IG Drones, an Odisha-based drone technology startup, has announced it has raised $1 million in its first round of funding. The investment was led by India Accelerator, with participation from other angel investors.
The company plans to use the funding to further its research and development efforts, particularly in creating drone solutions for defence applications.
IG Drones, founded by Bodhisattwa Sanghapriya and Om Prakash, specializes in drone manufacturing and R&D. The company offers a range of services, including surveying, mapping, and inspection, and has partnered with various entities, including the Indian Army, state governments, and large enterprises.
Notably, IG Drones claims to have developed India's first 5G drone and has an existing partnership with Korean drone solutions startup Igis.
"Our focus remains on innovation and R&D, talent acquisition, and global expansion," said Bodhisattwa Sanghapriya, founder and CEO of IG Drones. "We are poised for exponential growth this year, solidifying our position as leaders in Drone Tech and AI. This first round of funding will provide the necessary boost for the brand's advanced R&D in drone technology."
The company has ambitious plans for the future, aiming to raise an additional $3 million over the next six months to expand its operations both in India and internationally. This growth aligns with the projected expansion of India's drone market, which is estimated to reach Rs 2.5 trillion by 2030, a significant increase from Rs 29 billion in 2020.
"IG Drones is innovatively pushing the boundaries of aerial technology and redefining the future of industries," said Ashish Bhatia, founder and CEO at India Accelerator. "Its advanced tech-based solutions are not only transforming operations across sectors but also driving efficiency and scalability in truly remarkable ways."
This investment highlights the growing interest in India's drone tech sector. Recent months have seen other drone companies, such as Aereo and Skye Air, also secure significant funding, indicating a trend of increasing investment in this rapidly evolving industry.
