Planys secures Rs 43 cr funding led by ace investor Ashish Kacholia

CHENNAI: Planys Technologies, an IIT Madras Incubation Cell deep tech startup pioneering in underwater infrastructure testing, has secured a Rs 43 crore equity infusion led by renowned investor Ashish Kacholia.

The funding round also saw participation from Samarthya Advisors, Golden Birch Investments, Cogniphy Angel Fund, Krishna Defence, and Impact India Investment Partners LLC, alongside enthusiastic backing from existing investors doubling and tripling down on their support. It also saw exits from many first-round seed investors.

This strategic investment is expected to accelerate Planys’ mission to revolutionise infrastructure inspections through advancements in marine robotics, underwater testing, and digital analytics and reporting platforms.

Founded in 2015 by IIT Madras alumni and faculty including Tanuj Jhunjhunwala, Vineet Upadhyay, Prabhu Rajagopal, and Krishnan Balasubramanian, Planys sprouted as a spin-out from the Centre for Non-Destructive Evaluation (CNDE), IITM.

In just a couple of years since its inception, Planys was incubated at IIT Madras Incubation Cell (IITM IC) and officially incorporated in June 2015. With limited resources in its first year, Planys raised ₹1.75 crore through angel investment and developed multiple products.

Despite heading into an uncharted domain, today Planys pioneers India’s marine robotic economy. With infrastructure aging globally, regular inspections to prevent failures are critical. Planys utilizes proprietary underwater drone technology to collect visual and sensor-based testing data for steel and concrete structures. Leveraging AI, this data is transformed into standardised, insightful information accessible through a next-gen digital platform.

Planys also aims for expansion into global markets and diversification into oceanographic and defence use cases. It has garnered trust from industry leaders such as Reliance Industries, IOCL, BPCL, Dedicated Freight Corridor, and Indian Railways. Their technology has already been deployed at more than 400+ structures. Internationally, collaborations in the Netherlands and with petrochemical players in the Middle East and Southeast Asia show promising growth prospects.

The defence sector is an exciting frontier for Planys to showcase its expertise in supplying indigenously designed and manufactured unmanned underwater Remote Operated Vehicles (ROVs) and Autonomous Underwater Vehicles (AUVs) for safeguarding India’s maritime borders.