IPO-bound Unimech Aerospace raised $30 M maiden funding from multiple investors
As part of its private placement round, Unimech Aerospace has raised Rs 250 crore ($30 million) from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd.
The Bengaluru-based company was founded in 2016, and this is its first funding round.
According to the company, the funds were raised at a post-money valuation of Rs 3,250 crore, or $390 million. According to the company’s press release, the money raised will be used to refine products and pursue both organic and inorganic growth.
Under the direction of Anil Puthan, Unimech Aerospace is a manufacturer of highly precise tooling for aero-engines and airframes, as well as intricate, highly precise components and assemblies for the semiconductor, aerospace, defense, and energy sectors.
Leading OEMs in semiconductor, energy, defense, and aerospace are among its principal clientele. Additionally, the business has made a name for itself as an export-focused enterprise with operations in the UK, Europe, and the USA.
Unimech’s revenue increased to Rs 28 crore for the fiscal year that ended in March 2023 (FY23) from Rs 16 crore, but it kept its profitability steady at Rs 2.81 crore in FY23 from Rs 1.69 crore in FY22.
According to Unimech, their revenue by FY24 had increased to over Rs 200 crore ($24 million). A draft red herring prospectus (DRHP) is currently being filed with the Securities and Exchange Board of India, according to the company. Unimech is set to become the first venture-funded aerospace manufacturing company in India to go public, joining the 26 other tech startups that have done so since January 2021.
Over the past few months, a number of well-established startups and businesses have raised their first round of venture capital or outside funding. Incuspaze, a workspace solution provider, Libas, an ethnic wear brand, Indkal, a consumer electronics startup, and TechnoSport, a performance wear brand, are on the list.
