On road to hit Unicorn status - Drone Startup NewSpace hoists $ 52 Million
NRT - NewSpace Research & Technologies, a drone manufacturing startup in Indian Defence sector has lifted Rs. 430.9 Cr or $52 Million in a bridge funding round. According to sources, the funding round includes $33 million of equity from diverse investors & $19 Million debt from the startup hub of SBI – SIDBI. Into the NRT’s investors’ board, NRT added three new venture capitalists which are namely, Volrado Venture Partners, 360 ONE Asset and Cornerstone Venture Partners. More than 40 percent of the investments arise from its present investors.
In the month of February 2022, the drone manufacturing startup lifted $21 million in its first round and intends to develop as a unicorn within five years. During the last few years, the startup supplied a numerous system to the Indian ministry of defense & achieved a global record for the maximum altitude flight in an arena of Multirotor system. Currently, NRT revealed a solar-powered UAV along with a continuous 21-hour flight which is first in India.
Outside the market of India, NRT has its international commitments & has already established Swarm drone operations & functions in Japan, a first response capability for disaster management & it is looking forward to enlarging its operation portfolio in Japan, US and in the Middle east.
On this regard, the Chairman of Manipal group, Ranjan Pai, an investor in the funding round says, “I was impressed with the speed at which the leadership has built capabilities and the potential of some of the dual-use technologies being built, especially in communication and logistics.”
Similarly, Julius Amrit, Co-Founder & COO of NRT said, “It’s not an easy path, but the timing for an Indian company to be amongst the top five in this industry transformation across the world couldn’t be better”.
With a team of 46 members, NewSpace Research & Technologies is a Bengaluru based startup that builds smart technologies for the next generation. The next generation aerospace technology of the startup comprises unmanned air systems; GPS denied operations, artificial intelligence, augmented reality, virtual reality, and collective robotics.
In the month of February 2022, the drone manufacturing startup lifted $21 million in its first round and intends to develop as a unicorn within five years. During the last few years, the startup supplied a numerous system to the Indian ministry of defense & achieved a global record for the maximum altitude flight in an arena of Multirotor system. Currently, NRT revealed a solar-powered UAV along with a continuous 21-hour flight which is first in India.
Outside the market of India, NRT has its international commitments & has already established Swarm drone operations & functions in Japan, a first response capability for disaster management & it is looking forward to enlarging its operation portfolio in Japan, US and in the Middle east.
On this regard, the Chairman of Manipal group, Ranjan Pai, an investor in the funding round says, “I was impressed with the speed at which the leadership has built capabilities and the potential of some of the dual-use technologies being built, especially in communication and logistics.”
Similarly, Julius Amrit, Co-Founder & COO of NRT said, “It’s not an easy path, but the timing for an Indian company to be amongst the top five in this industry transformation across the world couldn’t be better”.
With a team of 46 members, NewSpace Research & Technologies is a Bengaluru based startup that builds smart technologies for the next generation. The next generation aerospace technology of the startup comprises unmanned air systems; GPS denied operations, artificial intelligence, augmented reality, virtual reality, and collective robotics.
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