Drone startup TechEagle raises $500K seed funding led by India Accelerator, others

TechEagle Innovations Pvt. Ltd, a drone delivery startup, announced on Tuesday that it has raised $500,000 in a seed funding round led by India Accelerator, Vinners Group, Sitics Logistics, and other marquee angel investors. 

TechEagle helps in creating a hub-to-hub delivery network powered by hybrid multi-rotor drones.

According to the statement, The startup will use the raised capital to expand the launch of new indigenous goods, scale the company's operations in India, and hire across all functions. By 2030, the business hopes to have impacted a billion lives with its on-demand drone delivery airline.

The Gurugram-based drone AI business develops an end-to-end technological solution for enabling a drone logistics airline to deliver goods even on long routes. It works with a prime focus on custom-made drones capable of carrying up to 5 kg payloads. 

The startup has been granted permission to conduct package delivery BVLOS (Beyond Visual Line of Sight) flights in different parts of India by the Government of India (MoCA) and Regulators (DGCA).

Vikram Singh Meena, an IIT-Kanpur alumnus, launched TechEagle in 2015, and Anshu Abhishek later joined the firm and was promoted to co-founder and COO. Vikram Singh comes from a small village in Rajasthan and is familiar with the true pain points and gaps in the present healthcare and logistics system for rural and remote places. He has observed the trauma of many lives being lost due to the lack of crucial medicines in neighboring clinics and hospitals, as well as quick logistics services since he was a child.

Vikram Singh Meena, Co-founder & CEO, TechEagle, said: "Just alone in India, each year we lose millions of lives because of non-availability of critical healthcare items (blood, platelet, plasma, anti-venom, vaccines, etc.) in remote, rural, and semi-urban areas."

“Aerial routes are shorter in comparison to roads, our drones are super fast with reverse logistics capabilities, hence the delivery of packages would be 4x faster, 2x economical, and 100 percent reliable," he adds.

Mona Singh, Co-Founder of Indian Accelerator, said: "India Accelerator is elated to back TechEagle, Our decision to accelerate and invest in TechEagle moves in the direction of helping companies build a global presence. We envisage that the year 2022 will be the year in which the hockey-stick upcurve in large scale usage of drones in India will happen, upon the strong foundation of the Drones Rules 2021. If the government has taken this bold move of notifying a liberal policy, then India will be the leader in this technology.''

In December 2018, Zomato had acquired TechEagle Innovations, for an undisclosed amount, to carve a path toward drone-based food delivery in India.

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