In a major boost to India’s indigenous defense capabilities, Raphe mPhilbr has secured $100 million (₹850 crore) in equity funding, led by Silicon Valley-based General Catalyst. With this round, the startup’s post-money valuation has reached $900 million (₹7,650 crore), marking one of the largest capital infusions into an Indian military drone manufacturer to date.
Founded: 2017 by brothers Vivek Mishra and Vikash Mishra
Headquarters: Noida, India
Core Focus: Design and manufacturing of high-performance military-grade unmanned aerial vehicles (UAVs)
Key Offerings:
Swarm drones for tactical operations
High-altitude logistics drones for border deployment
Long-range surveillance and maritime patrol UAVs
| Metrics | FY24 (₹ Cr) | FY23 (₹ Cr) | FY22 (₹ Cr) |
|---|---|---|---|
| Long-Term Assets | 63.69 | 25.35 | 2.75 |
| Long-Term Liabilities | 83.60 | 59.11 | 6.70 |
| Current Assets | 281.28 | 125.08 | 34.37 |
| Current Liabilities | 91.25 | 49.54 | 32.67 |
| Debt-to-Equity Ratio | 0.2 | 0.5 | 1.3 |
| Current Ratio | 3.1 | 2.5 | 1.1 |
| Metrics | FY24 (₹ Cr) | FY23 (₹ Cr) | FY22 (₹ Cr) |
| Revenue | 83.5 | 40.53 | 42.53 |
| Gross Margin (%) | 72.4 | 81.4 | 59.7 |
| EBITDA Margin (%) | 21.8 | 18.4 | 24.4 |
| PAT Margin (%) | 10.7 | 13.1 | 34.2 |
| ROE (%) | 2.6 | 4.1 | 279.3 |
| Metrics | FY24 (₹ Cr) | FY23 (₹ Cr) | FY22 (₹ Cr) |
| Operating Cash Flow | -126.74 | -85.18 | 8.70 |
| CAPEX | -100.69 | -85.83 | -6.03 |
| Financing Cash Flow | 225.62 | 169.51 | -0.64 |
| Cash & Cash Equivalents (EOY) | 0.48 | 2.31 | 3.82 |
Revenue Surge: Revenue more than doubled YoY from ₹40.5 Cr in FY23 to ₹83.5 Cr in FY24.
Margin Pressure: Gross margins dipped to 72.4%, likely due to higher production costs or pricing strategies for market penetration.
Improved Efficiency: EBITDA margins improved to 21.8%, showing better operational leverage.
Profitability Dip: PAT margins declined to 10.7%, indicating higher depreciation, R&D, or finance costs.
Cash Flow Challenges: Operating cash flows remain deeply negative due to working capital and CAPEX demands.
Debt Reduction: Debt-to-equity improved significantly to 0.2x, reflecting strong deleveraging.
Healthy Liquidity: With a current ratio of 3.1x, the firm maintains solid short-term solvency.
Largest Equity Round in the Indian defense drone sector
General Catalyst Backing signals confidence and strategic alignment with global defense-tech leaders like Anduril and Helsing
Total Funding Raised to Date: $118 million
Policy Support: Beneficiary of India’s 2022 PLI scheme for drones
Active Deployment: Drones already in service with Indian defense forces
Export Ambitions: Aspires to make India a net exporter of next-gen UAVs
In just 12 months, Raphe mPhilbr's valuation jumped 3.6x—from ₹2,125 crore to ₹7,650 crore—driven by four successive funding rounds aggregating ₹1,382.38 crore. The largest valuation leap occurred between September 2024 and March 2025.
| Date | Valuation (₹ Cr) | Change (%) |
| Mar 2024 | 2,125 | — |
| Sep 2024 | 3,200 | +50.6% |
| Mar 2025 | 6,800 | +112.5% |
| Jun 2025 | 7,650 | +12.5% |
Peers:
IdeaForge (Listed)
Garuda Aerospace
Tata Advanced Systems
Industry Catalysts:
Rising defense budgets post-border tensions
Geopolitical shifts fueling demand for indigenous drone capabilities
Indian drone startups raised just $8M in the five years prior to this round—highlighting the significance of Raphe’s raise
Enhancing R&D: Focus on AI-based autonomy, endurance, and payload efficiency
Operational Scaling: Ramp-up capacity to fulfill both domestic and export orders
Defense Sovereignty: Supports India’s Atmanirbhar Bharat initiative in strategic tech
Raphe mPhilbr’s $100 million funding milestone firmly places it at the forefront of India’s defense-tech evolution. As geopolitical priorities shift and demand for homegrown innovation intensifies, Raphe’s blend of cutting-edge technology, strong government alignment, and investor backing sets a benchmark for what’s possible in India's military-industrial complex.
Disclaimer: This report is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making any investment decisions.
