HYDERABAD: Dronetech startup from Hyderabad, Marut Dronetech Pvt Ltd, has raised $6.2 million (approx. Rs 52 crore) in Series A funding from Lok Capital.
The startup plans to use the funds raised to fuel its growth to a turnover of Rs 1,000 crore in the next five years by developing advanced agricultural drones tailored to customer needs, expanding its channel partner network and service centers into Tier 2-3 cities to cater to rural customers, and setting up drone agriculture service hubs to offer Drone-as-a-Service.
The Hyderabad-based company also plans to recruit professionals across all verticals, foster drone entrepreneurship, launch 17 new drone academies to train skilled professionals and enhance its research and development efforts in partnership with leading institutions in India to create advanced applications like direct seeding and crop monitoring.
Prem Kumar Vislawath, co-founder & CEO, Marut Drones, said the significant investment reinforces the startup’s commitment to empower Indian farmers and develop applications for aggregating drone-based services for institutions across sectors.
“The fresh capital will also allow us to make investments in building our team, increasing our manufacturing capacity to 3,000 drones per annum, and marketing to continue scaling at a rapid pace to reach a revenue target of Rs 1000 crore in the next five years,” said Vislawath, who set up Marut Drones in 2019 along with Suraj Peddi and Sai Kumar Chinthala.
Commenting on the development, Lok Capital director Hari Krishnan said: “Drones for agriculture are a novel technology that can secure the health of crops, while also saving water, preserving soil health, avoiding exposure to chemicals, increase yield to farmers and providing income to village-level entrepreneurs. Our investment in the company will support market expansion, new technology innovations, and indigenous manufacturing efforts.”
While agriculture is a priority for Marut Drones, it is also exploring disaster management and surveillance applications to reinforce its role as a comprehensive drone technology provider.
The startup has already grown to over 200 team members and has a fleet of 750 drones and over 1000 drone pilots across 14 states in India.
The startup plans to use the funds raised to fuel its growth to a turnover of Rs 1,000 crore in the next five years by developing advanced agricultural drones tailored to customer needs, expanding its channel partner network and service centers into Tier 2-3 cities to cater to rural customers, and setting up drone agriculture service hubs to offer Drone-as-a-Service.
The Hyderabad-based company also plans to recruit professionals across all verticals, foster drone entrepreneurship, launch 17 new drone academies to train skilled professionals and enhance its research and development efforts in partnership with leading institutions in India to create advanced applications like direct seeding and crop monitoring.
Prem Kumar Vislawath, co-founder & CEO, Marut Drones, said the significant investment reinforces the startup’s commitment to empower Indian farmers and develop applications for aggregating drone-based services for institutions across sectors.
“The fresh capital will also allow us to make investments in building our team, increasing our manufacturing capacity to 3,000 drones per annum, and marketing to continue scaling at a rapid pace to reach a revenue target of Rs 1000 crore in the next five years,” said Vislawath, who set up Marut Drones in 2019 along with Suraj Peddi and Sai Kumar Chinthala.
Commenting on the development, Lok Capital director Hari Krishnan said: “Drones for agriculture are a novel technology that can secure the health of crops, while also saving water, preserving soil health, avoiding exposure to chemicals, increase yield to farmers and providing income to village-level entrepreneurs. Our investment in the company will support market expansion, new technology innovations, and indigenous manufacturing efforts.”
While agriculture is a priority for Marut Drones, it is also exploring disaster management and surveillance applications to reinforce its role as a comprehensive drone technology provider.
The startup has already grown to over 200 team members and has a fleet of 750 drones and over 1000 drone pilots across 14 states in India.
You may also like
US Election 2024 Live Updates: Tight Race as Polls Open Amid Heightened Security
UAE: RAK's Wynn Al Marjan gaming resort will be 'must see' tourist destination, says CEO
SC upholds UP Madrasa Act; 'Fazli, Kamil' providing higher education degree unconstitutional
GMB hit with complaints as viewers fume over Ed Balls and Susanna Reid shake-up
IN PICS: 7 Must-Visit Places In Bihar To Witness Chhath Puja
