Shark Tank-Featured InsideFPV Soars with Fresh Funding, Eyes Market Expansion
InsideFPV, a home-grown drone maker, has made headlines by securing $420,490 (Rs 3.5 crore) in a fresh funding round from several investors, including Inflection Point Ventures, Mumbai Angels, and Soonicorn Ventures.
As per the startup, the freshly raised funds will be used for expanding its market, research and development (R&D) purposes, as well as for distribution and logistics.
Additionally, parts of the raised funds will be used to focus on improving its customer support and training, partnerships and collaborations, data analytics and software integration, along with acquisition and strategic investments.
Angel investors, including the likes of Kumar Sahu and Fossbytes, also participated in the funding round.
InsideFPV | Plug And Fly FPV Drones
Co-founded by Arth Chowdhary, Oshi Kumari, and Deyvant Bhardwaj in 2020, InsideFPV is a Surat-based drone manufacturer that provides Plug and Fly FPV (first-person view) drones, enabling customers to plug the battery into the drone and fly it.
Catering to different use cases, the Surat-based drone manufacturer targets to penetrate the consumer drone space, agricultural and defence space in the coming quarters. Recognized by the Government of India as a startup under the Robotics Industry by Startup India and featured in Shark Tank India, InsideFPV drones have been procured by the Indian Army as well.
Statement from the Investors
During that funding round, Deyvant Bhardwaj, Co-founder of InsideFPV, said,
“In the consumer sector, we aim to provide drones that bring convenience to people’s lives. We are the first firm in India to offer plug-and-fly first-person view (FPV) drones. We have also created drones with enhanced sensors and imaging capabilities for agricultural and military uses.”
As per Arth Chowdhary, Co-founder and CEO at InsideFPV, their products in defense, consumer, and agriculture are not just cutting-edge, but they also help in serving farmers and civilians and enhancing security. In July this year, the Surat-based drone manufacturer raised $333,505 (Rs 2.75 crore) in a seed funding round from Inflection Point Ventures for product development, research, and marketing.
With several positive developments in the drone ecosystem, the Indian drone industry is expected to reach US$ 1.5-1.9 billion by 2026, as per the Civil Aviation Ministry.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.