In possibly the largest equity raise by an Indian startup in the defence and aerospace sector, cutting-edge drone manufacturer Newspace Research & Technologies (NRT) has secured $52 million in a bridge round. In February 2022, ET had reported that the startup raised $21 million in its first round and aims to become a unicorn within five years. The company is currently in the process of delivering a tethered system to the Indian Army as well. It is a stated aim of the government to promote the rise of unicorns in the defence and aerospace sector. In the interim budget, the government announced a special scheme for deep tech in the defence sector.

Source: Economic Times March 01, 2024 10:23 UTC