Drone Delivery And Logistics Firm TechEagle Raises Capital From Paytm Founder, Others

On-demand drone delivery and logistics firm TechEagle has completed a funding round with participation from Paytm Founder Vijay Shekhar Sharma, Navam Capital and Inflection Point Ventures.

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 group of high-net-worth individuals, the company said, without disclosing the quantum of capital raised.

With backing from investors and entrepreneurs, including Tushar Jani, co-founder of BlueDart Express, and Ajoy Khanderia, founder of Gramin Healthcare, “this funding will fuel our efforts to launch higher payload drones for mid-mile and inter-city deliveries”, said Vikram Singh Meena, founder and chief executive officer 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 and CEO of Inflection Point Ventures.

(With inputs from PTI)