Startup and VC Ecosystem Updates | Issue# 16 [July 19, 2026]
Last updated on July 28, 2026
What?
In May 2026, a Hyderabad rocket company became the unlikeliest kind of Indian unicorn. Skyroot Aerospace raised $60 Mn at a $1.1 Bn valuation on the strength of a rocket that, at the time of the raise, had not yet reached orbit. Two months later, on July 18, 2026, it did, – Vikram-1 placed six payloads into a 450 km orbit, making Skyroot India’s first private company to reach orbit. A decade ago, venture capital underwriting a private Indian launch vehicle would have seemed fanciful – space was a government monopoly, and deeptech was a label investors admired in theory before funding another SaaS company in practice. That instinct has flipped. Here is more on where India’s hard-engineering sectors actually stand in 2026 – what is working, what is not, and where the capital is going – examined sector by sector, from the compute substrate upward. This will be the first of the two-part series that covers the five foundational layers: semiconductors, AI, spacetech, electric vehicles, and drones.
Semiconductors: The Brain Is Here, the Body Is Elsewhere
Every other sector in this piece runs on chips, which is why semiconductors sit at the base of the stack. The global chip industry is racing past $1 Tn, pulled by AI infrastructure and data center build-outs. Indians have long designed chips for the world’s biggest semiconductor firms – as employees, with the resulting IP owned abroad. The bet since the India Semiconductor Mission (ISM) launched in December 2021 is that this same talent can be turned into domestic ownership: engineers leaving Intel, AMD, and TI to found Indian startups, backed by government design incentives and, increasingly, VC firms. The results are finally showing – startup funding in the sector grew roughly tenfold in two years, from about $5 Mn in 2023 to $50 Mn in 2025, and Indian semiconductor startups raised $92 Mn in just the first five months of 2026 – already outpacing prior years.
Where India is genuinely strong is fabless design – designing chips without owning a fabrication plant (fab), the facility that etches circuits onto silicon wafers – the asset-light, IP-heavy layer that captures up to half of a chip’s value. The returning cohort (ex-Intel, AMD, and TI, and more) is now working across niche, defensible areas: Agrani Labs ($8 Mn raised in Seed round) on AI GPUs and the full software stack around them for enterprise and data center compute, C2i Semiconductors (~$35.7 Mn raised, $15 Mn Seed round) on power management for AI data centers, BigEndian Semiconductors (~$9 Mn raised, $6 Mn Pre-Series A round) on secure chips for CCTV and security systems, designed to displace Chinese imports, and Vervesemi ($10 Mn raised in Series A round) on analog signal-chain chips for sensors and wireless devices, spanning energy, industrial, medical, and space applications. Longer-standing efforts sit alongside them: Morphing Machines (~$11.6 Mn raised, ~$8.7 Mn Series A round, supported by both the DLI and Chips-to-Startup or C2S programmes), an IISc-incubated venture building REDEFINE, a runtime-reconfigurable processor (a chip that rewires itself in real time to suit different workloads, offering FPGA-like flexibility with closer-to-ASIC performance) for data centers and AI infrastructure, and Sophrosyne Technologies ($2 Mn raised in Seed round, also secured $1.2 Mn DLI grant) working on biosensing chips that fold heart-rate, respiration, and temperature monitoring into a single ultra-low-power chip for medical wearables, moving from prototype silicon toward commercial product.
The government’s DLI scheme – subsidizing expensive EDA tools and reimbursing up to 50% of a startup’s eligible chip-design costs (capped at ₹15 Cr per application), paired with the C2S programme that trains engineers and funds academic tape-outs – is the acknowledged catalyst, now backing 24 design projects. On manufacturing, India is making a deliberate, non-frontier bet: not competing with TSMC on cutting-edge nodes, but building sovereign capacity through Micron’s ATMP plant at Sanand (inaugurated February 2026), and the Tata-PSMC 28nm fab at Dholera (first silicon wafer targeted late 2026).
The commitment deepened significantly in July 2026, when the Cabinet approved ISM 2.0 with an outlay of ₹1.27 lakh Cr – nearly seventeen times the ₹76,000 Cr of the first phase – spanning the entire value chain across six pillars, with chip design as the first focus area and, for the first time, incentives extended to suppliers of critical raw materials, such as minerals and industrial gases. The government expects it to draw ₹4 lakh Cr of investment and generate ₹2 lakh Cr of chip production, with the IT minister claiming India will be “self-reliant in the production of indigenous chips by the end of this programme.”
The bigger shift is in how the money moves. Where the first phase relied on reimbursement-style grants, ISM 2.0 pairs grants with equity – the government co-investing alongside venture funds in chip-design startups, matching private investment on the same commercial terms, with a stated intention to exit as those companies scale and recycle the proceeds into further deeptech research. It is the same government-as-co-investor pattern now visible in spacetech, arriving in semiconductors.
What India has not built is the connective tissue. The fabless story is, in one founder’s words, a case of the brain being here and the body elsewhere: a chip designed in Greater Noida still travels to a Taiwanese or Korean foundry to be made, then, still usually, to a third country to be packaged. India installs 50 Mn smart electricity meters a year, each needing a chip, and each one of those is still imported – even where a qualified Indian design exists. That is beginning to change at the back end: Micron’s Sanand plant is shipping commercially – its first made-in-India memory modules went to Dell – Kaynes Semicon has been in commercial production since March 2026, and CG Semi’s power-management packaging line began piloting earlier this year in July. Assembly and packaging, in other words, are no longer hypothetical. Wafer fabrication still is. One Forrester forecast puts India’s chip-production self-sufficiency at essentially zero in 2025, rising to just 13% by 2030 – real momentum, but off a base of almost nothing, and still a long way from making at home what it designs.
The gap is really two distinct ones. The first is fabrication itself – the fabs – which is being addressed slowly and separately through sovereign-scale bets like Micron and Tata, not by startups. The second is ecosystem depth: the unglamorous layers of EDA vendors, IP licensors, packaging houses, substrate makers, and commercial go-to-market talent that turn a design win into a finished product made and sold from India. Without them, world-class Indian chip designs keep getting manufactured, packaged and commercialized abroad – and India stays a design contractor rather than an owner.
Thoughts: Semiconductors are the clearest illustration of this blog’s central thesis – India should own the high-value, asset-light layer (design) and buy sovereign capacity selectively, rather than chase leading-edge fabs that demand tens of billions and a decade. Design captures up to 50% of chip value and needs a fraction of the capital; that is where venture returns live, and the DLI-backed cohort – 24 design projects that have together pulled in nearly ₹430 Cr of VC funding – suggests the model is working.
The risk is that design capability without ecosystem depth stays a contractor’s game – India producing the brains while the body is built, packaged and sold abroad. Leading-edge fabrication is a separate, slower, sovereign-capital problem that startups alone will not solve. The equity model carries its own risk: investors warn that government shareholding could complicate later rounds if it brings veto rights over fundraising, acquisitions, or international expansion – and semiconductor deals already attract heightened global scrutiny on national-security grounds. Whether state capital crowds in private money or crowds it out will depend entirely on how the guidelines are written, and those are still awaited.
What is notable about ISM 2.0 is that it targets precisely this gap: by extending incentives to equipment, materials and raw-material suppliers, it is an explicit attempt to build the connective tissue that this sector has lacked. The next 18 months are the real test – whether Dholera produces its first Indian-made wafer on schedule, and whether the DLI cohort moves from tape-out to chips shipping commercially. Until then, India has an impressive blueprint, and now a serious budget behind it – but not yet a proven industry.
AI: Operate the Stack, Don’t Build the Frontier
AI is the horizontal layer running through every sector below – and it is where India’s “consumer-heavy, builder-thin” paradox is the sharpest. We have argued the full case separately in Beyond the Chip and the Model, so we will keep it tight here. The short version: India is unlikely to win the two frontier races – the hardware (NVIDIA) and the frontier models (OpenAI, Anthropic) – and it does not need to. The durable value sits in the layers around them: sovereign compute and inference, the serving and evaluation software that makes AI deployable, and vertical, agentic applications built on others’ models.
The newest proof point arrived in July 2026, as Emergent, a vibe-coding platform, became India’s third homegrown AI unicorn after Krutrim and Sarvam, raising $130 Mn in its Series C round at a valuation of $1.5 Bn on the back of roughly $120 Mn in annualized revenue. Interestingly, it trains no frontier model of its own – it runs on Anthropic, OpenAI, Gemini and open-source models, while building its orchestration, model-routing, and deployment stack in-house. That is the thesis in one company.
Sarvam had reached the same milestone weeks earlier, with a $234 Mn Series B round valued at $1.5 Bn, its revenue driven by enterprise agents and Indic-language deployment rather than the model itself. Neysa raised a Blackstone-led $1.2 Bn to build sovereign GPU cloud, while Krutrim, which once chased frontier ambitions, has pivoted to cloud and profitability. Meanwhile Indian AI startups raised $676 Mn in H1 2026, over 4x the year-ago figure – a sum still dwarfed by a single global round (e.g., OpenAI’s $112 Bn and Anthropic’s $65 Bn), which is precisely why the app-and-infrastructure layer, not the frontier, is the rational bet.
Thoughts: AI is the connective tissue of Indian deeptech – the orbital data centers (satellites designed to host AI computation and cloud storage in low-Earth orbit) in spacetech, the inference chips in semiconductors, the navigation stacks in drones – all run on it. India’s edge is not inventing the intelligence but operating and deploying it – leaning on cheap sovereign compute and the GCC-and-IT-services base through which much of the world’s enterprise AI reaches production (see our companion piece). The single largest open opportunity remains the trust-and-evaluation layer that unblocks enterprise AI from pilot to production – a software-margin category India has barely begun to build. For the full argument, see the companion piece.
Spacetech: A Cluster, Not a SpaceX
The global template for private space is SpaceX – vertically integrated (it builds the whole stack in-house, from engines to satellites), reusable (its boosters land and fly again, collapsing launch cost), and, above all, flight-proven across more than 600 successful orbital missions. India is far from that record, but it has just cleared the threshold that matters most. On 18 July 2026, Skyroot’s Vikram-1 placed six payloads into a 450 km low-Earth orbit, making India only the third country – after the US and China – with a private company capable of orbital launch. It was Skyroot’s second mission, after the 2022 Vikram-S suborbital flight, while Agnikul’s Agnibaan reached suborbital space in 2024. The unicorn valuation, granted months before this flight, now rests on a proven orbital vehicle rather than a promise.
What India has built instead is a cluster of specialized firms, each going deep on one slice of the problem rather than one company attempting the whole stack. Skyroot (~$160 Mn raised, including a $60 Mn Series C round at $1.1 Bn valuation) and Agnikul Cosmos race on launch; Pixxel (~$95 Mn raised, Google-backed) builds hyperspectral imaging satellites; Dhruva Space (~$21.4 Mn raised until June 2026, also secured ~$10.9 Mn grant under the RDI Fund) makes satellite platforms and ground stations; Digantara (~$66.5 Mn raised, including a $50 Mn Series B round led by Reliance at a $200 Mn valuation) tracks objects in orbit – satellites and debris alike – for space situational awareness and traffic management; and newer names are filling the gaps – QOSMIC ($3.33 Mn raised in Seed round) building optical ground stations that pull data down from satellites by laser rather than radio, Bellatrix Aerospace (~$31 Mn raised, $20 Mn Pre-Series B round) in satellite propulsion, and Satleo Labs (~$5.5 Mn raised, $2.2 Mn Seed round) in thermal imaging.
India’s space economy, worth $8.4 Bn in 2022 and targeted to reach $44 Bn by 2033, now supports close to 450 registered spacetech startups. The June 2020 reforms opened the space sector to private players for the first time and created IN-SPACe as a single-window authorizer, giving private firms a level playing field and access to ISRO’s facilities and infrastructure. IN-SPACe now backs startups through two instruments: (a) the ₹500 Cr Technology Adoption Fund, which grants up to 60% of a project’s cost (its first cohort – Astrobase (rocket engines), SatSure (satellite data analytics), and TakeMe2Space (orbital data centers)) – was chosen in June 2026) and (b) the newly operational ₹1,600 Cr Antariksh Venture Capital Fund (AVCF), which takes equity stakes. Astrobase Space Technologies (~$10.6 Mn raised) is a useful illustration of what the cluster is filling in as it builds an 80-tonne, methane-fuelled rocket engine aimed at the heavy-lift gap left by ISRO’s production rate of roughly three vehicles every two years. AVCF made its first investment in July 2026 – ~$6.3 Mn into Dhruva Space. Together, they mark the government stepping in to support startups through both grants and venture capital – a government-as-co-investor model we have seen take hold across Indian deeptech (and one we explored in our earlier conversation on India’s spacetech ecosystem).
The spacetech cluster is beginning to feed itself: Grahaa Space (undisclosed funding in single known seed round, looking to raise $2.5 Mn) will fly its SOLARAS S3 nanosatellite payload flew on Vikram-1’s maiden orbital mission – an Indian payload on an Indian rocket. The most forward-looking signal is where space meets the AI thesis: Pixxel’s partnership with Sarvam to launch India’s first orbital data center satellite by Q4 2026 – data-center-class GPUs running Indian AI models in orbit.
Thoughts: Spacetech’s edge is threefold – a genuine cost advantage in manufacturing and launch, a decade of ISRO-trained talent now flowing into startups, and a government that has shifted from sole operator to active co-investor. The risk that shadowed the sector until days ago – that no Indian private rocket had reached orbit – has just lifted: Vikram-1’s success de-risks the core thesis and hands the cluster its first hard proof point. The new test is turning one successful flight into reliable, repeatable, commercial cadence – Skyroot frames this as a transition from building rockets to flying them – the start of its commercial launch era, though with more developmental flights due before regular commercial service. One orbit is a milestone, not yet a launch business.
The deeper risk is not engineering but economics. The world is cluttered up with launch startups that reached orbit and still went under – Virgin Orbit, Astra, Relativity among them – because there simply were not enough customers to go around. SpaceX’s cheap rideshare flights, which pack dozens of satellites onto a single rocket, already carry most of the world’s small satellites, leaving little demand for dedicated small launchers. India’s answer is a government willing to be the first big customer: a ₹27,000 Cr military surveillance programme will put 52 satellites in orbit over five years, with 31 of them built by private firms – steady, guaranteed work of the kind venture funding alone cannot provide. Getting to orbit proved India can build the rocket; sustained government demand is what turns that into a business.
India’s more sensible path is the cluster shape it has arrived at; it does not need one SpaceX, but rather Skyroot to launch, Pixxel to image, Dhruva to platform, and Digantara to keep the orbits mapped. The Pixxel-Sarvam orbital data center points to something larger: India’s real edge in space may prove to be the same as on the ground – the intelligence layer running on the hardware, rather than the hardware itself.
Electric Vehicles: Scaling Fast, Profiting Slowly
If spacetech exemplifies India’s ambitious bets for the future, EVs are where the economics bite the hardest in the present. The sector is scaling impressively – EV two-wheeler penetration has climbed to about 6.5% of all two-wheelers sold in FY26 and passenger EV sales rose 75% YoY in Q1 FY26 – but the defining story of 2026 is the reordering of who wins. Ola Electric, once the category’s poster child, has watched its market share halve and its losses widen (a ₹428 Cr net loss in Q1 FY26), and is cutting its store network sharply. The market has reordered around discipline: legacy OEMs TVS and Bajaj now lead, while among the pure-play startups, it is Ather Energy – public, valued around $5.6 Bn, with FY26 sales up 74% YoY – that has overtaken Ola Electric on quarterly revenue. Ather’s stock is on the rise since listing and it has just raised ₹1,300 Cr from institutional investors to fund its next phase of growth. This is a great illustration of public markets rewarding disciplined engineering over scale and growth-at-any-cost. As in quick commerce, scaling and earning are not the same thing.
Where India is genuinely building is the layers that create durable advantage. Commercial and last-mile electrification is the sharpest: Euler Motors (~$254 Mn raised, backed by Hero MotoCorp, ~$47 Mn Series E round + ~$26.6 Mn Debt Financing) and Altigreen (~$48.9 Mn raised, ~$40 Mn Series A round) own electric three-wheeler cargo, where vehicle downtime directly costs fleet revenue, so the economics of electrification work first. The second layer is charging and energy infrastructure, which includes: Exponent Energy (~$67.2 Mn raised, ~$21.1 Mn Series B2 round) with its 15-minute charge, Battery Smart (~$157 Mn raised, $15 Mn Debt Financing) focusing on swapping (exchanging a depleted battery for a charged one in minutes rather than waiting to recharge), and Statiq (~$28.2 Mn raised + latest $18 Mn Equity and Debt Financing round) and Kazam (~$20.1 Mn raised, $6.2 Mn Series B round) building out the charging networks.
The third and hardest layer is (a) domestic cells – the battery’s core energy-storing units, most of which India still imports, (b) the underlying cell chemistry – the choice of materials, such as lithium-iron-phosphate or sodium-ion, that determines a battery’s cost, range, safety and charging speed, and (c) genuine supply-chain independence. India’s efforts here show up in Ola Electric’s indigenous Bharat Cell and rare-earth-free ferrite motor, alongside gigafactory bets – Ola, Reliance and Rajesh Exports as awardees under the ₹18,100 Cr PLI-ACC scheme, and Tata, Exide and Amara Raja building capacity outside it. Tellingly, the subsidized awardees have so far missed their production deadlines and drawn penalties, with no commercial output and no incentives disbursed, even as the unsubsidized players quietly build. This is a neat illustration of how subsidy has not translated into cells on the ground.
What India is not solving easily is the cell-and-policy foundation underneath. It still imports the bulk of its lithium-ion cells, and domestic gigafactories face wide variation in capex per GWh, heavy dependence on Chinese technology transfer, weak guarantees that anyone will buy the cells once produced, and an uncertain subsidy regime. Even the policy scaffolding is contested: Ather, Euler and River Mobility (Bengaluru-based electric-scooter manufacturer) have jointly petitioned to reform a ₹25,938 Cr Auto PLI scheme that, by design, largely excluded the very startups driving the innovation.
Thoughts: EVs are the more sobering study in Indian deeptech. Being first and loudest seems to be worth little – Ola Electric scaled fastest and is now retreating, while Ather and Euler, quieter and disciplined, are steadily gaining ground. The real value is shifting away from vehicle assembly – increasingly a commodity – toward the parts that are genuinely hard: cells, chemistry, fast-charging, swapping, and the software that ties them together. That is where the next generation of Indian EV winners will be built – and, awkwardly, where policy still works against them. The venture-investable bet is not the gigafactory (industrial, sovereign-scale capital) but the IP and infrastructure layers around it.
Drones: Mobile Robotics, Finally at Scale
Drones are, in effect, mobile robotics – they stitch together the technologies of every aforementioned sector: AI for navigation, chips for on-board processing, and satellite data for routing. India now has 526 drone startups, 144 of them funded and 33 at Series A or beyond, and the sector has moved decisively from pilots to deployment across three fronts. In agriculture, Garuda Aerospace (~$49.5 Mn raised, M.S. Dhoni-backed, ~$11.7 Mn Series B round), which has filed confidentially for a ₹1,000 Cr IPO, and IoTechWorld Avigation (~$4.01 Mn raised, ~$1.23 Mn Seed round), run precision-spraying and crop-monitoring fleets at scale, with a drone covering an acre in ten minutes. In logistics, Skye Air Mobility (~$11.2 Mn raised, $9 Mn Series B round) runs last-mile drone logistics – medicines, diagnostic samples, ecommerce, agritech – across Delhi-NCR and Bengaluru, cutting delivery times to as little as seven minutes; TECHEAGLE (~$1.74 Mn raised, undisclosed Seed round) flies hybrid eVTOL drones for medical and essential deliveries into the hard-to-reach Himalayan terrain.
Lastly, in defence, a well-funded cohort supplies ISR and tactical systems: Raphe mPhibr (~$145 Mn raised, $100 Mn Series B at a $900 Mn valuation) builds drone swarms and high-altitude logistics platforms for the Indian Army, Navy and Air Force, manufacturing its own flight controllers, batteries, and airframes in-house; ideaForge (~$53.8 Mn raised) makes surveillance and mapping drones for defence and enterprise; Asteria Aerospace (~$459 K raised, $20.7 Mn acquisition by Reliance Strategic Business Ventures) builds drones and AI-driven imaging for defence and industry; IG Defence (~$6.55 Mn raised, $5 Mn Pre-Series A round) builds indigenous military drone systems – strike drones, ISR platforms, and anti-drone jammers; and Zerodrag (~$1.23 Mn raised, ~$680K Seed round), an IIT Delhi-incubated startup that builds indigenous drone avionics – flight controllers, speed controllers, GPS modules, and complete first-person-view stacks – the electronics stack that drone makers otherwise import – all pulling in talent and capital from the broader defence tech surge. ideaForge, already listed since 2023, raised ₹500 Cr through a QIP in July 2026 – public-market capital funding drone expansion, a sign of how far the sector has travelled from grant-dependent pilots.
Where India is building well is the applications-and-hardware layer suited to its terrain and cost base – agri-spraying, hill-country logistics, border surveillance – plus the beginnings of an indigenous components stack (Zerodrag on electronics). Where it is thin is exactly where semiconductors are thin: the high-end components – sensors, imaging chips, flight controllers – are still substantially imported, and the sector’s fortunes remain heavily tied to government procurement and subsidy rather than durable commercial demand.
Thoughts: Drones are where India’s deeptech layers visibly converge, and where the defence-indigenization push is strongest: the government both favours India-made drones in its own purchases and pays incentives to domestic manufacturers, so policy money flows toward local makers rather than importers. The sector’s structural advantage is a large, varied domestic market – farms, hills, borders – that global players do not prioritise, giving Indian startups a protected home base to scale in. The risk is over-dependence on government demand and a still-imported components stack; a drone assembled in India but flying on foreign sensors and chips is only half-indigenous. The sector’s maturation will track semiconductors’ – it becomes truly sovereign only when the brains inside the drone are Indian too.
The Thread That Ties Them Together
Five sectors, one pattern. Across chips, AI, space, EVs and drones, the same logic holds: India’s deeptech decade will not be won by out-building the global frontier – not TSMC, not NVIDIA, not SpaceX, not the Chinese cell giants – but by owning the specialized, defensible, asset-light layers where cost, talent, and sovereign demand and support converge, and where a fund can still see an exit within its lifetime. We would put design over fabs, inference over frontier models, satellite intelligence over launch dominance, battery chemistry over gigafactories, drone applications over raw hardware.
The connective insight is that these layers increasingly feed each other – Indian AI models running on Indian satellites and Indian chips destined for Indian EVs and drones. The government has become the sector’s largest customer, co-investor and de-risker – all at once. The missing piece is patient private capital willing to sit through the long lifecycles, and the ecosystem depth to turn design into product. The rockets, the chips, and the batteries are, at last, getting funded. The real question for the next eighteen months is whether they can also get finished – and whether India’s separate pockets of capability finally connect into a working system.
In Part II, we turn to the emerging frontier – cleantech and renewables, advanced materials, communications and photonics, biotech, electric aviation, and quantum – where the science is harder, the capital more patient, and the outcomes further out.
Thank you for reading through! I genuinely hope you found the content useful. Feel free to reach out to us at ankanatwork@gmail.com and share your feedback and thoughts to help us make it better for you next time.
Acronyms used in the blog that have not been defined earlier: (a) Venture Capital (VC), (b) Million (Mn), (c) Billion (Bn), (d) kilometre (km), (e) Software-as-a-Service (SaaS), (f) Artificial Intelligence (AI), (g) Trillion (Tn), (h) Intellectual Property (IP), (i) Advanced Micro Devices (AMD), (j) Texas Instruments (TI), (k) Graphics Processing Unit (GPU), (l) Closed-Circuit Television (CCTV), (m) Design-Linked Incentive (DLI), (n) Indian Institute of Science (IISc), (o) Field-Programmable Gate Array (FPGA), (p) Application-Specific Integrated Circuit (ASIC), (q) Electronic Design Automation (EDA), (r) Crore (Cr), (s) Taiwan Semiconductor Manufacturing Company (TSMC), (t) Assembly, Test, Marking, and Packaging (ATMP), (u) Powerchip Semiconductor Manufacturing Corporation (PSMC), (v) nanometre (nm), (w) Information Technology (IT), (x) Global Capability Centre (GCC), (y) United States (US), (z) Research, Development, and Innovation (RDI), (aa) Indian National Space Promotion and Authorisation Centre (IN-SPACe), (bb) Indian Space Research Organisation (ISRO), (cc) Electric Vehicle (EV), (dd) Financial Year (FY), (ee) Year-on-Year (YoY), (ff) Original Equipment Manufacturer (OEM), (gg) Production-Linked Incentive for Advanced Chemistry Cells (PLI-ACC), (hh) Gigawatt-hour (GWh), (ii) Production-Linked Incentive (PLI), (jj) Initial Public Offering (IPO), (kk) National Capital Region (NCR), (ll) electric Vertical Take-Off and Landing (eVTOL), (mm) Intelligence, Surveillance and Reconnaissance (ISR), (nn) Thousand (K), (oo) Indian Institute of Technology (IIT), (pp) Global Positioning System (GPS), and (qq) Qualified Institutional Placement (QIP).