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Shark Tank India-featured drone maker InsideFPV has raised Rs 3.5 crore in a seed funding round led by Mumbai Angels, with participation from IPV, Soonicorn, Fossbytes, and Kumar Sahu.
The company, which was featured on Shark Tank, has made significant strides in the drone sector, serving various industries, including government and defence contracts, agriculture, commercial sectors, and surveillance.
What does InsideFPV do?
InsideFPV was co-founded in 2020 by Arth Chowdhary, Devyant Bhardwaj, and Oshi Kumari. The startup specializes in providing drones that enable clients to engage in STEM education, create surveillance solutions, and capture first-person view videos that were previously inaccessible.
The startup claims to have served over 1,000 customers, fulfilled over 2,000 orders, and registered an additional 15,000 customers for drone purchases.
What is the purpose of fundraising?
According to the company's statement, The raised capital will be utilized towards driving growth, spearheading product development, and expanding its market reach.
Additionally, the funds will be allocated towards enhancing distribution and logistics, integrating software solutions, and bolstering data analytics capabilities. It also intends to use the capital for strategic investments and acquisitions, the release notes.
Prior to this, The startup raised Rs 2.75 crore in funding from Inflection Point Ventures, a Gurugram-based angel investment firm.
What is the current scenario of the Indian drone market?
According to RationalStat's market report titled “Indian Drone Market Analysis and Forecast, 2019-2028”," the India drone market is expected to grow at a CAGR of around 18% during the forecast period of 2022-2028. The Indian Drone market crossed US$ 1,020 million in 2022.
Although the major use of drones is anticipated by the military and defence sector, the Indian drone market is experimenting and exploring the implementation of drones in other sectors as well.
At present, The India Drone Market is dominated by an Indian startup ideaForge, with a market share of more than 47% in 2022, with more than 20 registered patents.
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