Chennai-based Deeptech Startup Reinforces Position with Fresh Investment Tranche
Planys Technologies, a pioneering deeptech startup specializing in underwater inspection solutions, has successfully raised $4 million in its ongoing pre-Series A funding round. This latest infusion of capital marks a significant milestone for the Chennai-based firm, coming after a hiatus of more than two years.
According to regulatory filings accessed from the Registrar of Companies, the board of Planys Technologies has approved the issuance of 8,471 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 41,600 each, raising a total of Rs 35.23 crore. Notable investors participating in this round include Himalaya Finance, Golden Birch Investments, Krishna Defence, Impact India Investments, SiriusOne Capital, as well as prominent individuals such as Ashish Ramesh Kacholia, Shalini Chhabra, and Puneet Gupta.
In a separate filing, the company also disclosed the approval of its Management Stock Ownership Plan (MSOP) pool, comprising 1,445 equity shares valued at Rs 6 crore, as per the latest valuation report.
Founded in 2015 by Tanuj Jhunjhunwala and Rakesh Sirikonda, Planys Technologies specializes in underwater inspection using cutting-edge marine robotics and analytics systems. With a track record of over 350 projects spanning across five countries, the company has developed a suite of ten innovative products and holds more than 30 patents.
Planys Technologies has raised approximately $8 million in funding to date, including a $1.6 million round led by Keiretsu Forum and LetsVenture in November 2021. The startup, valued at around Rs 135 crore post-money in the latest tranche, has demonstrated its commitment to driving innovation and advancing the field of marine technology.
Despite its steady growth trajectory, Planys Technologies has not experienced exponential expansion in recent years, with its revenue reaching Rs 8.63 crore in FY23 compared to Rs 7.41 crore in FY22. Additionally, the company’s losses increased by 3.2 times to Rs 3.51 crore during the same period. However, with the fresh capital infusion and a strong foundation in deeptech innovation, Planys Technologies remains poised for further growth and impact in the underwater inspection industry.
