BUSINESS BRIEF

Our client, is India's first consumer drone company. Started by a team of IIT Bombay alumni, and incubated by SINE IIT Bombay, it is also the first Indian company that makes nano drones and is a pioneer in drone education in India. Their drone platform aims to simplify drones the way Raspberry Pi simplified computing and IOT. The drone platform is comprehensive of hardware, software, content and community and has reached >1 million students across India. With annual revenue of ~Rs. 1.50 crore (16% of which comes from exports), company is also the official drone partner for Niti Aayog's 15,000 ATL Labs, IEEE for college education and IIT Bombay for competitions. They have built successful B2B partnerships too for their platform model which should come into play from the beginning of 2021. Company raised INR 27 Lacs between 2015-2017 from SINE IITB; INR 65 Lacs in 2017 from SINE IITB & Globevestor. Presently they are looking to raise a Pre Series A round of INR 4 Crs for a runway of 24 months. The funds will primarily be used for increasing export+online sales supported by enhancing domestic distribution channels.