TechEagle, leading drone delivery start-up raised India Accelerator led USD 500K in a seed round
TechEagle, a premier drone delivery startup, has secured USD 500,000 in a seed round led by India Accelerator, with Vinners Group, Sitics Logistics, and other prominent angel investors participating.
TechEagle is a Gurgaon-based deep tech (drone, AI) firm that is developing an end-to-end technology solution for enabling a drone logistics airline for last-mile and mid-mile deliveries. TechEagle has already acquired clearance from the Government of India (MoCA) and the Regulators (DGCA) to perform package delivery BVLOS (beyond a visual line of sight) flights in various regions of the nation in order to make its vision a reality (India).
Vikram Singh Meena started the firm in the hostel garage of the Indian Institute of Technologies (IIT), Kanpur, with the goal of leveraging indigenous drone and AI technology to tackle very sluggish and expensive logistics challenges in the last and mid mile sector. He comes from a tiny hamlet in Rajasthan and is familiar with the genuine pain points and gaps in the existing healthcare and logistics system for rural and remote locations. He has observed the tragedy of many lives being lost due to the lack of vital medications in local clinics and hospitals, as well as rapid logistical services since he was a youngster. Anshu Abhishek joined the firm later in the journey and was elevated to Co-Founder and COO.
The Founder and CEO of TechEagle, Vikram Singh Meena, says, “Just alone in India, each year we lose millions of lives because of non-availability of critical healthcare items (blood, platelet, plasma, anti-venom, vaccines, etc.) In remote, rural, and semi-urban areas. Aerial routes are shorter in comparison to roads, and with no traffic jams in the sky, our drones are super-fast with reverse logistics capabilities, hence the delivery of packages would be four times faster, twice as economical, and 100% reliable. We plan to use the funding to further launch new indigenous products, scale our operations in India, and hire across functions. With TechEagle’s on-demand Drone delivery Airline, the aim is to impact a billion lives by 2030.”
Mona Singh Co-Founder of IA, stated, “India Accelerator is elated to back TechEagle, our decision to accelerate and invest in TechEagle moves in the direction of helping companies build a global presence. We envisage that the year 2022 will be the year in which the hockey-stick upcurve in large-scale usage of drones in India will happen, upon the strong foundation of the Drones Rules 2021. If the government has taken this bold move of notifying a liberal policy, then India will be the leader in this technology.”
Vinners (Value Investors Network) is a network of Indian CXOs looking for investment and mentorship possibilities in fast-growing, early-stage businesses. Members frequently give mentorship and open doors for investee firms through their personal networks, in addition to financial assistance. They use their combined expertise, contacts, and know-how to assist these early stage businesses to flourish as a network of individuals. Vinners’ investment would be their 18th.
