also established a significant export presence in the USA, Europe, and the United Kingdom. For the fiscal year ending March 2023 (FY23), Unimech’s revenue increased to Rs 28 crore from Rs 16 crore, with profits rising to Rs 2.81 crore from Rs 1.69 crore in FY22.
The company projects its revenue to surpass Rs 200 crore ($24 million) by FY24 and is preparing to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. Since January 2021, 26 tech startups have gone public, and Unimech aims to be the first venture-funded aerospace manufacturing company to do so in India.
Recently, several other startups and companies have also secured their first rounds of external or venture capital funding. This includes workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.
