Indian supply chain firm Val-Met secures $21 million

Val-Met Engineering, a Chennai-based supply chain management company focused on aerospace, defence and space-grade raw materials, has announced that it has secured ₹2 billion (about USD 21 million) in funding from a collection of Nuvama Crossover Opportunities Funds.

It plans to utilise the funding to boost its sourcing network, expand inventory capabilities, enhance technological and processing infrastructure, and strengthen relationships with domestic and global OEMs, suppliers and customers, according to a report by Hindu Businessline.

“Persistent supply chain constraints remain a key reason for the current industry backlog. This, coupled with robust demand is creating a significant opportunity to position India as a strategic hub in the global supply chain of leading aerospace OEMs,” P H Subramoni, Promoter and MD, Val-Met Engineering, said. “Against the backdrop of strong, long-term growth outlined by major global aerospace players, Nuvama Private Equity’s investment will play a crucial role in supporting our growth journey and scaling our capabilities to meet the demand.” 

Pranav Parikh, Managing Partner and Head of Private Equity at Nuvama Asset Management, said the investment aligned with its strategy of backing established industrial businesses with strong growth potential, according to a report by The Times of India.