CoreEL Technologies, a provider of advanced electronic systems and sub-system-level products and solutions for the aerospace and defence sector, has raised $30 million in its Series B funding round led by ValueQuest Scale Fund.
The round also saw participation from existing investor 360 One Asset.
The fresh funds raised will be used to scale its manufacturing capacity, strengthen research and development, enhance product engineering and support participation in large and complex aerospace and defence programmes in India and overseas.
The funding follows CoreEL’s recent acquisition of the Aerospace and Defence Systems division of Lekha Wireless, which significantly expanded its communication systems portfolio. The acquisition added proven wireless communication technologies, indigenous intellectual property and specialised engineering talent, further strengthening CoreEL’s capabilities in the MILCOM domain.
Founded in 1999, CoreEL Technologies is a Bengaluru-based company that designs, develops and manufactures advanced electronic systems and sub-system-level products for strategic applications in the Radar, Electronic Warfare, Avionics, and Milcom sectors. 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 MOD.
Vishwanath Padur, Managing Director, CoreEL Technologies, said, “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.”
Pushkar Jauhari, Managing Director and Head of Private Equity at Value Quest, said, “CoreEL’s strong positioning across aerospace and defence domain with its proven technological capabilities and its focus on indigenous development, aligns well with objective of investing into innovation driven strong technology companies strengthening India’s aerospace and defence sector with long term investment support and collaboration. 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.”
Umesh Agrawal, Fund Manager, 360 ONE Asset and Nominee Director on Board of CoreEL, 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. We were the first institutional investor to back the team’s vision, and this investment reflects our conviction in the platform they are building. We are pleased to deepen our partnership with CoreEL as it scales its operations and enters the next phase of growth.”
