Private Equity

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Drone maker for defence NewSpace raises Rs.27-Cr led by QRG Investments

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Bengaluru-based defence startup NewSpace has raised INR 26.6 crore (about USD 3.21 million) in a pre-Series B round led by existing backer QRG Investments and Holdings with the participation of Ahmed Ali Husain Nalwala and Dharampal Satyapal Ltd, among others. This is the second fundraise for the firm in 2022. The company will use the proceeds for capital expenditure. Founded in 2018 by Sameer Joshi, NewSpace designs and develops persistent drones for earth observation and communications. During FY22, it didn't earn any revenue from operations stood as compared to revenue of INR 15.5 crore in FY21.