Bengaluru based spacetech startup Unimech Aerospace has recently announced about their successful fundraising of Rs. 250 crore which is equivalent to $30 million in a private placement round led by Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd. This was the maiden funding round for the startup since its inception in 2016.

In a press release,the company has disclosed that, it has raised the fund at a post-money valuation of Rs.3,250 crore or $390 million. The raised fund will be used to pursue both organic and inorganic growth and refine products.

The startup Unimech Aerospace, established by Anil Puthan, is specialized 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.

The company’s key clients include few top aerospace service providers, energy, defence and semiconductor OEMs. The company has also started as an export-oriented company with a presence in the USA, Europe, and the United Kingdom.

In FY23, Unimech's revenue surged from Rs.16 crore to Rs.28 crore, while maintaining profitability at Rs.2.81 crore compared to Rs.1.69 crore in FY22. The company projects revenue exceeding Rs.200 crore or $24 million by FY24.

Unimech plans to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, aiming to become the first venture-funded aerospace manufacturing company to go public in India, following 26 tech startups that have done so since January 2021.

In few of the previous months few well established startups and companies have raised their maiden external or venture capital funding. The companies are workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.