Aerospace components manufacturer JJG Aero raised $12 M from CX Partners
Manufacturer of aerospace components JJG Aero, located in Bengaluru, has raised $12 million (roughly Rs 100 crore) from CX Partners.
The company’s new initiatives, vertical integration, and capacity expansion at the new facility will be the main uses of the fresh proceeds.
Established in 2008, JJG Aero provides an extensive array of manufacturing services along with more than 30 NADCAP-approved special processes, such as paint, NDT, anodizing, and electroplating.
The company uses its diverse capabilities with customers in the automotive and industrial segments, even though its primary focus is growing its business in the commercial aerospace segment.
The company says that over the last three years, it has achieved a 35% CAGR and works with OEMs in the US and Europe, including tier-1 vendors. J.J. Glastronics Private Limited held a 99.97% stake in JJG Aero prior to this most recent investment.
In the fiscal year that ended in March 2023, JJG Aero saw a 2.2X year-over-year growth to Rs 87 crore, according to media. Notably, the Bengaluru-based company’s earnings increased 3.2X to Rs 7.5 crore during that time frame. The company hasn’t submitted its FY24 financial reports yet.
Between 2021 and 2023, funding for space technology in India increased threefold. According to media reports, the sector’s total funding increased by almost three times, from $32.44 million in 2021 to nearly $100 million in 2023. Pixxel, Skyroot Aerospace, and AgniKul Cosmos are a few of the most successful fundraisers.
In a seed funding round headed by General Catalyst, its direct rival Jeh Aerospace raised $2.75 million in the current calendar year.
