Indian defence-tech startup NewSpace Research & Technologies (NRT), founded in 2017 by ex-IAF Wing Commander Sameer Joshi, has raised ₹115 crore (≈$13.3 million) through a debt round, marking a significant step as the company balances ambitious growth plans with recent financial challenges.
Deal Structure
NRT’s board has approved the issuance of 115 compulsory convertible debentures (CCDs) at a face value of ₹1 crore each, according to a regulatory filing cited in the report.
The round is led by Lend Lease Company India (₹13 crore), with follow-on participation from angel investor Ahmed Nalwala (₹10 crore), ARA Investment (₹10 crore), NK Trust (₹7 crore), Weil Investments (₹5 crore), and the Gauri Khan Family Trust (₹2 crore). The balance will be raised from 32 other investors, including several angels. Proceeds are earmarked for operational expenses, working capital, and capital expenditure to back ongoing expansion plans.
Company Focus
Founded in 2017 and headquartered in Bengaluru, NRT develops aerial autonomy, drone swarming, and AI-enabled defence systems. The company works with Indian government and defence stakeholders, including DRDO, the Indian Air Force, the National Disaster Response Force (NDRF), and the Ministry of Home Affairs. Its UAV portfolio includes:
- BELUGA – hybrid multi-rotor, long-endurance UAV
- NIMBUS – versatile, multi-purpose electric UAV
- MACKEREL – loitering-munition multi-rotor UAV
- NIMBUS-SCOPE – tethered electric UAV for persistent operations
NewSpace Research: Investors and Track Record
Over the years, NRT has attracted backing from Volrado Venture Partners, Pavestone, QRG Investments, and others, with over $80 million (≈₹705 crore) raised to date, per market reports cited in the document.
Financial Snapshot
The company has navigated a challenging FY24. For the year ended March 31, 2024, NRT’s revenue declined to ₹96.25 lakh from ₹103 crore in FY23, and it posted a net loss of ₹62 crore, reversing from earlier profitability.
Stablizing Operations
The fresh debt capital provides runway to stabilize operations and continue product development as NRT scales defence and select civilian drone applications. The raise aligns with India’s ongoing push for indigenisation in defence technology, where autonomous aerial systems and swarming capabilities remain strategic focus areas.
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