CoreEL Technologies Raises $30Mn in Series B Funding

CoreEL Technologies India Private Limited (CoreEL), a provider of advanced electronic system and sub-system-level products and solutions for the Aerospace and Defence sector, on Tuesday said, it has raised USD 30 million in Series B funding.

The Series B round had a majority inflow from ValueQuest Scale Fund and was strongly supported by 360 ONE Asset, it said.

360 ONE Asset, an early institutional backer of CoreEL, having led the company's Series A round, has further increased its stake by participating in the Series B round, underscoring its conviction in CoreEL's scale, execution maturity and long-term growth trajectory, the company said in a release.

The Series B funding marks a significant milestone for CoreEL, validating its R&D-driven business model focused on developing some of the country's most innovative electronics products for fast-growing market segments, the company said.

This funding will further accelerate the company's growth journey, both in terms of revenue expansion and an enhanced commitment to R&D to ensure long-term, sustainable growth, it further said.

The capital will be deployed across multiple initiatives, including scaling manufacturing capacity, strengthening research and development, advancing product engineering and supporting participation in large and complex aerospace and defence programmes in India and overseas, it added.

Headquartered in Bengaluru, CoreEL designs, develops and manufactures advanced electronic system and sub-system-level products for strategic applications in the Radar, Electronic Warfare, Avionics Milcom sectors and the company has delivered several critical high-end electronic system-level products and solutions to both strategic and commercial sets of customers.

CoreEL customers include DRDO, Defence Public Sector companies and the Ministry of Defence (MOD).

"CoreEL has established itself as a world-class electronic systems and product development company, delivering complex, mission-critical solutions to our Armed Forces through DRDO and defence PSUs. We continue to develop some of the most advanced electronic systems for strategic aerospace and defence programs. This Series B funding reflects strong investor confidence in our long-term strategy, engineering depth and execution capability," Vishwanath Padur, Managing Director, CoreEL Technologies, said.