Bengaluru-headquartered aerospace components manufacturer JJG Aero has secured $12 million (approximately Rs 100 crore) in funding from CX Partners.
The newly acquired funds will primarily bolster the company’s manufacturing capacity at its newly established facility, facilitate vertical integration, and support other corporate endeavors.
Established in 2008, JJG Aero provides a broad spectrum of manufacturing services, supported by over 30 NADCAP-approved special processes, encompassing electroplating, anodizing, painting, and NDT.
Although the company’s primary focus lies in expanding its presence in the commercial aerospace sector, its versatile capabilities are also utilized in collaboration with customers from the automotive and industrial sectors.
JJG Aero asserts its partnerships with American and European OEMs, including tier-1 vendors, and highlights achieving a 35% Compound Annual Growth Rate (CAGR) over the past three years. Prior to this recent investment, JJG Aero was wholly owned by J.J Glastronics Private Limited, holding a 99.97% stake.
According to insights from startup data intelligence platform TheKredible, JJG Aero reported a noteworthy 2.2X year-on-year growth to Rs 87 crore during the fiscal year ending in March 2023. Remarkably, the Bengaluru-based firm witnessed a 3.2X surge in profits to Rs 7.5 crore within the same period. Financial results for FY24 are pending.
Investment in India’s spacetech sector experienced a threefold increase between 2021 and 2023. Data compiled by TheKredible indicates that total funding in the sector soared nearly 3X to nearly $100 million in 2023 from $32.44 million in 2021. Notable fundraisers include Pixxel, Skyroot Aerospace, and AgniKul Cosmos, among others.
In the current calendar year, JJG Aero’s direct competitor, Jeh Aerospace, secured $2.75 million in a seed funding round led by General Catalyst.
