Aequs, a precision manufacturing company, has raised $54 Mn (INR 448 Cr) in a fresh equity funding round led by Singapore-based Amansa Capital.
The funding round also saw participation from Steadview Capital, Catamaran, the family office of Infosys founder N. R. Narayana Murthy, Sparta Group, the investment office of Desh Deshpande, Amicus Capital, and other individual investors.
Founded in 2006, Aequs operates a precision manufacturing platform in aerospace and several other verticals. It plans to use the fresh funds to launch a new advanced technology products (ATP) vertical to manufacture high-precision components for multiple global consumer electronics companies.
It is pertinent to note that Aequs supplies precision components and assemblies companies including Boeing, Airbus, Safran, Collins, Spirit, Honeywell, and Eaton. The company has its integrated manufacturing ecosystem in Belagavi, Karnataka.
Aequs claims to operate the largest aerospace machining capacity in the country with over 1.2 Mn machining hours per year at the Belagavi campus. Besides, the company operates 12 aerospace-focused, fully-owned as well as joint venture units in various parts of the US and France while operating five more units in Karnataka’s Koppal and Hubballi cities, for its non-aerospace businesses.
“Aequs has always believed in the Indian manufacturing story and for the past 15 years focused on maximising in-country value add on the products it makes across the industry verticals it operates in,” said Aravind Melligeri, chairman and CEO of Aequs.
“These partnerships [with investors] will also help in tapping emerging opportunities due to the realignment of global supply chains and their relocation to India in many instances,” Melligeri added.
The company’s latest fundraise follows its INR 225 Cr round led by Amicus Capital in April this year.
It currently derives almost all of its revenue from exports.
With India’s growing focus on strengthening its domestic manufacturing capacity, across sectors, manufacturing exports from the country recorded the highest-ever annual exports of $447.46 Bn in FY23, surpassing the previous fiscal’s record exports of $422 Bn.
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