Drone technology startup TechEagle has raised an undisclosed amount in a bridge funding round co-led by Navam Capital and Inflection Point Ventures (IPV). The funding round also saw participation from Paytm founder Vijay Shekhar Sharma, Venture Catalysts, and a group of high-net-worth individuals (HNIs).
The capital infusion will be utilized to expand TechEagle’s operations and introduce drones with higher payload capacities for mid-mile and inter-city deliveries. “With the support of our investors, we aim to expand our operations across the country, enabling faster and more economical deliveries,” said TechEagle co-founder and CEO Vikram Singh Meena. “This funding will fuel our efforts to launch higher payload drones for mid-mile and inter-city deliveries, further solidifying our position as a frontrunner in the drone logistics industry.”
Vinay Bansal, co-founder and CEO of IPV, commented, “TechEagle’s innovative drones are set to revolutionize logistics accessibility in both urban and semi-urban areas. IPV is committed to supporting ventures like TechEagle to witness the positive impact of cutting-edge technology in the logistics industry.”
Founded in 2017 by IIT-Kanpur alumni Vikram Singh Meena and Anshu Abhishek, TechEagle specializes in on-demand autonomous drone delivery, focusing on beyond-visual line of sight (BVLOS) operations. The startup caters to last-mile logistics in both urban and semi-urban areas. TechEagle’s flagship product, Vertiplane X3, boasts a 100 km single-flight range, a payload capacity of 5 kg, and a speed of up to 120 km/hr. The company has worked with notable clients such as AIIMS, various state governments, Swiggy, Vodafone-Idea (Vi), and the World Bank.
Previously backed by BlueDart Express co-founder Tushar Jani and Gramin Healthcare founder Ajoy Khanderia, TechEagle last raised $500K in a seed funding round led by India Accelerator in 2021.
The recent funding round comes at a time when new-age tech startups are increasingly experimenting with drones to streamline deliveries. Earlier this month, Delhivery announced the establishment of a subsidiary to manufacture drones and provide freight air transportation services.
Additionally, Ecom Express recently initiated a drone delivery pilot in the Delhi NCR region, with plans to expand to Bengaluru and Chandigarh. Another drone startup, Yali Aerospace, secured an undisclosed investment from SaaS giant Zoho earlier this week.
The Indian drone tech ecosystem has seen significant growth, driven by government support and liberalized drone regulations. The public market debut of drone startups DroneAcharya and ideaForge has further boosted the sector.
According to Inc42, India is home to over 200 drone tech startups that have collectively raised more than $140 million in investment between 2014 and 2023. The homegrown drone market is projected to reach $13 billion by 2030, growing at a CAGR of 21% from 2022 to 2030.
