InsideFPV Secures Rs 3.5 Crore in Seed Funding Led by Mumbai Angels
- ByStartupStory | September 20, 2023
Drone manufacturing startup insideFPV has successfully raised Rs 3.5 crore in a seed funding round, with leading participation from Mumbai Angels. Other notable contributors in the funding round include IPV, Soonicorn, Fossbytes, and Kumar Sahu.
The company has outlined its intention to utilize these funds for various purposes, including driving growth, advancing product development, expanding its market presence, enhancing distribution and logistics capabilities, strengthening data analytics, integrating software solutions, pursuing strategic acquisitions, and making strategic investments, as stated in an insideFPV press release.
Established in 2021 by co-founders Arth Chowdhary, Devyant Bhardwaj, and Oshi Kumari, insideFPV specializes in providing drones that empower its clients to engage in STEM education, conduct surveillance activities, and capture first-person view videos that were previously challenging to achieve. The company operates across diverse sectors, including government contracts and defense, agriculture, commercial industries, and surveillance.
The startup, featured on Shark Tank, proudly asserts its track record of serving over 1,000 customers, fulfilling more than 2,000 orders, and attracting an additional 15,000 customers interested in purchasing drones. It also claims responsibility for establishing more than 10 drone arenas and providing services to over three regiments.
Mumbai Angels, with assets under management (AUM) totaling $130 million, boasts a portfolio of over 230 companies spanning a wide array of sectors, encompassing technology, consumer goods, defense technology, electric vehicles (EVs), agricultural technology, and others.
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