India’s CoreEL Technologies raises $30 million in Series B

CoreEL Technologies India Private Limited (CoreEL), a provider of advanced electronic systems and sub-system-level products and solutions for the aerospace and defence sector, has raised USD 30 million in Series B funding, the Bengaluru-based company said. 

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

This funding is expected to 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. 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, the company said.

The funding follows CoreEL’s recent acquisition of the Aerospace and Defence Systems division of Lekha Wireless, which expanded its communication systems portfolio.  

“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,” Vishwanath Padur, Managing Director, CoreEL Technologies, said. “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.”

“Our investment in CoreEL Technologies reflects our strong conviction in CoreEL’s proven execution capability, engineering & leadership depth and its ability to scale up and contribute meaningfully to indigenization initiatives,” Pushkar Jauhari, Managing Director and Head of Private Equity at Value Quest, said. 

“CoreEL has built strong capabilities in electronic systems development for aerospace and defence, supported by a clear strategic vision and an experienced management team,” Umesh Agrawal, Fund Manager, 360 ONE Asset and Nominee Director on Board of CoreEL, said. “We were the first institutional investor to back the team’s vision, and this investment reflects our conviction in the platform they are building.”