Chemicals maker Coromandel International Ltd, a part of the Chennai-based multinational conglomerate Murugappa Group, Monday announced fresh investment in Dhaksha Unmanned Systems Pvt Ltd, raising the valuation of the drone startup by 3.4x within a year.
Coromandel Technology Ltd, a wholly-owned subsidiary of Coromandel International, will pick an additional 7% stake in Dhaksha for Rs 150 crore ($18 million), valuing the company at Rs 2,143 crore.
In June 2023, Coromandel International had announced raising its stake in Dhaksha to 51%, at a valuation of Rs 625 crore.
The fresh deal is expected to be completed this month, according to an exchange release.
The startup reported a turnover of Rs 46.4 crore in the financial year 202-24, about five times from the preceding year.
Dhaksha, set up in 2019, offers a range of Unmanned Aerial Systems technology solutions across agriculture, defence, surveillance and enterprise applications.
“(The capital) will further strengthen Coromandel’s presence in the fast-growing unmanned aircraft system segment. This investment into Dhaksha is to support the R&D, new product development activities and its working capital requirements of Dhaksha,” Coromandel said.
“In the past one year, Dhaksha has strengthened its technological capabilities and has invested in research activities to develop new products & applications,” said Arun Alagappan, executive chairman, Coromandel International Ltd said.
“This investment in Dhaksha aligns with Coromandel’s vision of diversifying in technology spaces and promoting technology adoption across various spheres.”
Further, the development helps Coromandel expand its avenues for growth beyond its core operations.
Last week, it said it is increasing its stake in agri infra-focussed startup Ecozen to 5.54% from 3.13% previously, investing through its wholly-owned subsidiary and corporate venture capital arm Dare Ventures Ltd.