AZAD offers technology solutions for global OEMs in the clean energy, aerospace, defence, oil & gas and SPS industries
This investment will further help AZAD to achieve its Make In India goal
Founded by Rakesh Chopdar in 2008, the startup had raised $20 Mn in 2021
Former Indian cricketer Sachin Tendulkar has invested an undisclosed amount in Hyderabad-based AZAD Engineering which offers technology solutions for global OEMs in the clean energy, aerospace, defence, oil & gas, and SPS industries.
According to an IANS report, this investment will further help AZAD to achieve its Atma Nirbhar Bharat and Make In India goals, as rolled out by the government.
Commenting on the investment, AZAD’s founder and MD Rakesh Chopdar said, “As a company committed to promoting highly complex manufacturing and self-reliance, AZAD will focus on our vision and create more growth & innovation opportunities for India.”
Founded in 2008, AZAD manufactures gas and steam turbine parts for aerospace, heavy machining, oil and gas, and energy sectors. Before this, AZAD had raised $20Mn from DMI Management in 2021. In the same year, Business Standard reported that the startup had announced its third manufacturing plant in Telangana at an investment of more than INR 500 Cr.
AZAD is expecting to grow at a 50% CAGR and focuses on augmenting manufacturing capacity every year to address the rising needs of its clients. It also aims at enhancing asset utilisation for better outcomes.
AZAD counts Boeing, GE, Mitsubishi, Siemens Energy, Honeywell, Eaton, GE Aerospace, Baker Hughes, and domestic giants such as HAL, Godrej, TATA, Mahindra Aerospace, and many more significant companies as a part of its clientele.
India Brand Equity Foundation reported that India’s manufacturing exports for FY22 reached $418 Bn, and saw more than 40% growth.
Last year in December, finance minister Nirmala Sitharaman said that Indian startups are innovating newer technologies and the manufacturing industry should keep a close eye on it.
Last year Tendulkar also invested in cricket-focused NFT platform Rario.
Indian cricketers and celebrities have been making it to the headlines with their different investment deals in several startups. Last month, Hardik Pandya invested in D2C food startup Yu. Earlier this year, Deepak Chahar launched a fantasy gaming platform Trade Fantasy Game (TFG) along with his wife Jaya Chahar.
Other than Tendulkar, there are 16 Indian cricketers to have invested in startups. Anil Kumble, MS Dhoni, KL Rahul, Mayank Agarwal, Robin Utthappa, Shikhar Dhawan, Smriti Mandhana, and Virat Kohli are a few names.