Sagar Defence Engineering has completed a roughly $33 million pre-IPO round at an approximately $2.2 billion pre-money valuation as the maritime-drone maker prepares to list, India Sentinels reported on November 6, citing the company.
Founder Nikunj Parashar was quoted by India Sentinels as saying Sagar had received final observations from India's securities regulator, a prerequisite for launching the offering. The financing came from Indian institutional investors, whose names were not disclosed.
Sagar builds crewless surface vessels and underwater vehicles. The Indian Express reported on September 30 that its underwater systems serve Indian Navy mine-countermeasure programs, while the Navy and Coast Guard also use its maritime drones.
The company had secured an industrial licence for military surface and underwater vessels, Press Trust of India reported on September 10. The licence permits work on specified naval platforms, from design through testing and supply, subject to applicable regulatory approvals and licence conditions.
The company said proceeds would fund research and advanced manufacturing. It is expanding its Pune research and production facilities, while a shipyard for autonomous systems and a maritime research center are under development in Andhra Pradesh.