Bangalore-based company CoreEL Technologies, which makes aerospace and defense technologies, has raised $16 million (Rs.133.4 crore) from 360 ONE Asset Management Ltd (formerly known as IIFL Asset Management Ltd) in a Series A funding round.

The Bangalore-based company CoreEL Technologies, which makes aerospace and defense technologies, has raised $16 million (Rs.133.4 crore) from 360 ONE Asset Management Ltd (formerly known as IIFL Asset Management Ltd) in a Series A funding round.

Founded in 1999, CoreEL creates, produces, and provides sophisticated electronic goods and intricate systems to the Indian aerospace and defense sector, which includes the Ministry of Defence.

India has used its products in avionics, missile defense, electronic warfare, radars, and sound navigation and ranging (SONAR), among other applications.

“We are working to develop advanced electronic systems for many strategic programmes. This investment will allow us to accelerate our growth plans, including improving manufacturing capacity, and strengthen our ability to participate in large aerospace and defence programs," said Vishwanath Padur, managing director, CoreEL Technologies. Steer Advisors acted as the sole transaction advisor on the deal.

“Over the past decade, CoreEL has made significant investments in designing, developing and manufacturing products for the Indian defence & aerospace sector," added Nidhi Ghuman, senior executive vice president, 360 ONE AMC.

With assets and public market mandates valued over $7 billion, 360 ONE Asset Management, a division of 360 ONE, is an alternative asset management company.

Approximately $2.5 billion in assets are managed by 360 One Private Equity.

The company has supported entrepreneurs in a variety of industries, including consumer goods, technology, healthcare, and financial services.