November 5, 2024: Marut Drones, a Drone technology innovator has bagged $6.2 million in Series A funding to accelerate its growth initiatives, develop customer centric advanced agricultural drones, grow its channel partner network and service centres in Tier II and III cities, and adding new drone agriculture service hubs to provide Drone-as-a-Service through partnerships.
The drone firm has set a target to expand its offerings, and create rural employment opportunities for Tier II and III cities, contributing to enhanced productivity and reduced input costs for farmers.
“We are excited to partner with the team at Marut to bring solutions to farmers and the broader rural economy,” Hari Krishnan, Director of Lok Capital, said after raising the fresh capital.
“Drones for agriculture are a novel technology that can secure the health of crops, while also saving water, preserving soil health, avoiding exposure to chemicals, increase yield to farmers and providing income to village-level entrepreneurs,” Krishnan added.
Marut Drones Co-founder and Chief Executive Officer Prem Kumar Vislawath, expressed that the fresh capital will also facilitate the firm to infuse investments in building its team, increasing its manufacturing capacity to 3000 drones per annum, and marketing.
Marut Drones to expand talent base; Sets Revenue Target of Rs.1000Cr
The company boasts 200 team members and a fleet of 750 drones and over 1,000 drone pilots across 14 states in India. Furthermore, the firm plans to hite professionals across all verticals and foster drone entrepreneurship.
The firm also aims to establish 17 new drone academies to train skilled professionals and augment its research and development efforts in partnership with leading institutions in India to create advanced applications like direct seeding and crop monitoring.
Most recently, Marut Drones launched AG365H, a DGCA Type Certified medium category agricultural drone. The AG365H can be deployed for fish feeding, broadcasting fertiliser granules, spraying pesticides, and providing comprehensive training for drone operators.
The Hyderabad-based company is also exploring disaster management and surveillance applications as it intends to become a comprehensive drone technology provider. It aims to reach a revenue target of 1000 crore in the next five years. Drone startups secured $50 million in investment in FY24, marking a threefold increase from the previous year, according to NITI Aayog.
A report by NITI Aayog notes that the unmanned aerial vehicle market in India is projected to reach $15 billion by 2030. The Indian drone market is expected to grow significantly, with drone volumes increasing to 61,393 units by 2029 from 10,803 units in 2024, according to projections by markets research firm Markets and Markets.
The funding was raised from investment firm Lok Capital. The startup was founded in 2019 by three IIT Alumni—Prem Kumar Vislawath, Suraj Peddi and Sai Kumar Chinthala.
