TechEagle, a pioneer in drone logistics, has successfully completed its Bridge Round funding, co-led by Navam Capital and Inflection Point Ventures (IPV). The round saw participation from notable investors, including Vijay Shekhar Sharma, Founder of Paytm (via his fully-owned company), Venture Catalysts, and a diverse group of high-net-worth individuals.
“This bridge round ahead of Series A represents a pivotal milestone in TechEagle’s journey towards reshaping last-mile logistics across urban and semi-urban areas,” reads the official release. With backing from strategic investors such as Tushar Jani, co-founder of BlueDart Express, and Ajoy Khanderia, founder of Gramin Healthcare, TechEagle is set to accelerate its growth and expand its footprint nationwide.
India’s drone logistics industry is witnessing rapid growth, spurred by the liberalisation of drone regulations and performance-linked incentives from the government. TechEagle focuses on Beyond Visual Line of Sight (BVLOS) drone operations, specialising in autonomous drone deliveries using Made in India drones.
“Our vision at TechEagle is to revolutionise last-mile logistics with indigenous drone technology,” said Vikram Singh Meena, Founder & CEO of TechEagle. “With the support of our investors, we aim to expand our operations across the country, enabling faster and more economical deliveries. This funding will fuel our efforts to launch higher payload drones for mid-mile and inter-city deliveries, solidifying our position as a frontrunner in the drone logistics industry.”
Vinay Bansal, Founder & CEO of Inflection Point Ventures, commented, “TechEagle’s innovative drones are set to revolutionise logistics accessibility in both urban and semi-urban areas. With their drones’ ability to carry substantial payloads over long distances at high speeds, they are raising the bar for everyone in the industry. IPV is committed to supporting ventures like TechEagle to witness the positive impact of cutting-edge technology in the logistics industry.”
The release also highlights TechEagle’s Vertiplane X3, Asia’s fastest and longest-range drone, boasting a 100km range, 5kg payload capacity, and speeds up to 120km/h. This innovation underscores the company’s commitment to efficiency and technological advancement. With a prestigious client roster that includes AIIMS institutes, state governments, and the World Bank, TechEagle is well-positioned for significant impact and growth in the logistics sector.
