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Unimech Aerospace, a company based in Bengaluru, has secured its first round of funding since it was established in 2016. The company has raised Rs 250 crores or USD 30 million from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd through a private placement round.
The funds, which were obtained at a post-money valuation of USD 390 million, will be used for both organic and inorganic growth as well as product refinement.
Led by Anil Puthan, Unimech Aerospace specializes in manufacturing high-precision tooling for aero-engines and airframes, complex high-precision components and assemblies, and products for the aerospace, defence, energy, and semiconductor industries.
The company’s clients include top aerospace, energy, defence, and semiconductor OEMs. Unimech Aerospace, which has also established itself as an export-oriented company in the USA, Europe, and the United Kingdom, aims to grow its revenue to over USD 24 million by the fiscal year 2024.
In the fiscal year ending March 2023, Unimech Aerospace’s revenue increased to USD 3.5 million from USD 2.1 million while still maintaining its profitability, with USD 350,000 in the fiscal year 2023 compared to USD 210,000 in the fiscal year 2022.
The company has announced its plan to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India and become the first venture-funded aerospace manufacturing company to go public in India, joining the 26 tech startups that have gone public since January 2021.
Additionally, several other startups and companies, including Incuspaze, Libas, Indkal, and TechnoSport, have recently secured their first external or venture capital funding.
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