RattanIndia Enterprises buys 60% shares in Drone Start-up ‘Throttle Aerospace Systems’
- ByStartupStory | May 27, 2022
RattanIndia Enterprises, one of the largest private power generation companies has acquired a 60% share in Bangalore-based Drone start-up Throttle Aerospace Systems (TAS). The investment was made through NeoSky India Ltd, a wholly-owned subsidiary in TAS.
Through this acquisition, Neosky will be able to provide clients with complete 360-degree drone solutions, including drones as a product (DAAP – drone hardware), drones as a service (DAAS – drone service solutions), and software as a service (SAAS – drone software).
RattanIndia Spokesperson Anjali Rattan “Over the next five years, drones will refine how commerce is the drone in India. India has shown that it adopts technology very rapidly as compared to other parts of the world. We at NeoSky want drones to solve some of the biggest challenges faced by consumers and enterprises in their daily lives. We believe drones will be the new smartphones, we want to see ‘Made in India’ drones in every Indian house. NeoSky aims to be the leading Drone brand in India as we go through this transformation”
Founded in 2016, TAS has been granted permission to build civil and military drones by the Directorate General Civil Aviation (DGCA) and the Ministry of Defence (MoD). The firm has a world-class team that has demonstrated product capabilities on both hardware and software platforms for drones.
The drone market is expected to raise up to $50 billion in the next 15 years. The Indian government is encouraging the industry aggressively with a raft of incentives, including the liberalization of Drone Rules in August 2021 and the PLI program, with the goal of making India a worldwide powerhouse for drones by 2030.
Follow Startup Story
Related Posts
