Bengaluru-based Unimech Aerospace has successfully raised Rs 250 crore funding (approximately $30 million) in a private placement round. The funds were secured from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd. This marks the company’s first funding round since its establishment in 2016.
Investment Details
This funding was made at a post-money valuation of Rs 3,250 crore ($390 million). The funds will be used to support both organic and inorganic growth, as well as to enhance Unimech Aerospace’s product offerings. Anil Puthan, Chairman and Managing Director of Unimech Aerospace, stated, “This investment will enable us to pursue both organic and inorganic growth, enhancing our Build to Print and Build to Spec solutions.”
Company Background
Unimech Aerospace specializes in high-precision tooling for aero-engines and airframes, complex high-precision components, assemblies, and electro-mechanical turnkey systems. The company serves industries such as aerospace, defense, energy, and semiconductors. Unimech has a significant presence in the USA, Europe, and the United Kingdom.
Financial Performance
For the fiscal year ending in March 2023 (FY23), Unimech reported a revenue increase to Rs 28 crore, up from Rs 16 crore in the previous fiscal year. The company maintained profitability, with a net profit of Rs 2.81 crore in FY23, compared to Rs 1.69 crore in FY22. Unimech claims to have grown to over Rs 200 crore ($24 million) in revenue by FY24.
IPO Plans
Unimech Aerospace is preparing to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its upcoming Initial Public Offering (IPO). This will make Unimech the first venture-funded aerospace manufacturing company in India to go public. Anil Puthan commented, “The funds raised from this investment will bolster the company’s expansion efforts and strategic objectives.”
With the successful raising of Rs 250 crore, Unimech Aerospace is well-positioned for growth and expansion. The company’s focus on both organic and inorganic growth, combined with its upcoming IPO, sets the stage for a promising future in the aerospace industry.
