Sunday, September 02, 2018

Drone Startups Expect Funding Boost From New Rules

India, the largest importer of unmanned aerial vehicles for defence, allowed their use in commercial mapping, surveys and photography. Startups operating in the nascent industry hope that would boost investor interest.

The nation has about close to 76 drone startups, compared with 681 in the U.S. and 129 in China, according to data shared by Tracxn. Most of them provide software services like using artificial intelligence and image processing algorithms to build aerial imagery, and less than a dozen actually make drones. Only 10 have been able to raise funds—$27 million in all.

“It is a very investment driven business,” said Vipul Singh, co-founder of Aarav Unmanned Systems, a maker/service provider which has been able to raise capital.
India’s drone market is expected to be just short of $1 billion by 2020, as per a report titled, Make In India for Unmanned Aircraft systems by EY and industry chamber Federation of Indian Chambers of Commerce and Industry. That compares with $100 billion estimate for the global market by 2020, according to Goldman Sachs.
02/09/18 Nishant Sharma/Bloomberg Quint