Paytm's CEO Vijay Shekhar Sharma, others invests in TechEagle; Know about the startup

On-demand drone delivery and logistics startup TechEagle has raised an undisclosed amount in a funding round. 

The round saw participation from Paytm founder and CEO Vijay Shekhar Sharma, Navam Capital, and Inflection Point Ventures (IPV), a Guguram-based angel investment firm.

Paytm founder Sharma participated through his wholly-owned firm, VSS Investco. Venture Catalysts and a diverse group of high-net-worth individuals also participated in the round.

What is the purpose of fundraising?

The startup plans to use the raised funds to accelerate its efforts in launching higher-payload drones designed for mid-mile and inter-city deliveries.

Vikram Singh Meena, Founder and CEO of TechEagle, stated, "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.” 

Who are the founders?

Founded in 2017 by Vikram Singh (CEO) and Anshu Abhishek (COO), TechEagle enables last-mile goods delivery via drones (Healthcare products, Food, Parcels, etc.).

Vikram Singh Meena expressed the company's vision, stating, "With the support of our investors, we aim to expand our operations across the country, enabling faster and more economical deliveries.”

Notably, the startup's key product, 'Vertiplane X3,' has a 100 km range per flight, a 5 kg payload capacity, and a speed of 120 km/h. 

It claims to have clients from prestigious institutions such as AIIMS institutes, various state governments, and the World Bank.

Investors comment

Vinay Bansal, Founder and CEO of Inflection Point Ventures, commented on the development, saying, "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 technology in the logistics industry."

It has backing from strategic investors and entrepreneurs, including Tushar Jani, co-founder of BlueDart Express Limited, and Ajoy Khanderia, founder of Gramin Healthcare.