TechEagle, an on-demand drone delivery firm, has raised capital from Paytm founder Vijay Shekhar Sharma, Navam Capital, and Inflection Point Ventures. The funding will support the company's efforts to launch higher payload drones for mid-mile and inter-city deliveries.
Photograph: Francis Mascarenhas/Reuters
Mumbai, May 30 (PTI) On-demand drone delivery and logistics firm TechEagle on Thursday announced the completion of a funding round with the participation from Paytm founder Vijay Shekhar Sharma, Navam Capital and Inflection Point Ventures (IPV).
Paytm founder Sharma participated in the bridge funding round through his wholly-owned firm VSS Investco. The bridge round ahead of Series A also saw participation from Venture Catalysts and a diverse group of high-net-worth individuals, the company said, without disclosing the quantum of capital raised.
With strong backing from strategic investors and entrepreneurs, including Tushar Jani, co-founder of BlueDart Express Limited, and Ajoy Khanderia, founder of Gramin Healthcare, the fresh capital infusion will fuel the company's efforts to launch higher payload drones for mid-mile and inter-city deliveries, it said.
"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, said Vikram Singh Meena, Founder & CEO of TechEagle.
"TechEagle's innovative drones are set to revolutionise 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, said Vinay Bansal, Founder & CEO of Inflection Point Ventures.
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