Indian drone maker Raphe mPhibr has raised $100 million in an all-equity Series B round led by U.S. venture firm General Catalyst, with participation from Think Investments, Amal Parikh and other family offices. The financing is the largest private capital infusion ever recorded for an Indian defence start-up and lifts the Noida-based company’s total funding to $145 million. Raphe mPhibr said the proceeds will expand its vertically integrated campus to 650,000 square feet, deepen research and development and localise production of radars and high-end cameras within 18 months. The company already manufactures flight controllers, batteries and composite airframes in-house and plans to scale exports once additional export licences are secured. Founded in 2017 by siblings Vivek Mishra and Vikash Mishra, the firm offers nine unmanned aerial vehicle models, including the mR10 drone-swarm platform, the mR20 high-altitude logistics drone, the Bharat man-portable surveillance system and the X8 maritime patrol craft. Customers span the Indian Army, Navy, Air Force and paramilitary forces; more than 300 units were delivered over the past year. Raphe mPhibr has been profitable for four straight years and is targeting an initial public offering in two to five years. The funding round underscores surging investor interest in India’s defence technology as demand for military drones accelerates. Following last year’s India-Pakistan conflict, New Delhi roughly tripled its drone procurement budget to about $470 million for the next 12–14 months and is encouraging private-sector manufacturing under its self-reliance drive.