CoreEL Technologies secures $16M funding from 360 ONE Asset

360 ONE Asset Management Ltd (formerly known as IIFL Asset Management Limited) has committed to invest around $16 million (around Rs 134 crore) in CoreEL Technologies (India) Pvt Ltd (CoreEL), a technology development, systems engineering, and products manufacturing company focusing on aerospace and defence segment, for a minority stake.

The funds will be utilised to accelerate CoreEL's growth plans, including R&D, new product development, and augmenting manufacturing capacity.

Headquartered in Bengaluru, CoreEL designs, manufactures, and supplies advanced electronic products and complex systems to the Indian aerospace and defence industry, including the Ministry of Defence.

Its products have been deployed in India's radars, missiles, electronic warfare, avionics, and SONARS, among others, according to a CoreEL statement.

CoreEL has garnered recognition from prestigious entities like the Ministry of Defence (MOD), the Defence Research and Development Organisation (DRDO), and various industry associations for its innovative products and processes.

Vishwanath Padur, Managing Director of CoreEL Technologies, expressed enthusiasm about the investment and the growth prospects it opens up.

Padur said, "CoreEL has evolved to become a world-class Electronic Product/Systems Development company, having delivered several critical electronic modules and sub-systems to DRDO, MOD and Overseas customers. We are further working to develop some of the most advanced Electronic Systems for many strategic programs."

He added, "This investment will allow us to further accelerate our growth plans, including augmenting manufacturing capacity, and strengthen our ability to participate in large Aerospace and defence programs."