Bengaluru-based aerospace and defence products manufacturer CoreEL Technologies has secured $16 million ( ₹133.4 crore) in fresh funding from 360 ONE Asset Management Ltd (formerly IIFL Asset Management Ltd).
The funds will be used for research and development (R&D), product expansion and increasing manufacturing capacity. This is the firms's first funding round.
Established in 1999, CoreEL designs, manufactures and supplies advanced electronic products and complex systems to the Indian aerospace and defence industry, including the Ministry of Defence. Its products have been deployed in India’s radars, missiles, electronic warfare, avionics and sound navigation and ranging (SONAR), among others.
“We are working to develop advanced electronic systems for many strategic programmes. This investment will allow us to accelerate our growth plans, including improving manufacturing capacity, and strengthen our ability to participate in large aerospace and defence programs," said Vishwanath Padur, managing director, CoreEL Technologies. Steer Advisors acted as the sole transaction advisor on the deal.
“Over the past decade, CoreEL has made significant investments in designing, developing and manufacturing products for the Indian defence & aerospace sector," added Nidhi Ghuman, senior executive vice president, 360 ONE AMC.
360 ONE Asset Management, part of 360 ONE, is an alternative asset management firm with assets and public market mandates worth more than $7 billion. 360 One Private Equity has about $2.5 billion in assets under management. The firm has backed startups across sectors such as healthcare, technology, financial services and consumer industries.