Startup Odisha supported drone company BonV Aero has raised Rs 6 crore in a funding round led by Inflection Point Ventures (IPV). This fresh capital injection will be utilised for various strategic initiatives, including client demonstrations, team expansion, and extensive internal research and development.
“Funds will be deployed to mature our current Aerial Platform and conduct demonstrations to scale orders in this segment. The support from IPV investors significantly bolsters our confidence in the path we've travelled and our vision to revolutionise aerial mobility for both goods and people in India and worldwide,” said Satyabrata Satapathy, CEO & Co-Founder, BonV Aero.
BonV Aero specialises in creating electric vehicles suitable for both goods and passenger transportation. The company has a strong focus on developing aerial vehicles that are adept at navigating challenging terrains, such as the Himalayas.
The company said that it has distinguished itself by creating India's first logistic aerial vehicle, capable of carrying substantial loads over significant distances and altitudes autonomously, due to its self-flying technology and robust in-house propulsion system.
Bhubaneswar based startup is trying to address critical needs in Indian defence logistics, disaster relief operations, emergency medical services, supply chain logistics, and rapid commerce deliveries.
“Aerial logistics has been a boon during emergencies, however it comes with its own challenges. Understanding the power of aerial space transportation, BonV Aero has developed a state of art technology and is one of India's pioneering multi-utility electrical air vehicle having demonstrated capability of carrying 50 kilos in hilly regions, providing much needed relief during natural calamities and when surface movements are unfavourable,” said Madhukar Bhardwaj, Sr. Vice President, Inflection Point Ventures.
“These drones are clean, smart, sustainable, and most importantly safe and affordable. With one of its kind innovative products, the company is sure to scale business across borders and we at IPV look forward to extending our strategic support,” Bhardwaj added.
The company, incubated at AIC CV Raman Global University in Odisha, has also secured the HDFC CSR Social Impact Grant and has established partnerships with prominent institutions like IIT Mandi and Bhubaneswar. Its recognition among the top 10 startups selected by the Indian Army's Army Design Bureau and collaborations with IITs underscores its innovative potential.
The logistic aerial vehicle market in India, estimated at $6.7 billion, is part of a global market projected to reach $44 billion by 2027, indicating substantial growth potential for companies like BonV Aero in this domain.