Drone technology startup IG Drones has secured $1 million in a funding round led by India Accelerator, with contributions from other angel investors. The newly raised capital will be primarily used to bolster research and development efforts, specifically targeting the creation of advanced drone solutions tailored for defense applications. The company is also planning to raise an additional $3 million over the next six months to expand its operations both domestically and internationally.
IG Drones, which is backed by the Ministry of Electronics and Information Technology, aims to direct a significant portion of the funding towards developing cutting-edge drone technology designed for the growing demands of the defense sector. The startup has already made a name for itself in the drone industry by creating innovative solutions and is now focused on scaling up these operations.
Bodhisattwa Sanghapriya, founder and CEO of IG Drones, expressed his enthusiasm for the company’s future, stating that this funding will accelerate their growth trajectory. “Our primary focus is on innovation in drone technology and expanding our global footprint. This investment will support our plans for advanced R&D, talent acquisition, and expanding our market presence. We aim to solidify our position as leaders in drone tech and artificial intelligence,” he said.
Founded by Sanghapriya and Om Prakash, IG Drones specializes in the manufacturing of drones and offers a range of services such as surveying, mapping, and inspection. The company has already established partnerships with key entities, including the Indian Army, several state governments, and over 100 large enterprises. Notably, IG Drones claims to have developed India’s first 5G-enabled drone, a milestone that highlights its leadership in the industry.
In 2023, IG Drones took another step forward by partnering with Korean drone solutions startup Igis, further expanding its reach. The company currently operates in five countries and has ambitious plans to increase its global presence as part of its expansion strategy.
Commenting on IG Drones’ success, Ashish Bhatia, founder and CEO of India Accelerator, praised the startup for its innovative contributions to drone technology. “IG Drones is driving the future of aerial technology, pushing the boundaries of what is possible with its advanced tech solutions. Their innovations are transforming operations across various industries, enhancing efficiency and scalability in remarkable ways,” Bhatia remarked.
India’s drone technology sector has seen a surge in investor interest in recent months. In July, drone-based business intelligence provider Aereo raised $15 million in a Series B round, while in June, drone delivery logistics company Skye Air secured $4 million in a funding round led by multiple investors. According to industry estimates, the Indian drone market, which was valued at Rs 29 billion in 2020, is expected to grow to Rs 2.5 trillion by 2030, indicating substantial opportunities for growth. IG Drones is well-positioned to capitalize on this burgeoning sector.