Unimech Aerospace has secured a total of Rs 250 crore ($30 million) from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd through a private placement transaction.
The funds were raised at a post-money valuation of Rs 3,250 crore ($390 million). The funds will be utilized to pursue both natural and artificial expansion and enhance products.
Unimech Aerospace, under the leadership of Anil Puthan, specializes in the production of precise tooling for aero engines and airframes. They also manufacture intricate components and assemblies for the aerospace, defense, energy, and semiconductor sectors.
Unimech experienced a significant increase in revenue, rising from Rs 16 crore to Rs 28 crore in FY23. Despite this growth, the company was able to maintain its profitability, with a net income of Rs 2.81 crore in FY23 compared to Rs 1.69 crore in FY22.
Read also – Glance InMobi Pte. Raises $250 Million Funding Round from Google
Unimech asserts that their income has increased to well than Rs 200 crore ($24 million) by FY24. In addition, the business stated that it is currently in the process of submitting a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India. From January 2021 onwards, a total of 26 technology businesses have had their initial public offerings (IPOs). Additionally, Unimech is set to become the inaugural aerospace manufacturing company in India to go public with the support of venture capital funding.
About Unimech Aerospace
Founded in 2016 by Anil Puthan, Unimech is an AS9100 Rev D, ISO 9001 & ISO45001 approved Bangalore-based manufacturer of complex tooling & mechanical assemblies and precision components for companies in the aerospace, defense, and power generation sectors.
Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:
Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.
Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.
Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.
