Bengaluru-based Unimech Aerospace has successfully raised Rs 250 crore ($30 million) from investors including Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd in its first funding round since its inception in 2016.
The company achieved this milestone at a post-money valuation of Rs 3,250 crore ($390 million). According to Unimech Aerospace, the funds will be used to drive both organic and inorganic growth and enhance its product offerings.
Led by Anil Puthan, Unimech Aerospace specializes in the manufacturing of high-precision tooling for aero-engines and airframes, alongside complex high-precision components and assemblies for the aerospace, defense, energy, and semiconductor industries. Its client base includes top-tier OEMs in these sectors, and the company has established a significant export footprint in the USA, Europe, and the United Kingdom.
For the fiscal year ending in March 2023 (FY23), Unimech’s revenue surged to Rs 28 crore from Rs 16 crore in the previous year, while maintaining profitability with Rs 2.81 crore in FY23, up from Rs 1.69 crore in FY22. The company anticipates growing its revenue to over Rs 200 crore ($24 million) by FY24.
Unimech Aerospace is also preparing to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, aiming to become the first venture-funded aerospace manufacturing company in India to go public. Since January 2021, 26 tech startups have gone public, and Unimech is set to join this expanding group.
The recent months have seen several established startups and companies securing their initial rounds of external or venture capital funding. Notable examples include workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.
