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Tsalla Aerospace raises $1 Mn in maiden funding round

EntrackrEntrackr · 14d ago
Tsalla Aerospace raises $1 Mn in maiden funding round
Medial

Snippets Tsalla Aerospace raises $1 Mn in maiden funding round Tsalla Aerospace has raised $1 million in its first external funding round led by Sunny Stalnaker, executive VP at ASML, with additional support from SIDBI and equity-free grants from the Ministry of Defence’s Innovations for Defence Excellence (iDEX) programme. The proceeds will be used to expand its autonomous systems platform and scale deployment for defence and industrial use cases. Founded in 2019 and incubated at the Indian Institute of Science (IISc), Tsalla Aerospace builds an AI-based autonomy stack for drones and unmanned systems. Its AI Pilot enables unmanned platforms to operate without GPS or communication support and aims to function with zero operator intervention. Tsalla works with the Indian Navy and Indian Army on multiple projects. These include confined-space reconnaissance systems, backpack-based VTOL platforms designed for single-person operation, and logistics use cases such as ship-to-ship delivery in difficult weather conditions. Tsalla competes with domestic defence and autonomy companies such as ideaForge, NewSpace Research & Tech, Sagar Defence, CRON Systems, and global dual-use autonomy developers. According to the company, it also plans to raise $8 million in a seed round to expand its autonomy stack, grow deployments in India and international markets, and enter new defence and industrial segments.

Co-working startup Incuspaze raises $8 Mn in maiden funding

EntrackrEntrackr · 1y ago
Co-working startup Incuspaze raises $8 Mn in maiden funding
Medial

Workspace solution provider Incuspaze has raised around $8 million led by the India Inflection Opportunity Fund (IIOF) and other financial institutions in its maiden funding round. This strategic investment will beef up Incuspaze’s capabilities to provide top-tier workspace solutions to enterprises, MSMEs, and startups, the company said in a statement. Incuspaze claims that it has a portfolio of 3 million square feet in 18 cities across 44 locations. The firm recently leased 220,000 square feet of space in Gurugram’s M3M Urbana project. Led by Sanjay Choudhary, the eight-year-old firm aims to expand its portfolio in southern India, with a focus on Bengaluru, Chennai and Hyderabad. PhonePe, Byju’s, Flipkart, and Girnarsoft, among others are its top clients. For the fiscal year ending in March 2023 (FY23), Incuspaze reported a more than three fold jump in its operating revenue to Rs 50 crore against Rs 14.84 crore in FY22. During FY23, it managed to cut losses to Rs 98 lakh from Rs 5 crore. Incuspaze is yet to file its annual report for the last fiscal year (FY24). According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top-6 cities in India registered its highest ever quarterly demand in the April-June period. Bengaluru and Delhi-NCR alone accounted for 65% of the overall demand. In November last year, Pantomath Financial Services Group closed its pre-IPO fund called the India Inflection Opportunity Fund (IIOF) at $60 million. While Incuspaze has not commented on its IPO plans, the strategic money from the IIOF hints at a definitive public listing roadmap as the investment firm majorly invests in IPO-bound companies. In the co-working space, Awfis became the first Indian startup to get listed on the stock exchange. Recently, another co-working startup Smartworks took a step towards potential public listing and converted itself into a public company. Entrackr exclusively reported the development in the first half of July.

IPO-bound Unimech Aerospace raises $30 Mn in maiden funding

EntrackrEntrackr · 1y ago
IPO-bound Unimech Aerospace raises $30 Mn in maiden funding
Medial

Unimech Aerospace has raised Rs 250 crore ($30 million) from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd as a part of its private placement round. This is the maiden funding round for the Bengaluru-based company since its inception in 2016. As per the company, it has raised the funds at a post-money valuation of Rs 3,250 crore ($390 million). The proceeds will be used to pursue both organic and inorganic growth and refine products, the company said in a press release. Led by Anil Puthan, Unimech Aerospace specializes 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. Its key clients include top aerospace, energy, defence and semiconductor OEMs. The firm has also established itself as an export-oriented company with a presence in the USA, Europe, and the United Kingdom. For the fiscal year ended in March 2023(FY23), Unimech’s revenue jumped to Rs 28 crore from Rs 16 crore while it maintained its profitability with Rs 2.81 crore in FY23 from Rs 1.69 crore in FY22. Unimech claims to have grown to over Rs 200 crore ($24 million) in revenue by FY24. The company also said that it is in the process of filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. Since January 2021, 26 tech startups have gone public and Unimech will become the first venture funded aerospace manufacturing company to go public in India. In the last couple of months, several established startups and companies have raised their maiden external or venture capital funding. The list includes workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.

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