insideFPV, a startup that makes plug-and-fly first-person view (FPV) drones across consumer, defence, and agriculture segments, has closed its Rs 3.5 crore seed round of funding, the company informed in a press release on September 20, Wednesday.

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The first tranche of the seed round of Rs 2.75 crore that was received in July this year, was led by Inflection Point Ventures (IPV). It also saw participation from other unnamed investors.

The company has now raised the remaining Rs 75 lakh through this second tranche. This second and last round was led by Mumbai Angels. Other investors like IPV, Soonicorn, and angel investors like Fossbytes and Kumar Sahu also took part in the round, the company said in the press release.

insideFPV will use the funding for R&D, product development, market expansion, and distribution and logistics. The startup will also focus on enhancing its customer support and training, partnerships and collaborations, data analytics and software integration, and acquisition and strategic investments with the newly-raised capital.

"Drone technology, although not entirely new, has gained immense traction in recent times. Today, drones are used in several sectors for multiple purposes. However, insideFPV’s concept is a unique one, where customers can plug and fly the drones with a first-person view. It’s also the first time such a concept has been introduced in India. This funding is a testament to insideFPV’s innovations and technology, and we are confident that the fresh capital will enable the company to grow significantly and reach new heights," said Nandini Mansinghka, CEO of Mumbai Angels.

insideFPV provides drones that enable its clients to generate STEM education, surveillance, and first-person view movies that were previously out of reach. The market scope of the startup includes government contracts and defence, agriculture, commercial sectors, and surveillance.

“India’s drone market is soaring to new heights, and our innovative products in defence, consumer, and agriculture are not just cutting-edge; they are the wings of progress, serving farmers, and civilians, and enhancing security. At InsideFPV, we believe in propelling a brighter, safer future for all through the power of drone technology,” added ArthChowdhary, CEO of insideFPV.

Instead of copying and publishing, insideFPV has established its own proprietorship in India and registered its Intellectual Property (IP). Currently, the Shark Tank firm claims to have serviced over 1000 clients, fulfilled over 2000 orders, enrolled an additional 15,000 consumers to purchase drones, established more than 10 drone arenas, and served over 3 regiments.

Drone market in India

With investments totalling nearly $50 million, the current fiscal is all set to be the best year for India’s drone industry. Drone start-ups received $49.7 million in funding across 20 rounds in FY2022-23, compared to $25 million in funding across 23 rounds in FY2021-22, according to statistics shared by Tracxn Technologies.

India's drone market is forecasted to grow by $2,760 million during 2023-2028, driven by government spending and growing adoption, according to RationalStat's “Indian Drone Market Analysis and Forecast, 2019-2028" market report. The India drone market is dominated by an Indian startup ideaForge, which had a market share of over 47 per cent in 2022, with more than 20 registered patents, the report said.