Techeagle is a Drone Tech startup that has raised an undisclosed amount in its funding round co-led by Navam Capital & Inflection Point Ventures. Other investors who participated in the round are Venture Catalysts, a clutch of high-net-worth individuals, and the founder of Paytm, Vijay Shekhar. The startup raised the amount to offer drone delivers to ecommerce platforms.
The startup will use this fund to launch higher payload drones for delivers, while scaling up and expanding its operations across the country. Founded by IIT-Kanpur alumni Anshu Abhishek and Vikram Singh Meena, this startup enables on-demand drone delivery for its clients.
The CEO and co-founder of TechEagle, Vikram Singh Meena, said that the startup will aim to expand and enable faster and more affordable deliveries with the support of its investors. The company aims to solidify its position in the drone logistics industry.
Image source: Teacheagle
The existing investor, IPV showed trust in the startup’s potential and highlighted the positive impact made by TechEagle by using cutting-edge technology in the logistics industry. The startup focuses on making delivery accessible in urban and semi-urban areas using its technology. Last year, TechEagle raised $500k in its seed funding round led by India Accelerator. The startup is backed by Navam Capital, Inflection Point Ventures, BlueeDart Express and Gramin Healthcare. The drone market is growing at a CAGR rate of 21% across the country.
The startup claims to have worked for big names in the industry, including AIIMS, Swiggy, Vodafone-Idea, the World Bank, and Multiple State Governments. Investors are interested in drone-tech startups as many companies want to use drones to streamline deliveries. Recently, a logistic startup, Delhivert mentioned about opening new subsidiary to manufacture drones and provide drone services. The company offers real-time monitoring updates about the delivery of products. The startup also saw an increase in Express Parcels shipment by 11% in FY23. Another drone dtartup, Yali Aerospace had a huge investment from Saas firm Zoho. The startup specializes in providing drone solutions for logistics, medical, and surveillance.
Conclusion:
TechEagle, a drone logistic startup got an undisclosed amount of fund in a funding round co-led by Navam Capital & Inflection Point Ventures. The startup offers easy-to-use technology that enables on-demand drone delivery for its clients. Other investors who participated in the round are Venture Catalysts, a clutch of high-net-worth individuals, and the founder of Paytm, Vijay Shekhar. The startup will use this fund to launch higher payload drones for delivers, while scaling up and expanding its operations across the country. The startup plans to enhance its technology and aims for a larger customer base. TechEagle raised $500k in its seed funding round led by India Accelerator and is backed by Navam Capital, Inflection Point Ventures, BlueeDart Express and Gramin Healthcare. TechEagle by using cutting-edge technology in logistic industry. The startup focuses to make delivery accessible in urban and semi-urban areas using its technology. According to a prediction made by inc42, the drone market in India is expected to expand to a size of $13 billion by the end of 2030.
