Ahmedabad-based drone and AI technology startup Enercomp today said it has raised Rs 1.5 crore in an angel round led by Ah! Ventures Angel platform.
This is ah! Ventures’s 23rd investment in 2021 and 86th investment so far (in 68 Startups) taking its total investment portfolio to Rs227 crore with 11 exits to date. Prior to this, the firm had invested in edtech startup Expertrons, Playo, Little Leap, B: Live, Tealfeed, among others.
Founded in 2013 by Jatin Patel, Enercomp is a Nasscom selected startup that provides drone-based economically viable solutions for different sectors to improve efficiency and accuracy. The startup has witnessed around 3X growth rate and acquired clients like Tata projects, RIL, Shapoorji Pallonji, Indospace, Iron Triangle, MIDC, Gujarat Forest, Sangli Corporation, to name a few.
“India's drone market can grow to Rs 50,000 crore in the next five years and we are also seeing great policy reforms by the government. In the past two years only, we have seen tenders of about Rs 113 crore from the central government," Jatin Patel, Founder, Enercomp, said.
He further said that Enercomp has seen sales of around Rs 50 lakh in the last quarter, a major increase compared to Rs 68 lakh revenue of the last year. Until the last year, the major chunk of its revenue was coming from drone and b2b business and now it is launching drones and our GIS platform for which it has already booked orders of around Rs 35 lakh.
The startup aims to achieve the target of Rs 2.5 crore in the current financial year with an increased share in the B2G business as well (around 40% of target revenue).
Speaking on the investment, Anuj Kumar, Venture Partner at ah! Ventures said:
"Enercomp drone solutions are rightly placed in the data acquisition and processing space - providing effective decision-making process and project implementation for their clients both in private as well as government sectors. With their cost-effective drone services, they are addressing the major problem of traditional data collection methods, analysis, and dissemination and solving these issues with accuracy, efficiency, and scalability. Their USP lies in their in-house developed software, dashboard, sensor, GIS which can be further customized as per the project requirement."
"With their proprietary tech, their solutions have capabilities to cater to the diverse sectors ranging from agriculture to industrial services to defense and much more. Their own drone products (BAAZ, SARAS, CHEEL) will be revolutionary products in the Indian drone industry that will have a competitive advantage in endurance (flying time), cost, weight, pilot training and very important ability to adapt as per the climatic condition and geographical landscape," Anuj said.
He further said that the increased demand for drones and their applications in the private sectors and the increasing number of government initiatives in broadly utilizing drones in different activities such as entertainment, defense, surveillance & security, disaster management, surveys, infrastructure, and commercial uses will push the demand directly in the coming years.
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