Coromandel International feels that the government’s move to liberalize the export of civilian drones will boost Daksha.
The end of June and the beginning of July were thrilling months for the drone sector. Several firms made headlines, whether for going public, acquisitions, or obtaining orders. Here’s a look at some of the most important drone stories from the last two weeks.
- According to EnTracker, as of July 6, drone manufacturing firm Inside FPV had secured Rs 2.75 crores in a seed round headed by Inflection Point Ventures. The monies will be used for product development, marketing, and research, according to the corporation.
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- Drone Destination, a remote pilot training organization (RPTO), will go public on July 7. In its red herring prospectus, the business states that it has partnered with National Skill Development Corporation (NSDC) and would offer joint certification on different drone-related application courses through NSDC’s Skill India Portal. The business would issue 68,00,000 equity shares with a face value of Rs.10 each. According to Drone Destination, the cash will be used to acquire more drones, vehicles (for survey and mapping), satisfy the company’s working capital requirements, and for general corporate objectives.
- On July 5, Garuda Aerospace stated that the Indian Farmers Fertiliser Cooperative (IFFCO) had placed an order for 400 Agri Kisan drones. Garuda’s Agri Kisan drones are agricultural drones with sensors and digital imaging capabilities that help in crop growth monitoring and agriculture operations optimization. According to the IFFCO, these drones will be used to spray nano urea and nano DAP (a type of fertilizer) solutions. It also states that it will engage 5000 rural entrepreneurs to develop spray solutions to be utilized in conjunction with the drone.
- Coromandel International, a maker of agricultural products, said on June 29 that it has bought an additional 32.68% ownership investment in the startup Dhaksha Unmanned Systems for Rs. 204 crores. The corporation already owned 18.34% of Daksha, and with this recent acquisition, it has become the largest stakeholder (51%). Dhaksha is the first company in India to obtain DGCA (Directorate General of Civil Aviation) Type Certification for the commercial sale of drones for three different drone models (Agri – Hybrid, Agri – Electric, and Surveillance drones), according to Coromandel’s statement, and has a valuation of Rs 625 crore. Coromandel International feels that the government’s move to liberalize the export of civilian drones will boost Daksha.
- IdeaForge went public on June 26 (read more about their IPO here). According to MoneyControl, the firm is the first to have been subscribed to more than 100 times since 2022. Between June 26 and June 30, it received proposals totaling Rs. 33,000 crore.
