Sep 21, 2023

IndianWeb2 Desk insideFPV will use the freshly infused capital strategically to drive growth, innovation, and sustainability Mumbai Angels, a premium platform for private investments, has expanded its portfolio further by investing in insideFPV, the first company in India to manufacture Plug and Fly FPV drones across Consumer, Defense and Agriculture segments. The Seed funding round that raised INR 3.5 Cr, also saw the participation of other investors, including IPV, Soonicorn, and angel investors like Fossbytes and Kumar Sahu. insideFPV provides drones that empower its clients to create STEM education, create surveillance, and capture first-person view videos that were once out of their reach. The company’s market scope encompasses various sectors, including Government contracts and Defense, Agriculture, Commercial Sectors, and Surveillance. insideFPV will leverage the freshly infused capital strategically to drive growth, innovation, and sustainability. In specific, the funds will be used for R&D, product development, market expansion, and distribution and logistics. The startup will also focus on enhancing its customer support and training, partnerships and collaborations, data analytics and software integration, and acquisition and strategic investments with the newly raised capital. Earlier in July, the Drone Manufacturer had raised Rs 2.75 Crores in a Seed Round led by Inflection Point Ventures. Nandini Mansinghka, CEO of Mumbai Angels, said, “Drone technology, although not entirely new, has gained immense traction in recent times. Today, drones are used in several sectors for multiple purposes. However, insideFPV’s concept is a unique one, where customers can plug and fly the drones with a first-person view. It’s also the first time such a concept has been introduced in India. This funding is a testament to insideFPV’s innovations and technology, and we are confident that the fresh capital will enable the company to grow significantly and reach new heights.” “India’s drone market is soaring to new heights, and our innovative products in defense, consumer, and agriculture are not just cutting-edge; they are the wings of progress, serving farmers, and civilians, and enhancing security. At InsideFPV, we believe in propelling a brighter, safer future for all through the power of drone technology,” added ArthChowdhary, CEO of insideFPV. insideFPV has also created its own proprietorship in India and registered its Intellectual Property (IP) in the country, rather than copying and printing. As of now, the Shark Tank startup has served over 1000 customers, delivered 2000+ orders, registered an additional 15,000+ customers for buying drones, has 10+ drone arenas set up, and served 3+ regiments. Mumbai Angels, India’s premier platform for private investment (a part of 360 ONE, earlier known as IIFL Wealth & Asset Management), holds an AUM of USD 130 Mn and a 230+ strong portfolio spanning a wide range of sectors, such as Technology, Consumer, Life Sciences, DefenseTech, SpaceTech, EV, AgriTech, FinTech, EdTech, Gaming, and Content, etc. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. The platform has 1000+ investors spread across 70+ Global and Indian cities. Advertisements