1 year ago
NRT in Talks for ₹450-Crore Funding Round Led by Cornerstone
Imagine a company, NRT, that makes cool drones for the army and other uses.
They're trying to get a lot of money, around ₹450 crore, from investors.
This money will help them build more drones and do more research.
They already got some money before and have worked with the government to help with defense operations.
Although they had a drop in income last year, the company is hoping for more money from contracts.
The drone business in India is getting bigger and is expected to grow a lot in the next few years.
NewSpace Research and Technologies (NRT) is in talks to raise ₹450 crore in Series B funding.
The fundraising is led by Cornerstone Ventures and comes after a bridge round.
NRT's revenue from operations was ₹96.25 lakh in 2023-24, with a loss of ₹62.07 crore.
The company develops swarm drones and aerospace systems for military and civilian use.
India's drone sector is projected to grow significantly, driven by defense and other sectors.
- Who
- NewSpace Research and Technologies (NRT) is raising funds from investors including Cornerstone Ventures.
- What
- NRT is seeking to raise ₹450 crore in Series B funding.
- Where
- Bengaluru, India.
- When
- By the end of the year.
- Why
- To expand production and innovation, especially in swarm drones and aerospace systems.
Company Financials
Future Prospects
Financial Performance vs. Future Prospects
Company Financials
NRT's revenue from operations significantly decreased in 2023-24.
Future Prospects
NRT is actively seeking funding to bolster operations until larger defense contracts are fulfilled.
Key facts
- Company
- NewSpace Research and Technologies (NRT)
- Funding Round
- Series B
- Amount Sought
- ₹450 crore
- Lead Investor
- Cornerstone Ventures
- Founded
- April 2017
- 2023-24 Revenue
- ₹5.20 crore
- 2023-24 Loss
- ₹62.07 crore
