New Delhi, Dec. 23 -- CoreEL Technologies India Pvt Ltd, a developer of electronic systems for the aerospace and defence sector, has raised $30 million (around Rs 268.8 crore) in a Series B funding round.
The round was led by ValueQuest Scale Fund, with significant participation from 360 ONE Asset, an early investor that had also led CoreEL's Series A round. The Bengaluru-based company had raised $16 million in Series A funding in December 2023.
CoreEL said the fresh capital will be used to scale up manufacturing capacity, deepen research and development efforts, strengthen product engineering, and participate in large aerospace and defence programmes in India and overseas.
The fundraise follows the company's recent acquisition of the aerospace and defence systems division of Lekha Wireless, a move aimed at strengthening its wireless communication capabilities, intellectual property portfolio, and specialized engineering talent.
Founded in 1999 and headquartered in Bengaluru, CoreEL designs, develops, and manufactures advanced electronic systems and sub-systems for strategic applications in radar, electronic warfare, avionics, and military communications. Its customers include the Defence Research and Development Organisation (DRDO), defence public sector companies, and the ministry of defence. Its products are deployed in avionics, radars, missiles, electronic warfare, MILCOM, and sonar platforms.
"CoreEL has established itself as a world-class electronic systems and product development company. This Series B funding reflects strong investor confidence in our long-term strategy, engineering depth, and execution capability," said Vishwanath Padur, managing director of CoreEL Technologies.
Pushkar Jauhari, managing director and head of private equity at ValueQuest, said the investment reflects confidence in CoreEL's technological capabilities and its focus on indigenous development, in line with efforts to strengthen India's aerospace and defence sector.
CoreEL Technologies reported revenue of Rs 334.9 crore in the financial year ended March 2025, up from Rs 255.3 crore in FY24, according to VCCEdge, the data intelligence platform of VCCircle. Net profit surged to Rs 52.3 crore from Rs 10.9 crore in FY24.
Steer Advisors acted as the sole transaction advisor for the fundraise.
Published by HT Digital Content Services with permission from VC Circle.