Mumbai, Oct 30: Precision manufacturing firm Aequs on Monday said it has raised USD 54-million (Rs 448 crore) in a fresh round of equity funding led by Singapore-based Amansa Capital.
The fresh round of funds will be utilised for entry into new advanced technology products vertical and existing operations, Aequs said.
Apart from Amansa, the current round includes leading global investment firm Steadview Capital, Catamaran, the family office of Infosys founder N R Narayana Murthy, Sparta Group LLC, the investment office of Desh Deshpande, and other individual investors, Aequs said.
Earlier in April this year, the contract manufacturer had raised Rs 225 crore from Amicus Capital, which has also participated in the current round through its affiliates, it said.
Founded in 2006, the contract manufacturing firm provides vertically integrated product solutions across the aerospace, toys, and consumer durable goods industries with manufacturing facilities across India, France, and the US.
Being the largest domestic aerospace precision components manufacturer, Aequs currently derives almost 100 per cent of its revenues from exports.
Aequs said it will deploy the growth capital to launch a new vertical to manufacture high-precision components for some of the global consumer electronics companies.
“We are excited to partner with investors who have a deep understanding of the Indian capital markets, which I believe will bring immense value to Aequs,” said Aravind Melligeri, Chairman and CEO of Aequs.
Aequs supplies precision components and assemblies to aerospace companies such as Airbus, Boeing, Bombardier, Safran, among others.
The company has set up an aerospace-focused forgings-to-assembly integrated manufacturing ecosystem at aerospace SEZ in Belagavi (Karnataka). It operates the largest aerospace machining capacity of over 1.2 million machining hours per year at the Belagavi campus. (PTI)
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