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Deeptech startup Planys raises $4 Mn

EntrackrEntrackr · 1y ago
Deeptech startup Planys raises $4 Mn
Medial

Deeptech startup Planys Technologies has raised $4 million in its ongoing pre-Series A round. The fresh investment tranche has come after a gap of more than two years for the Chennai-based firm. The board at Planys Technologies has passed a board resolution to issue 8,471 CCPS at an issue price of Rs 41,600 each to raise Rs 35.23 crore, its regulatory filing accessed from the Registrar of Companies shows. Himalaya Finance, Golden Birch Investments, Krishna Defence, Impact India Investments, SiriusOne Capital, and several individuals including Ashish Ramesh Kacholia, Shalini Chhabra, and Puneet Gupta participated during the new investment tranche. The company also approved its MSOP pool of 1,445 equity shares amounting to Rs 6 crore (as per the valuation report) in February, a separate filing shows. Established in 2015 by Tanuj Jhunjhunwala and Rakesh Sirikonda, Planys does underwater inspection by offering secure and adaptable solutions through marine robotics and analytics systems. The company has been working on over 350 projects with its 10 products across 5 countries. It also has more than 30 patents under its belt. Planys Technologies has raised around $8 million to date including a $1.6 million round led by Keiretsu Forum, LetsVenture in November 2021. According to the startup data intelligence platform TheKredibe, the company has been valued at around Rs 135 crore (post-money) in the new tranche. Unlike other startups, Planys hasn’t been growing at a rapid clip and this could be evident from its flat scale which grew to Rs 8.63 crore in FY23 as compared to Rs 7.41 crore in FY22. Moreover, the firm’s losses also spiked 3.2X to Rs 3.51 crore in the same period.

PE fund ValueQuest raises Rs 1,500 Cr from domestic LPs

EntrackrEntrackr · 7d ago
PE fund ValueQuest raises Rs 1,500 Cr from domestic LPs
Medial

ValueQuest Investment Advisors has raised a Rs 1,500-crore private equity (PE) fund focused on advanced manufacturing sectors such as aerospace, defence, and energy transition. ValueQuest Tristar, a 100% rupee-denominated fund, has surpassed its target size of Rs 1,500 crore and activated a greenshoe option of Rs 500 crore. The fund aims to close the fundraising within the current calendar year. According to the Mumbai-based firm, the fund plans to back 8–12 companies with cheque sizes ranging from Rs 150 crore to Rs 400 crore and expects to complete capital deployment within 18–24 months. It will focus on businesses with proven product-market fit, positive unit economics, and established customer relationships. ValueQuest said this is the right time to deploy capital in advanced manufacturing sectors, noting that several companies in the space are also tapping the IPO market. The fund has already invested in Rangsons Aerospace, a precision manufacturing company serving marquee domestic and global aerospace and defence clients. It has also backed Waaree Energy Storage Solutions, which manufactures lithium-ion cells, battery packs, and energy storage systems for Indian and international markets. In defence investing, the fund has been an early investor in defence public sector undertakings such as Mazagon Dock, Cochin Shipyard, HAL, BEL, and Garden Reach, even before policy momentum built in favour of the sector.

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