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Bengaluru-based CoreEL Technologies has raised an investment of $16 million from 360 ONE Asset (formerly IIFL Asset Management Ltd).
The company designs, manufactures and supplies advanced electronic products and complex systems to the Indian aerospace and defence industry, including the Ministry of Defence. With the latest funding, it plans to fuel its growth plans, including R&D, new product development, augmenting manufacturing capacity, and other initiatives, according to the company.
Further, its products have been deployed in India’s next-generation radars, missiles, electronic warfare, avionics and sonars, amongst others.
“We have delivered several critical electronic modules and sub-systems to DRDO, MOD, and overseas customers and are working to develop some of the most advanced electronic systems for many strategic programs,” said Vishwanath Padur, Managing Director, CoreEL Technologies.
The investment will allow us to accelerate our growth plans, including augmenting manufacturing capacity and strengthening our ability to participate in large aerospace and Defence programs, he added.
The Bengaluru-based company has also received awards and recognition from the Ministry of Defence (MOD), the Defence Research and Development Organisation (DRDO), and industry associations for its innovative products and processes.
Nidhi Ghuman, Senior Executive Vice President, 360 ONE AMC, “Over the last decade, the company has made significant investments in designing, developing, and manufacturing products for the Indian defence and aerospace sectors. We are excited about partnering with the founders and management team as they embark on this transformational journey to become the most valuable partner to the Indian defence and aerospace industry.”
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