Unimech Aerospace Secures $30 Mn Maiden Funding Round
![Unimech Aerospace](https://thestartuplab.in/wp-content/uploads/2024/07/startuplab-10.png)
Unimech Aerospace has secured Rs 250 crore from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd as a part of its private placement round.
This is the maiden funding round for the Bengaluru-based company since its existence in 2016.
As per the startup, the funds will be used to pursue both organic and inorganic growth and refine products.
Unimech Aerospace | Aerospace Startup
Founded by Anil Puthan, Unimech Aerospace specializes in manufacturing of high precision tooling for aero-engines and airframes, along with complex high precision components, assemblies, and for the aerospace, defence, energy, and semiconductor industries.
Its key customers include top aerospace, energy, defence and semiconductor OEMs. The firm has also established itself as an export-oriented company with a presence in the UK, Europe, and the USA.
Unimech claims to have grown to over Rs 200 crore ($24 million) in revenue by FY24. The company also said that it is in the process of filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India.
Since January 2021, 26 tech startups have gone public and Unimech will become the first venture funded aerospace manufacturing company to go public in India.
Speaking about the development, Anil Puthan, Unimech Chairman and Managing director, said,
“From our humble start in 2016 as a bootstrapped team of five, we’ve grown to over Rs 200 crore in revenue with 380 employees as of FY 2023-24, all without external funding. This investment will enable us to pursue both organic and inorganic growth, enhancing our Build to Print and Build to Spec solutions”.
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