Leading drone delivery start-up TechEagle raises USD 500K
TechEagle, a leading drone delivery start-up, raised USD 500,000 in a seed round headed by India Accelerator and featuring Vinners Group, Sitics Logistics, and other prominent angel investors.
TechEagle is a deep technology (drone, AI) startup based in Gurgaon that is developing an end-to-end technology solution for enabling a drone logistics airline to deliver last-mile and mid-mile goods. TechEagle has already acquired authorisation from the Government of India (MoCA) and Regulators (DGCA) to conduct package delivery BVLOS (beyond the visual line of sight) flights in various parts of the country (India).
Vikram Singh Meena launched the company at the hostel garage of Indian Institute of Technologies (IIT), Kanpur with the idea of solving extremely slow and expensive logistics challenges in the last and mid mile sector utilising indigenous drone and artificial intelligence (AI) technology. He comes from a tiny town in Rajasthan and is acutely aware of the true pain points and gaps in the present rural and remote healthcare and logistics systems. Since his youth, he has watched the trauma of many lives being lost due to the lack of crucial drugs in neighbouring clinics and hospitals or prompt logistics services. Anshu Abhishek joined the company later in the journey and was promoted to Co-founder and COO.
Vikram Singh Meena, Founder & CEO of TechEagle, states: "Each year, millions of lives are lost in India due to the non-availability of vital healthcare commodities (blood, platelet, plasma, anti-venom, vaccines, etc.) in distant, rural, and semi-urban areas. Due to the fact that aerial routes are shorter than roads and there are no traffic jams in the sky, our drones are super-fast and equipped with reverse logistics capabilities, which means that package delivery would be four times faster, twice as economical, and 100 percent dependable. We want to use the investment to accelerate the launch of new indigenous goods, expand our operations in India, and expand our workforce across departments. The goal of TechEagle's on-demand drone delivery airline is to improve the lives of a billion people by 2030."
Mona Singh, co-founder of IA, commented, "India Accelerator is overjoyed to support TechEagle. Our choice to accelerate and invest in TechEagle demonstrates our commitment to assisting businesses in establishing a global presence." We anticipate that 2022 will mark the start of the hockey-stick upcurve in large-scale drone usage in India, built on the solid basis of the Drones Rules 2021. If the government takes this courageous step of announcing a liberal policy, India will become the world leader in this technology."
Vinners (Value Investors Network) is an association of Indian Chief Executive Officers (CXOs) seeking investment and mentorship opportunities in vibrant, early-stage firms. Apart from financial support, members frequently advise and assist investee companies by using their personal networks. They employ their aggregate knowledge, connections, and know-how to assist these early-stage enterprises in their success. This investment would be Vinners' 18th. Harvinderjit Bhatiya, CEO and Cofounder of Radiowala and a founding member of Vinners (Value Investors Network), led this round on behalf of Vinners. "We saw the potential in the company and the founders," he explained. With the announcement of Drone Rules 2021, Tech Eagle's future appears to be bright. Additionally, the pilot runs' success has advanced the prospect of deploying beyond-line-of-sight drones for last-mile delivery of products in the shortest possible time, to locations with insufficient road access and for faster deliveries in busy urban areas. These were compelling reasons for us to invest in the company."
"We are happy to invest in TechEagle," says A.M. Sikander, CEO of Sitics Logistics. Drone delivery, in our opinion, is the next big thing in last mile delivery. Sitics, in collaboration with TechEagle, will pioneer international drone-based delivery. As demand for drone-based delivery grows in India and throughout the world, Sitics will be one of the early adopters in the logistics industry. As a provider of digitally connected supply chain services, Sitics views the move into drone delivery as revolutionary."