Defence manufacturer CoreEL Tech secures $16 mn funding from 360 ONE Asset

Bengaluru-based aerospace and defence products maker CoreEL Technologies has secured $16 million in a Series A funding round from 360 ONE Asset Management Ltd (formerly IIFL Asset Management Ltd). The funds will be utilised to accelerate CoreEL’s growth plans including research and development, new products development, augmenting manufacturing capacity and other initiatives.

“CoreEL has delivered several critical electronic modules and sub-systems to DRDO, MOD and overseas customers,” said Vishwanath Padur, managing director, CoreEL Technologies. “This investment will allow us to further accelerate our growth plans, including augmenting manufacturing capacity, and strengthen our ability to participate in large aerospace and defence programmes.”

CoreEL designs, manufactures and supplies advanced electronic products and complex systems to Indian aerospace and defence Industry including Ministry of Defence. Its products have been deployed in India’s next-generation radars, missiles, electronic warfare, avionics and SONARS (sound navigation and ranging). 

Nidhi Ghuman, senior executive vice president – 360 ONE AMC said that government policies such as Atmanirbhar, DAP 2020 are placing greater emphasis on self-reliance and indigenization. This is bringing a tectonic shift in the industry structure and opportunities available for private enterprises in the country. 

“CoreEL has built strong domain capabilities in several areas of defence electronics,” said Ghuman. “We are excited about partnering CoreEL’s founders and management team as they embark on this transformational journey to become the most valuable partner to the Indian defence and aerospace industry.”

360 ONE Asset Management Limited, part of 360 ONE, is one of India’s leading alternates asset management firms with overall alternate assets and public market mandates of more than $ 7 billion.