Defence-tech startup NewSpace Research & Technologies (NRT), known for its unmanned aerial systems and swarm drone innovations, is set to raise ₹115 crore (~$13.3 million) in debt financing through the issuance of 115 compulsory convertible debentures (CCDs)—each with a face value of ₹1 crore. The move was formalized via a board resolution and filed with the Registrar of Companies Entrackr.
Funding Round: Who’s Backing the Raise?
The debt round is spearheaded by Lend Lease Company India Ltd, contributing ₹13 crore. Other major backers include angel investor Ahmed Ali Husain Nalwala and ARA Investment, each investing ₹10 crore. Additional contributions come from NK Trust (₹7 crore), Weil Investments (₹5 crore), and Gauri Khan Family Trust (₹2 crore). The remainder is covered by 32 other investors, including numerous angel investors, demonstrating strong support for NRT’s mission
Purpose: How Will NRT Use the Funds?
The startup intends to deploy these funds for general operating and working capital needs, along with capital expenditure to support expansion. This strategic infusion aims to bolster both production and innovation in drone systems
Context: NRT’s Funding Journey So Far
This debt round complements an earlier $52 million bridge funding raised in March 2024, combining $33 million in equity from top-tier investors and $19 million in debt from SBI’s startup hub and SIDBI. That equity-debt mix supported NRT’s expansion in swarm drone tech and global scaling ambitions
Why It Matters: Strategic Significance
- Strengthening Financial Backbone: The fresh debt raise will enhance liquidity to sustain R&D and meet production timelines for critical drone systems.
- Boosting Defence Capabilities: NRT continues refining systems like BELUGA, NIMBUS, MACKEREL, and NIMBUS-SCOPE—drones tailored for surveillance, logistics, and tactical missions
- Aligning with Make-in-India and iDEX Goals: The government’s push for indigenous Defence tech makes NRT a prime beneficiary and contributor to national priorities.
- Investor Confidence: The diverse investor mix—from institutional names to angel groups—reinforces faith in NRT’s long-term vision and execution capacity.
Looking Ahead
As NRT scales up operations, this debt funding positions it to meet contract demands from the Ministry of Defence, the NDRF, and the Ministry of Home Affairs, alongside building capabilities for civil use-cases like logistics and surveillance. With ongoing Series B discussions (₹450 crore planned), NRT is clearly preparing for its next growth leap
Suggested External Links for Readers:
- Regulatory filing (RoC) reporting the ₹115 crore debt issuance
- Entrackr’s exclusive coverage of the debt round Entrackr
- Mint/ET articles on NRT’s earlier $52 million bridge round
- Company website or investor deck for details on drone models like BELUGA and MACKEREL
Summary in Brief:
NewSpace’s ₹115 Cr debt raise—structured via CCDs and backed by a range of high-profile and angel investors—marks a strategic funding step forward. This capital will fuel its operational expansion, R&D, and deliverables while reinforcing its role as a key player in India’s indigenous defence-tech landscape.
