Bengaluru-based Unimech Aerospace has secured its first round of funding since its inception in 2016, raising Rs 250 crore (USD 30 million) from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd.
This significant investment, achieved at a post-money valuation of USD 390 million, will fuel both organic and inorganic growth initiatives, as well as enhance the company's product offerings.
Led by Anil Puthan, Unimech Aerospace specializes in manufacturing high-precision tooling and components for the aerospace, defence, energy, and semiconductor sectors. With a clientele comprising top OEMs in these industries, the company has also established a strong presence in the USA, Europe, and the United Kingdom.
Unimech Aerospace has demonstrated impressive financial growth, with revenue increasing to USD 3.5 million in the fiscal year ending March 2023, up from USD 2.1 million the previous year. The company has maintained profitability, reporting USD 350,000 in profits in 2023 compared to USD 210,000 in 2022.
The company aims to further accelerate its growth, targeting over USD 24 million in revenue by the fiscal year 2024. To achieve this, Unimech Aerospace plans to leverage the newly acquired funds for both organic expansion and strategic acquisitions.
In a significant move for the Indian aerospace sector, Unimech Aerospace has announced its intention to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This step marks the company's journey towards becoming the first venture-funded aerospace manufacturing company to go public in India.
Unimech Aerospace is not alone in its pursuit of growth and innovation. Several other startups and companies, including Incuspaze, Libas, Indkal, and TechnoSport, have recently secured their first external or venture capital funding, underscoring the growing investor interest in diverse sectors of the Indian economy.
