Paytm’s Vijay Shekhar Sharma Invests in TechEagle

TechEagle, an on-demand drone delivery and logistics startup, has secured an undisclosed amount in its latest funding round. Key investors include Paytm founder and CEO Vijay Shekhar Sharma, Navam Capital, and Inflection Point Ventures (IPV), an angel investment firm based in Gurgaon. Sharma invested via his wholly-owned entity, VSS Investco. The round also saw participation from Venture Catalysts and a diverse group of high-net-worth individuals.

The startup intends to utilize the newly acquired funds to expedite the development and deployment of drones with higher payload capacities, specifically for mid-mile and inter-city delivery services. Vikram Singh Meena, the Founder and CEO of TechEagle, commented, “This investment will propel our initiatives to introduce higher payload drones for mid-mile and inter-city logistics, reinforcing our leadership in the drone delivery sector.”

Related: How Skye Air Mobility is Disrupting Drone Delivery in India

Established in 2017 by CEO Vikram Singh and COO Anshu Abhishek, TechEagle specializes in using drones for last-mile delivery of various goods such as healthcare products, food, and parcels. CEO Vikram Singh Meena outlined the company’s vision, saying, “With the backing of our investors, we plan to scale our operations nationwide to facilitate quicker and more cost-effective deliveries.” The startup’s flagship product, ‘Vertiplane X3,’ is noteworthy for its 100 km flight range, 5 kg payload capacity, and speed of 120 km/h. It boasts a client base that includes prestigious institutions such as AIIMS, various state governments, and the World Bank.

Vinay Bansal, Founder and CEO of Inflection Point Ventures, remarked on the advancement, stating, “TechEagle’s cutting-edge drones are poised to transform logistics accessibility in urban and semi-urban regions. IPV is dedicated to backing initiatives like TechEagle to observe the beneficial influence of technology in the logistics sector.” The company is supported by strategic investors and entrepreneurs, such as Tushar Jani, co-founder of BlueDart Express Limited, and Ajoy Khanderia, founder of Gramin Healthcare.

TechEagle, a drone delivery startup, has secured undisclosed funding from prominent investors like Paytm’s Vijay Shekhar Sharma and Inflection Point Ventures. The funds will accelerate the development of higher payload drones for mid-mile and inter-city logistics. TechEagle plans to leverage its flagship ‘Vertiplane X3’ drone to expand nationwide and provide quicker, more cost-effective deliveries. Investors believe the company’s cutting-edge drone technology will transform logistics accessibility in urban and semi-urban areas. With strategic backers like BlueDart’s co-founder, TechEagle is poised to lead the drone logistics revolution in India.