Optimized Electrotech funding
Venture Catalysts has led a $1.8 million funding round in defense technology startup Optimized Electrotech (OEPL) along with participation from OEPL’s existing investor GVFL and other angel investors.
Established in 2017 by Sandeep Shah, Anil Yekkala, Dharin Shah, Kuldeep Saxena, and Purvi Shah, the Ahmedabad-based defense-tech startup builds indigenously designed, developed, and manufactured surveillance systems for security forces, national assets, as well as defense and aerospace companies. With more than 32 patents, OEPL has helped Indian Railways and the Indian Army with perimeter surveillance.
Speaking about the investment, Dr. Apoorva Ranjan Sharma, Founder and Managing Director of Venture Catalysts, said, “Our investment vision aligns with that of Prime Minister Narendra Modi’s idea to make India self-reliant or Atmanirbhar in the defense sector. We expect more startups to use technology to strengthen the country’s safety and security amidst growing threats and skirmishes on the borders. Optimized Electrotech has an immense potential to emerge as a major player in the segment.”
Commenting on the development, Sandeep Shah, Co-founder and CMD of Optimized Electrotech said, “By 2030, Optimized Electrotech shall be amongst the global leaders in all imaging surveillance applications under its platforms across land, sea, air, and space. Our vision is to be the global leader in surveillance systems, in the process of making India self-reliant in its defense needs. At present, India imports 55 percent of its defense needs, but soon it will be a market dominated by indigenous products due to a favorable government policy.”
Shah further added that the freshly raised funds would be utilized to create new-age surveillance systems, product innovations, and build more prototypes to be used in the Railway sector, and smart city and intelligent border projects with a market potential of $7.3 billion.
He also revealed that the Indian government had allotted a total of Rs 1.35 lakh crore in the Defence Budget-2021 towards capital expenditure, including purchasing new weapons, aircraft, warships, and other military hardware recording a rise in demand for defense equipment and a market opportunity for the OEPL.
The company claims that it already has a strong sales funnel worth Rs 95 crore from Indian and Foreign OEMs for the next few years.
The investment marks the first-ever investment in the defense sector. The funding would greatly help Optimized Electrotech to scale their operations and offer better solutions to their customers.Shishir Gupta, Founder and CEO, StartupLanes
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