Debt financing
Drone-maker NewSpace to raise Rs.115-Cr
Entrackr NewSpace Research & Technologies
Bengaluru-based defence startup NewSpace is to raise INR 115 crore (USD 13.3 million) in debt led by Lend Lease Company India Ltd, angel investor Ahmed Nalwala, and ARA Investment with the participation of 35 other investors.Lend Lease will lead the round with INR Rs 13 crore, followed by angel investor Ahmed Nalwala and ARA Investment, who will invest INR 10 crore each. NK Trust and Weil Investments will contribute INR 7 crore and INR 5 crore, respectively, while Gauri Khan Family Trust will join with INR 2 crore. The rest will be covered by 32 other investors.The new funds will be used for general operating and working capital requirements, as well as capital expenditure.Founded in 2019 by Sameer Joshi and Julius Amrit, NewSpace Research & Technologies (NRT) develops advanced unmanned systems and persistent drones. The company also offers specific drone models such as the Beluga (a hybrid multi-rotor long-endurance UAV), Nimbus (a multi-purpose electric UAV), Mackerel (a loitering munition multi-rotor UAV) and Nimbus-Scope (a tethered electric UAV).
Between Feb 2022 and Mar 2024, NewSpace had attracted about USD 80 M from Pavestone Capital, QRG, 35North Ventures, 360 ONE, Cornerstone Venture Partners, Volrado Ventures, SIDBI VC and others.For FY24, NewSpace had reported about INR 1 Cr in Operating Income and about INR 62 Cr in Net Loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
