TechEagle raises $500K in seed round funding led by India Accelerator

TechEagle founders
TechEagle founders

TechEagle, a drone delivery business, is developing an end-to-end technology solution to enable a drone logistics airline to transport last-mile and mid-mile packages.

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TechEagle Innovations Pvt. Ltd, a drone delivery business, announced on Tuesday that it had secured $500,000 in early investment led by India Accelerator, with participation from Vinners Group, Sitics Logistics, and prominent angel investors.

The funds will be used to expand the introduction of new indigenous goods, scale the company’s operations in India, and hire across all departments. By 2030, the firm hopes to have impacted a billion lives with its on-demand drone delivery aircraft.

The Gurugram-based drone AI business develops an end-to-end technological solution for allowing a drone logistics airline to deliver last-mile and mid-mile goods. The Government of India (MoCA) and Regulators (DGCA) have already given TechEagle permission to undertake package delivery BVLOS (Beyond Visual Line of Sight) flights in several regions of India.

Vikram Singh Meena, an IIT-Kanpur alumnus, started TechEagle in 2015 while still a student, to solve last-mile logistics challenges utilizing drones and artificial intelligence. Anshu Abhishek joined the firm later in the journey and was promoted to co-founder and COO.

TechEagle funding

“Standalone in India, every year we waste millions of lives due to non-availability of key healthcare products like blood, platelet, plasma, anti-venom, vaccinations, and so on, in distant, rural, and semi-urban areas,” Vikram Singh Meena, Co-founder and CEO, TechEagle, said in a press statement. Because aerial routes are shorter than road routes and our drones are extremely quick with reverse logistics capabilities, package delivery would be 4x faster, 2x cheaper, and 100% dependable.”

Mona Singh, a co-founder of India Accelerator, stated, “Our decision to accelerate and invest in TechEagle is a step toward assisting firms in establishing a worldwide footprint. The hockey-stick upcurve in large-scale drone use in India will come in 2022, thanks to the robust basis laid by the Drones Rules 2021.”

With the announcement of Drone Rules 2021, the future of TechEagle seems good, according to Harvinderjit Bhatiya, CEO and Co-founder of Radiowala and one of the founding members of Vinners (Value Investors Network).

“The pilot runs’ success has expedited the potential of deploying beyond-line-of-sight drones for last-mile delivery of products in the shortest possible time to locations with poor road connection and speedier deliveries in crowded metropolitan environments. These were strong reasons for us to invest in the firm” he added.