With the help of 35 additional investors, defense startup NewSpace plans to raise Rs 115 crore ($13.3 million) in debt funding, led by Lend Lease Company India Ltd., angel investor Ahmed Nalwala, and ARA Investment.
According to its regulatory filing with the RoC, the board of Newspace approved the issuance of 115 mandatory convertible debentures at a face value of Rs1,00,00,000 each in order to raise the aforementioned sum.
Key Highlights
- NewSpace R&T secured a $52 million bridge round in March 2024, which included $19 million debt facilities.
- Debt components came from SBI’s startup hub and SIDBI, underscoring institutional backing for defense-tech growth.
With an investment of Rs 13 crore, Lend Lease will lead the round. Angel investors Ahmed Nalwala and ARA Investment will follow with investments of Rs 10 crore each. Gauri Khan Family Trust will contribute Rs 2 crore, while NK Trust and Weil Investments will contribute Rs 7 crore and Rs 5 crore, respectively. 32 additional investors, including a number of angel investors, will contribute the remaining sum.
According to the filing, the business will use the money raised from this funding for working capital and general operating needs as well as capital expenditures to help with business growth.
NewSpace Research & Technologies (NRT) is an Indian aerospace and defense company that was founded in 2019 and creates persistent drones and sophisticated unmanned systems. Both military and civilian uses for these include communication, logistics, and surveillance. In addition to investigating civil logistics, NRT collaborates with a number of government organizations, such as the Ministry of Defense, the NDRF, and the Ministry of Home Affairs.
Additionally, the company sells particular drone models like the NIMBUS (a multipurpose electric UAV), MACKEREL (a loitering munition multi-rotor UAV), BELUGA (a hybrid multi-rotor long-endurance UAV), and NIMBUS-SCOPE (a tethered electric UAV).
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The dronetech company has raised more than $80 million so far from investors such as Volrado Venture Partners, Pavestone, QRG Investments, and others, according to startup data intelligence platform TheKredible.
The Bengaluru-based startup's revenue for the fiscal year that ended in March 2024 dropped significantly from Rs 103 crore in FY23 to Rs 96.25 lakh. In addition, the company reported a loss of Rs 62 crore for the period, as opposed to a profit the year before.
