Dronetech firm Marut Drones bags $6.2M in Series A funding from Lok Capital

Date:11-07-2024

Drone technology firm Marut Drones has bagged $6.2 million in Series A funding from investment firm Lok Capital.

The Hyderabad-based company plans to use the funds in initiatives, including developing advanced agricultural drones tailored to customer needs, expanding its channel partner network and service centres in Tier II and III cities, and establishing drone agriculture service hubs to provide Drone-as-a-Service through partnerships.

Founded in 2019 by three IIT Alumni—Prem Kumar Vislawath, Suraj Peddi and Sai Kumar Chinthala—Marut Drones aims to play a pivotal role in modernising agriculture across diverse geographies.

The drone tech company intends to create rural employment opportunities for Tier II and III cities, contributing to enhanced productivity and reduced input costs for farmers.

″We are excited to partner with the team at Marut to bring solutions to farmers and the broader rural economy,″ Hari Krishnan, Director of Lok Capital, said in a statement.

″Drones for agriculture are a novel technology that can secure the health of crops, while also saving water, preserving soil health, avoiding exposure to chemicals, increase yield to farmers and providing income to village-level entrepreneurs,″ Krishnan added. Marut Drones Co-founder and Chief Executive Officer Prem Kumar Vislawath, noted that the fresh capital will also allow the firm to make investments in building its team, increasing its manufacturing capacity to 3000 drones per annum, and marketing. The company has over 200 team members and a fleet of 750 drones and over 1,000 drone pilots across 14 states in India. 

It plans to recruit professionals across all verticals and foster drone entrepreneurship. The firm also intends to launch 17 new drone academies to train skilled professionals and enhance its research and development efforts in partnership with leading institutions in India to create advanced applications like direct seeding and crop monitoring.

Last month, Marut launched AG365H, a DGCA Type Certified medium category agricultural drone. The AG365H can be used for fish feeding, broadcasting fertiliser granules, spraying pesticides, and providing comprehensive training for drone operators.

The Hyderabad-based company is also exploring disaster management and surveillance applications as it intends to become a comprehensive drone technology provider. It aims to reach a revenue target of 1000 crore in the next five years. Drone startups secured $50 million in investment in FY24, marking a threefold increase from the previous year, according to NITI Aayog. 

A report by NITI Aayog notes that the unmanned aerial vehicle market in India is projected to reach $15 billion by 2030. 

The Indian drone market is expected to grow significantly, with drone volumes increasing to 61,393 units by 2029 from 10,803 units in 2024, according to projections by markets research firm Markets and Markets.