Aadyah Aerospace Pvt. Ltd an Aerospace and defence technology startup, has achieved pre-series investment of Rs 13 crore ($2 million) within seven months of its launch in April, said its chairman and managing director Shaju Stephen. Stephen had previously served as the MD and CEO of the India subsidiary of Spanish multinational company Sener Inginieriay Sistemas S.A.
V Sunderarajan, former director of Sener India is the CEO of the company.
Staying away from naming the investors, Stephen said that a total amount of Rs 13 crore has been invested into the venture. He said the company would begin with developing electro-mechanical actuators, control actuation systems and electro-optics systems for missiles and launch vehicles in the initial phase.
Defence Research and Development Organisation (DRDO), missile manufacturer Bharat Dynamics and Indian Space Research Organisation (ISRO) together have annual budgets of around $5 billion. Their requirement of various parts and subsystems throw open opportunities for private players specialising in mission-critical components.
“Offset is another area of opportunity for us,” added Stephen. The offset policy of the India government that makes it mandatory for foreign defence manufacturers to make components worth 25-50% of the total contract value in the country, which is expected to throw up numerous deals for domestic defence manufacturers.
“It is going to be an R&D-driven engineering and design entity with integration and test facility,” said Stephen. The company is setting up 25,000 square-foot test facility in Bangalore and is expanding its strength from 15 to 50 by the end of 2016. “About 40 of them would be engineers,” he said.
Although currently, A&D trade in private sector is largely dominated by large business conglomerates such as Tata Group, Reliance, L&T the emergence of startups in the scenario is significant even if very few in numbers.