Bengaluru-based CoreEL Technologies has raised $30 million in a Series B funding round to scale manufacturing operations, expand research and support aerospace and defence programmes in India and overseas.
The round saw a majority investment from ValueQuest Scale Fund, with participation from 360 ONE Asset, the company said in a statement. Steer Advisors acted as the sole transaction advisor for the fundraise.
The company designs and manufactures electronic systems for radar, electronic warfare, avionics and military communications. It said the capital will be used to grow revenue, strengthen R&D, advance product engineering and support participation in large defence and aerospace projects.
The firm’s customers include DRDO, defence public-sector companies, the ministry of defence and other international firms.
“CoreEL has established itself as a world-class electronic systems and product development company,” said Vishwanath Padur, managing director of CoreEL Technologies. He added that the funding reflects “strong investor confidence in our long-term strategy, engineering depth and execution capability.”
The funding follows CoreEL’s acquisition of Lekha Wireless Solutions’ aerospace and defence systems division, which expanded its communication systems portfolio. The company said the acquisition added wireless communication technologies, intellectual property and engineering talent, strengthening its MILCOM capabilities.
Pushkar Jauhari, managing director and head of private equity at ValueQuest, said the investment aligns with its focus on indigenous aerospace and defence development.
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