Aequs, a diversified contract manufacturing company has raised ₹225 crore from Amicus Capital and its existing investors to expand its aerospace business in Belagavi.
Amicus Capital is a private equity firm that invests in high growth middle-market companies in India. With funds under management of USD 88 Million, they are backed by marquee investors including global institutions, large family offices, entrepreneurs and business leaders.
This is the first external round of funding that the Aequs company has raised to date, and will focus on deploying the majority of the raised funds to expand its aerospace business, says Aravind Melligeri, Chairman & CEO.
After devoting themselves to the business for approximately 15 years, we have reached a pivotal point where we must take the next step in our growth trajectory, explained Melligeri.
“To achieve this, and also the need to have an external validation of our business model, led us to seek an external round of funding.” The company also plans to file for an initial public offering (IPO) in the next 3-5 years, as it expects the company and markets to be ready by then.
Aequs has an annual turnover of ₹1,000 crore. It plans to expand its aerospace vertical by a significant 40 per cent, while simultaneously striving for a growth rate of 25-30 per cent for its toy business this year. Additionally, the company will concentrate on optimising the utilisation of its consumer durables business, which currently targets primarily the domestic market, to reach a larger global audience.
The company has a total headcount of 4,000 people, of whom 2,100 are on its payroll. Aequs will add another 100 to 200 people to its aerospace verticals this year.