New Delhi: A leading drone manufacturer in India’s defence domain, Newspace Research & Technologies (NRT) has secured a substantial $52 million in a bridge round. A remarkable milestone, as its possibly the largest equity raised by an Indian startup in the Indian defence and aerospace sector.
The company has raised a notable $33 million equity infusion from prominent investors and $19 million in debt facilities from SBI’s startup hub and SIDBI. Known for its expertise in swarm drone technology, NRT has actively engaged with the Ministry of Defence and demonstrated its capabilities on a global stage, particularly in Japan.
Newspace Research & Technologies, founded with a vision to revolutionise the defence and aerospace sector, has established itself as a leader in swarm drone technology. The company has been pivotal in delivering cutting-edge solutions to the Ministry of Defence, achieving global records in altitude flight, and pioneering solar-powered UAV flights. NRT is currently delivering advanced systems to the Indian Army, showcasing its commitment to pushing technological boundaries.
The current funding round, a mix of equity and debt, represents a significant financial boost for NRT. The $33 million equity infusion comes from a mix of existing and new investors, including Cornerstone Venture Partners, 360 ONE Asset, and Volrado Venture Partners. Over 40% of the investment is reported to be from existing backers. NRT’s valuation remains undisclosed, maintaining an air of anticipation in the investment landscape.
NRT has positioned itself as a frontrunner in the Indian defence startup ecosystem with this monumental equity raise underscoring the growing significance of indigenous technologies in the global defence and aerospace industry. The infusion of funds, backed by marquee investors, solidifies NRT’s position to drive innovation and contribute significantly to the Indian government’s Make in India initiative.
Harbouring global ambitions beyond its success in the Indian market, NRT has showcased its swarm drone operations in Japan, particularly in disaster management scenarios. Showcasing its potential to become a key player on the international stage, NRT is eyeing expansion in Japan, the Middle East, Europe, and the US.
The record-breaking equity raise by Newspace Research & Technologies not only cements its standing in the Indian defense and aerospace sector but also signals a broader transformation in the industry. NRT is poised to play a pivotal role in shaping the future of defence technology with its commitment to disruptive technologies, global expansion, and contributions to national security. The government’s initiatives, combined with investors’ confidence, propels NRT towards fulfilling its vision of being among the top players globally.
