Drone delivery and logistics firm TechEagle raises funding from Paytm founder, others

TechEagle, an on-demand drone delivery and logistics startup, has raised an undisclosed amount of funding from Paytm founder Vijay Shekhar Sharma, Navam Capital and Inflection Point Ventures (IPV).

This is a bridge round of funding and the startup has completed the round with the latest infusion.

Sharma participated in the bridge funding round through his wholly-owned firm VSS Investco. The bridge round ahead of Series A also saw participation from Venture Catalysts and a diverse group of high-net-worth individuals, the company said.

With strong backing from strategic investors and entrepreneurs, including Tushar Jani, co-founder of BlueDart Express Limited, and Ajoy Khanderia, founder of Gramin Healthcare, the fresh capital infusion will fuel the company's efforts to launch higher payload drones for mid-mile and inter-city deliveries, it said.

"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,” said Vikram Singh Meena, Founder & CEO of TechEagle.

"TechEagle's innovative drones are set to revolutionise 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,” said Vinay Bansal, Founder & CEO of Inflection Point Ventures.

Catch all the updates of May 30 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

The Global Unicorn Summit 2024 in partnership with Zee Business is a ground-breaking gathering designed to catalyse the next generation of billion-dollar companies. Driven by a vision to accelerate India's start-up landscape, Global Unicorn Summit 2024 in partnership with Zee Business will bring together founders, investors, mentors, and industry leaders for immersive workshops, strategic networking, and keynote presentations by renowned global figures. To register, visit globalunicornsummit.com. #globalunicornsummit #GUS2024 #startups