CoreEL Technologies raises $30 mn in Series B led by ValueQuest Scale Fund

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Bengaluru-based aerospace and defence electronics firm CoreEL Technologies has raised $30 million in a Series B funding round led by ValueQuest Scale Fund, with participation from existing investor 360 ONE Asset.

The company looks to scale manufacturing and deepen its presence in large defence programmes, it said in a release.

Additionally, the fresh capital will be used to step up research and development, strengthen product engineering, and support participation in complex aerospace and defence projects in India and overseas, the company added.

360 ONE Asset, which led CoreEL’s Series A round, increased its stake in the company by participating again in the latest fundraise.

Founded in 1999, CoreEL Technologies designs, develops, and manufactures electronic systems and sub-system-level products used in radar, electronic warfare, avionics and military communications. Its customers include the Defence Research and Development Organisation (DRDO), defence public sector undertakings and the Ministry of Defence.

The funding comes shortly after CoreEL acquired the aerospace and defence systems division of Lekha Wireless, a move that expanded its communications portfolio and added indigenous intellectual property and specialised engineering talent. The acquisition strengthened CoreEL’s capabilities in military communications, including secure data links and SATCOM-enabled solutions.

“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 of CoreEL Technologies, was quoted as saying in the release.

He further said that the funding reflects investor confidence in the company’s long-term strategy and engineering depth.

Pushkar Jauhari, managing director and head of private equity at ValueQuest, said the firm’s investment thesis aligns with CoreEL’s focus on indigenous development and its positioning in India’s aerospace and defence ecosystem.

The transaction was advised by Steer Advisors, which has previously worked with CoreEL on its Series A fundraise.