Newspace Research & Technologies (NRT), an advanced drone manufacturer in the defense and aerospace sector, has successfully raised $52 million in a bridge round, marking one of the largest equity raises by an Indian startup in this industry. The bridge round includes $33 million in equity from prominent investors and $19 million in debt facilities from SBI's startup hub and SIDBI.
NRT specializes in swarm drone technology and holds contracts with the Ministry of Defence. In this round, three new venture capitalists—Cornerstone Venture Partners, 360 ONE Asset, and Volrado Venture Partners—have joined as investors. Existing investors contributed over 40% of the current investment. The funding follows a $21 million raise in February 2022, and NRT aims to achieve unicorn status within five years.
Over the past two years, NRT has delivered a world-class swarming system to the Ministry of Defence, set a global record for the highest altitude flight for a multirotor system, and demonstrated a solar-powered UAV with a 21-hour continuous flight, a first in India. The company is also in the process of delivering a tethered system to the Indian Army.
Ranjan Pai, Chairman of Manipal Group, who participated in the current round, expressed admiration for the speed at which NRT's leadership built capabilities and highlighted the potential of dual-use technologies, particularly in communication and logistics.
With global ambitions, NRT has already demonstrated swarm drone operations in Japan for disaster management and is looking to expand its portfolio in Japan, the Middle East, Europe, and the United States.
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