Bengaluru based aerospace components manufacturing startup JJG Aero lately has raised $12 million which is nearly Rs. 100 crore from CX Partners. According to the official press release of the company the freshly raised fund will be utilized for increasing its manufacturing capacity at its new facility, vertical integration, and other corporate initiatives.

The company was founded in 2008, which offers a wide range of manufacturing services, complemented by over 30 NADCAP-approved special processes, including electroplating, anodizing, paint, and NDT.

CEO, JJG Aero, Anuj Jhunjhunwala, said, “The aerospace supply chain is facing all-time high demand from aircraft manufacturers, which the legacy vendors in the Western world are struggling to meet. The global geopolitical issues, economic stability, and government support make India ideally placed to benefit from this. With our strengths and value proposition, we see ourselves emerging as a key player in the aerospace ecosystem. India has emerged as an attractive destination for sourcing components and parts by global leaders, and we are excited to be selected by so many marquee clients as a strategic growth vendor."

The company has worked with American and European OEMs including tier-1 vendors and achieve 35% CAGR over the last three years. Before this recent fundraising round, JJG Aero was completely owned by J.J Glastronics Private Limited with 99.97% holding.

Vivek Chhachhi, Managing Partner, CX Partners said, "This investment will enable JJG Aero not only to continue on its growth path through capacity addition but also to upgrade the quality of earnings by focusing on higher value-added components. Indian businesses have a proven ability to provide high-quality products and services as an outsourcing partner to their customers."

According to the report of TheKredible, JJG Aero registered a 2.2X year-on-year growth to Rs.87 crore during the fiscal year ended March 2023. Significantly, the profits of the Bengaluru-based firm surged 3.2X to Rs 7.5 crore in the same period. The firm is yet to file FY24 financial results.

The Indian spacetech industry has witnessed the 3x growth in funding from 2021-23. The total funding in the sector surged to nearly $100 million in 2023 from $32.44 million in 2021. Some of the top fundraisers include Pixxel, Skyroot Aerospace, and AgniKul Cosmos among others.