Unimech Aerospace, a Bengaluru-based aerospace manufacturing company, has successfully raised Rs 250 crore ($30 million) in its maiden funding round. The investment was led by Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd as part of a private placement round.
This marks the first funding round for Unimech Aerospace since its establishment in 2016. The company revealed that the funds were raised at a post-money valuation of Rs 3,250 crore ($390 million). According to the press release, the proceeds will be utilized to pursue both organic and inorganic growth opportunities and refine the company’s product offerings.
Unimech Aerospace, under the leadership of Anil Puthan, specializes in the manufacturing of high-precision tooling for aero-engines and airframes, along with complex high-precision components and assemblies for the aerospace, defence, energy, and semiconductor industries. The company boasts a clientele that includes top OEMs in these sectors and has established itself as an export-oriented company with a presence in the USA, Europe, and the United Kingdom.
In the fiscal year ended in March 2023 (FY23), Unimech’s revenue surged to Rs 28 crore from Rs 16 crore in the previous fiscal year. The company also maintained profitability, reporting Rs 2.81 crore in FY23, up from Rs 1.69 crore in FY22. Unimech claims to have grown to over Rs 200 crore ($24 million) in revenue by FY24.
The company also announced its intention to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), setting the stage for its initial public offering (IPO). Since January 2021, 26 tech startups have gone public in India, and Unimech will be the first venture-funded aerospace manufacturing company to do so.