HYDERABAD: City-based Marut Dronetech Pvt Ltd has raised $6.2 million in Series A funding from investment firm Lok Capital.
According to a release, the tech firm is focused on creating an ecosystem to promote drone adoption across various sectors in India. It plans to allocate the funds towards several initiatives, including the development of advanced agricultural drones tailored to customer needs, expanding its channel partner network and establishing service centres in tier-II & III cities to better serve rural customers, it added. Additionally, the company aims to set up drone agriculture service hubs to offer drone-as-a-service through a partnership approach.
Prem Kumar Vislawath, CEO of Marut Drones, said, “The fresh capital will also allow us to invest in building our team, increasing our manufacturing capacity to 3,000 drones per annum, and enhancing our marketing efforts to achieve a revenue target of Rs 1,000 crore in the next five years.”