BENGALURU: Bengaluru-based drone technology company Aarav Unmanned Systems is planning to raise fresh capital in a Series A round. According to people privy to the developments, the discussions are in the final stages.
The company is looking at raising funds worth $6-10 million. The existing investors, as well as a few new investors, may participate in the Series A round, they said. With the fresh capital infusion, the company would look at expanding its international footprint, particularly in countries where mining and other infrastructure projects are booming.
When contacted, Vipul Singh, co-founder and CEO of Aarav Unmanned Systems, said, “We are looking at the capital for growth and also at an international entry where there is potential for our technology solution to be played.” However, he did not disclose details of the discussions related to funding.
Earlier, the company had raised an undisclosed amount in its pre-Series A funding led by GrowX Ventures, 500 Startups and Bellwether advisors, in which other existing investors including 3one4 Capital, StartupXseed and angel investor Sanjay Jesrani also participated.
The company started in 2013 by three IIT alumni — Vipul Singh, Nikhil Upadhye and Suhas Bashiwala — was initially incubated at SIDBI Innovation and Incubation Centre (SIIC) at IIT-Kanpur. Aarav builds commercial-grade drones and provides end-to-end drone-based solutions for enterprise applications in mining, urban/rural planning & development, road/railway development, irrigation and infrastructure design & development. The company counts players like Coal India, Hindalco, JSW group, L&T, Adani, Vedanta and multiple state governments across the verticals as its clients.