Liquidity Events
Coromandel Intl to buy addl 33% stake in drone maker Dhaksha for Rs.204-Cr; Dare Ventures exits
Press Release BSE Announcement
Murugappa Group firm Coromandel International Ltd is to acquire an additional 32.68 % equity stake in Dhaksha Unmanned Systems Pvt. Ltd., a Chennai-headquartered drone startup, for INR 204.24 crore. This will take Coromandel's stake to 51% in Dhaksha. The deal involved the transfer of 18.34% equity stake in Dhaksha - at cost - by Dare Ventures, , the VC investment arm of Coromandel International. Founded in 2019, Dhaksha provides a range of Unmanned Aerial Systems (UAS) technology solutions in agriculture, defence, surveillance and enterprise applications. The turnover of Dhaksha for FY22 was INR 4.52 crore, down from INR 6.06 crore in FY21.
From the Venture Intelligence PE-VC Deal Database: In Sep-22, Dhaksha Unmanned Systems had attracted INR 20 Cr investment commitment from Dare Ventures. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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