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Bengaluru-based aerospace components manufacturer JJG Aero has raised $12 million (approximately Rs 100 crore) from CX Partners.
The fresh proceeds will be primarily used for increasing its manufacturing capacity at its new facility, vertical integration, and other corporate initiatives.
Founded in 2008, JJG Aero offers a wide range of manufacturing services, complemented by over 30 NADCAP-approved special processes, including electroplating, anodizing, paint, and NDT.
While the company is primarily focused on building its business in the commercial aerospace segment, its diverse capabilities are put to use with its customers in automotive and industrial segments.
The company claims to work with American and European OEMs including tier-1 vendors and achieve 35% CAGR over the last three years. Before this latest investment, JJG Aero was completely owned by J.J Glastronics Private Limited with 99.97% holding.
According to startup data intelligence platform 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 investment in India’s spacetech funding tripled between 2021 and 2023. As per data compiled by TheKredible, the total funding in the sector surged nearly 3X 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.
In the ongoing calendar year, its direct competitor Jeh Aerospace raised $2.75 million in a seed funding round led by General Catalyst.
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