Tuesday, July 23, 2024

Paytm CEO Invests in Drone Delivery Startup TechEagle

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TechEagle, a startup specializing in on-demand drone delivery and logistics, has raised an undisclosed amount in a recent funding round. This round saw significant participation from Paytm founder and CEO Vijay Shekhar Sharma, Navam Capital, and Inflection Point Ventures (IPV), a Gurgaon-based angel investment firm. Sharma invested through his wholly-owned firm, VSS Investco. The round also included contributions from Venture Catalysts and a diverse group of high-net-worth individuals.

Purpose of Fundraising

TechEagle plans to use the new funds to speed up the launch of drones capable of carrying heavier loads for mid-mile and inter-city deliveries. Vikram Singh Meena, Founder and CEO of TechEagle, stated, “This funding will fuel our efforts to launch higher payload drones for mid-mile and inter-city deliveries, further solidifying our position as a frontrunner in the drone logistics industry.”

Vijay Shekhar Sharma, Paytm Founder and CEO.

Founders and Vision

TechEagle was founded in 2017 by Vikram Singh (CEO) and Anshu Abhishek (COO). The company focuses on enabling last-mile delivery of goods via drones, including healthcare products, food, and parcels. Meena expressed the company’s vision, saying, “With the support of our investors, we aim to expand our operations across the country, enabling faster and more economical deliveries.”

TechEagle’s key product, the ‘Vertiplane X3,’ boasts a range of 100 km per flight, a payload capacity of 5 kg, and a top speed of 120 km/h. The startup claims to serve prestigious clients such as AIIMS institutes, various state governments, and the World Bank.

Investor Comments

Vinay Bansal, Founder and CEO of Inflection Point Ventures, commented on the investment, saying, “TechEagle’s innovative drones are set to revolutionize logistics accessibility in both urban and semi-urban areas. IPV is committed to supporting ventures like TechEagle to witness the positive impact of technology in the logistics industry.”

TechEagle also has backing from strategic investors and entrepreneurs, including Tushar Jani, co-founder of BlueDart Express Limited, and Ajoy Khanderia, founder of Gramin Healthcare.

With this funding, TechEagle is well-positioned to enhance its drone technology and expand its reach, aiming to make deliveries faster and more efficient across various regions.

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