May 31, 2024: TechEagle, a leading player in India’s burgeoning drone logistics market, has secured an undisclosed amount of funding in a bridge round co-led by Navam Capital and Inflection Point Ventures (IPV). This investment signals strong investor confidence in TechEagle’s vision of transforming last-mile delivery across India.
TechEagle specializes in Beyond Visual Line of Sight (BVLOS) drone operations, utilizing its fleet of Made in India drones to execute autonomous deliveries. The company’s Vertiplane X3 drone boasts a 100km range, 5kg payload capacity, and 120km/h speed, making it Asia’s fastest and longest-range drone. TechEagle’s impressive clientele includes AIIMS institutes, state governments, and the World Bank.
This funding comes at a crucial time for the Indian drone delivery sector, fueled by recent deregulation and government incentives. The Civil Aviation Ministry in May 2021 granted conditional exemption from Unmanned Aircraft System (UAS) Rules, 2021 to 20 entities to conduct BVLOS experimental flights of drones. The trials were to help the government set up a framework for future drone deliveries and other major applications using drones.
TechEagle to introduce innovation in Drone led last mile delivery
“Our vision at TechEagle is to revolutionize last-mile logistics with indigenous drone technology,” says Vikram Singh Meena, Founder & CEO of TechEagle. He emphasizes the company’s focus on expanding operations, launching higher payload drones, and solidifying its position as a leader in the Indian drone logistics landscape.
With this funding, the startup is poised to capitalize on the momentum in the Indian drone delivery sector and further revolutionize last-mile logistics.
