In its current pre-Series A round, deeptech startup Planys Technologies has raised $4 million. For the Chennai-based company, this is the first investment tranche in over two years.
Planys Technologies’ regulatory filing, retrieved from the Registrar of Companies, indicates that the board of directors has approved a resolution to issue 8,471 CCPS at an issue price of Rs 41,600 each in order to raise Rs 35.23 crore.
Several companies, including Ashish Ramesh Kacholia, Shalini Chhabra, and Puneet Gupta, as well as Himalaya Finance, Golden Birch Investments, Krishna Defence, Impact India Investments, and SiriusOne Capital, took part in the new investment tranche.
Additionally, a separate filing reveals that the company approved its MSOP pool of 1,445 equity shares in February, which equals Rs 6 crore (based on the valuation report).
Tanuj Jhunjhunwala and Rakesh Sirikonda founded Planys in 2015 with the goal of providing secure and flexible underwater inspection solutions using marine robotics and analytics systems. The business has used its ten products on more than 350 projects in five different countries. In addition, it possesses over thirty patents.
To date, Planys Technologies has raised about $8 million, with the November 2021, $1.6 million round led by Keiretsu Forum, LetsVenture. The company has been valued at approximately Rs 135 crore (post-money) in the new tranche, according to media.
Planys, in contrast to other startups, has not experienced rapid growth, as evidenced by its flat scale, which increased to Rs 8.63 crore in FY23 from Rs 7.41 crore in FY22. In addition, the company’s losses increased 3.2X to Rs 3.51 crore during that time frame.
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