IPO-bound Unimech Aerospace has secured Rs 250 crore or $30 million in its private placement round from Steadview Capital Mauritius Ltd, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd. This notes the first funding round for the Anil Puthan-led company.
The company has stated in a press release that the funds were raised at a post-valuation of Rs 3,250 crore or $390 million and that they will be deployed to enhance its products and achieve both organic and inorganic growth.
Founded in 2016 by Puthan, Unimech Aerospace caters to aerospace, defense, semiconductor, and energy sector OEMs, by manufacturing high-precision and complex high-precision tooling for aero-engines & airframes. The company’s services extend to abroad in the key markets of the USA, Europe, and the UK.
Unimech Aerospace has shared that its draft red herring prospectus (DRHP) filing with the Securities and Exchange Board of India (SEBI) is also under process. This would make the company the first venture-funded aerospace manufacturing firm to go public in India and would be a new addition to the list of 26 tech startups that have gone public since January 2021.
In FY23, the Bengaluru-based company’s revenue grew by 75% from Rs 16 crore to Rs 28 crore. Its profits also jumped by 66.27% from Rs 1.69 crore in FY22 to Rs 2.81 crore in FY23. The company claims to have grown more than Rs 200 crore or $24 million in revenue by FY24.
