Drone delivery startup Skye Air on Wednesday announced its $4 million Series A funding round from venture capital funds Mount Judi Ventures, Chiratae Ventures, Venture Catalyst, Windrose Capital, and Tremis Capital. The round also involved Faad Capital, Misfits Capital, Hyderabad Angels, Soonicorn Ventures and other existing investors, family offices and angels.
Speaking on the fundraising, Ankit Kumar, Founder & CEO, Skye Air said the fresh capital will help the company expand its last-mile network across Gurugram and other cities for healthcare, e-commerce, and quick-commerce deliveries.
Founded in 2019 by Ankit Kumar and Chandra Prakash, Skye Air offers drone-based logistics solutions to various industries including healthcare, e-commerce, quick-commerce, and agri-commodity. The company has also developed an unmanned traffic management system to manage drone traffic.
“We are enthused by the support and guidance we have received from the Ministry of Civil Aviation, DGCA, AAI, District Administrations and other authorities towards building drone delivery solutions which can impact millions of lives,” Kumar added.
According to a September 2022 report by EY and FICCI, the drone and its components industry can boost India’s manufacturing potential to around $23 billion by 2030.
Moreover, important steps are required to “create a robust demand, boost manufacturing, attract investments and facilitate exports to make India the drone hub of the world by 2030, offering the most competitive and innovative manufacturing capabilities,” according to the report.
Apoorva Ranjan Sharma, Founder and Managing Director at Venture Catalysts said “India’s vast and diverse terrain demands an efficient and innovative logistics system, and drone-based last-mile deliveries are at the forefront of this revolution. “
“The current government’s policies governing the drone or UAV ecosystem such as a ban on the import of drones to encourage local production and stringent drone certification processes to ensure safety and quality, has led to a surge in drone startups and significant investments in this futuristic logistics solution,” said Sharma.
Sharma said India’s drone industry is expected to grow from Rs 2,900 crore in 2020 to Rs 81,600 crore by 2025.
