Hical Technologies, a Bengaluru maker of aerospace and defence components, raises $30-40M in growth equity from Premji Invest

TLDR

• Hical Technologies, an Indian aerospace and defence parts maker, raised $30-40M in growth equity from Premji Invest.¹²
• The $300-400M valuation comes from unnamed sources; the company did not disclose valuation or stake.¹³
• Exports are over 90 per cent of its business, and Dassault's Rafale is the named defence programme.¹

Bengaluru-based Hical Technologies, which makes electromechanical components for aerospace and defence customers, announced on 6 November that it has taken $30-40M in equity funding from Premji Invest.¹ The Economic Times gives a point figure instead of a range, $35M or about Rs 310 crore, and calls it growth equity.² Press reports describe it as Hical's first institutional funding round since it was founded in 1986.²³ None of the three reports says whether the money is new shares or a sale by existing holders, and none calls Premji Invest the lead or names any other investor.¹²³ Days earlier the Economic Times had reported Premji Invest was in "advanced talks to lead Hical's first institutional $30-40 million fundraise alongside TVS Capital", but TVS Capital does not appear in the 6 November reports, so its role is unconfirmed.⁴ Valuation is reported at $300-400M, attributed by the Hindu BusinessLine and the Economic Times to unnamed sources, while the Times of India says the company "did not disclose its valuation or the stake acquired by Premji Invest".¹²³

Hical says it makes actuators, motors, solenoids, transformers and integrated electromechanical systems, used in Dassault Rafale fighter jets, commercial aircraft, ship and submarine equipment, defence applications, ISRO launch vehicles and satellite systems.¹ The proceeds are to buy high-precision machinery, deepen vertically integrated manufacturing and raise spending on engineering, research and development, and quality systems.² Managing director Yashas Jaiveer said: "As India moves up the aerospace and defence value chain, there is a significant opportunity for specialised Indian suppliers that can meet the quality, traceability and programme requirements of global OEMs."¹ Deloitte Corporate Finance advised Hical.² Venture Intelligence dates the founding to 1988 rather than 1986, and reports FY25 operating income of about INR 203.04 crore and profit after tax of about INR 7.31 crore; the three press reports give no financials.⁵ ICRA's September 2025 rating note put group revenue at Rs 212.2 crore for FY2025, with an operating margin of around 14 per cent and a long-term rating of [ICRA]BB (Stable), and said the US contributed 45 to 50 per cent of revenue.⁶ The company has bank facilities as well, so "first institutional" is best read as its first institutional equity.⁶

On the defence link, Hical's website describes it as an Indian offset partner for contracts with the US, France and the UK, and says it won a contract from ISRO's Vikram Sarabhai Space Centre for actuators and sensors on the GSLV and PSLV launch vehicles.⁷ Dassault Aviation awarded it a "long-term contract" in March 2026 to make products for control systems on the Rafale.⁸ The Hindu BusinessLine reported in October that Hical had opened a 60,000 square foot plant in Devanahalli and is developing components for Hindustan Aeronautics' Tejas Mk2 programme.⁹ Because exports are over 90 per cent of its business and its other named lines are Boeing and Airbus parts and ISRO work, the Indian military share of its revenue is not stated in any source reviewed.¹³

Premji Invest, which the Economic Times says was founded in 2006 by Azim Premji and holds more than $15B in evergreen capital, invests in India and the US and mainly supports the Azim Premji Foundation's philanthropic work.² Partner Manoj Jaiswal said: "We see significant potential for Hical to scale these capabilities as global supply chains increasingly seek high-quality engineering and manufacturing partners in India."² In an August LinkedIn post Premji Invest called aerospace, defence and space "a key part of our Premji Invest's Industrials investment thesis".¹⁰ The closest closed industrials deal found is Rs 300 crore, about $33M, for a stake in Bharat Forge's JS Auto Cast Foundry in February 2026, which is castings for auto and industrial uses rather than aerospace; the same Economic Times newsletter reported another Premji Invest defence-electronics deal, Sanlayan Technologies, only as under discussion.¹¹⁴ No closed aerospace or defence component investment by Premji Invest was found in the sources reviewed.

Why it matters: an Indian precision supplier to Dassault, Boeing, Airbus and ISRO has taken its first institutional equity from a well-capitalised industrials investor, which signals appetite for private defence and aerospace manufacturing in India, though terms, valuation and the military share of revenue are not confirmed.¹²³