NRT in talks to raise ₹450-crore Series B round from Cornerstone Ventures, others
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Bengaluru-based defence startup NewSpace Research and Technologies Pvt. Ltd (NRT) is in talks to raise a ₹450-crore Series B round, led by Cornerstone Ventures, by the end of this year, said three people close to discussions.
Founded in April 2017 by Sameer Joshi and Julius Amrit, the startup is currently raising a ₹267-crore bridge round, with about ₹140 crore already subscribed by existing investors.
'Cornerstone Ventures did not participate in the bridge round but plans to come in during the upcoming Series B," said one of the three people.
The company has appointed LGT Wealth India, among others, as advisors to help with the fundraising, and the transaction is undergoing due diligence, the people said.
'The company has grown well over the last year as Operation Sindoor gave it an uptick for its Loitering Munition Systems (LMS) drones," said the second of the three people.
In Operation Sindoor, India's precision strikes on terror camps in Pakistan in the aftermath of the Pahalgam terror attack, loitering munitions systems were deployed—with NRT's swarm drone technology reportedly playing a key role.
Mint queries sent to NRT, Cornerstone, 360 One Asset, an investor in the company, and LGT Wealth India did not elicit a response.
The fundraising comes as India's drone sector enters a high-growth phase. According to a FICCI-EY report, India's drone manufacturing potential is projected to grow from about $4.2 billion by 2025 to $23 billion by 2030, driven largely by defence, agriculture, logistics, and infrastructure demand.
The study notes that defence applications—particularly swarm drones and high-altitude, long-endurance platforms—are expected to account for a significant share of this growth as India seeks to become a global drone hub.
In expansion mode
For 2023-24, NRT's revenue from operations stood at ₹96.25 lakh, down sharply from ₹103.02 crore a year ago. Total revenue for the year stood at ₹5.20 crore, compared to ₹108.15 crore in the previous fiscal. It reported a loss of ₹62.07 crore in 2023-24, against a profit of ₹1.24 crore a year ago, showed company filings with the ministry of corporate affairs, accessed by data platform Tofler.
'They've already closed a significant part of the bridge round, and the Series B will help tide them over until payments from larger defence contracts come through," said the first of the three people cited above.
In February 2022, it secured $21 million in a Series A led by Pavestone Technology Fund to support deliveries to the armed forces. This was followed in December 2022 by a ₹26.6 crore (~$3.21 million) pre-Series B, backed by QRG Investments & Holdings, Ahmed Ali Husain Nalwala, and DS Group.
This fresh round comes a year after its biggest boost in March 2024, when it raised $52 million in a bridge round—$33 million in equity from investors including Cornerstone Venture Partners, 360 ONE Asset, and Volrado Venture Partners, along with $19 million in debt from State Bank of India's startup hub and Small Industries Development Bank of India—marking one of the largest equity raises for an Indian defence startup.
This capital influx has enabled the company to expand production and innovation in swarm drones and related aerospace systems.
NRT designs and develops high-altitude, long-endurance drones (HAPS) capable of operating for months at altitudes of 5-20 km, as well as AI-enabled autonomous swarm drone systems for both military and civilian applications.
The company collaborates closely with the Defence Research and Development Organisation (DRDO), India's premier military R&D agency.
Its top competitors include US-based Anduril Industries and Shield AI, both of which develop AI-enabled autonomous defence systems, and Tata Advanced Systems, a major Indian defence manufacturer with growing capabilities in unmanned platforms.
Like NRT, these companies focus on integrating advanced sensors, autonomy, and swarming capabilities for military operations, according to market intelligence platform Tracxn.
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