[Funding alert] Drone and AI tech startup Enercomp raises Rs 1.5 Cr in angel round
Ahmedabad-based drone manufacturing, services, and AI tech startupraised its angel round of funding of Rs 1.5 crore from ah! Ventures angel platform.
This is ah! Ventures’ 23rd investment in 2021 and five more investments will be announced shortly.
“India's drone market can grow to Rs 50,000 crore in the next five years and we are also seeing great policy reforms by the government. In the past two years only, we have seen tenders of about Rs 113 crore from the central government. We have done sales of around Rs 50 lakh in the last quarter, compared to Rs 68 lakh total revenue of the last year, which was also 2X of the revenue of the year before that,” said Jatin Patel, Founder, Enercomp.
NASSCOM selected startup Enercomp has been in drone operations for the past three years. It claims to have witnessed around 3X growth rate and acquired clients like Tata projects, RIL, Shapoorji Pallonji, Indospace, Iron Triangle, MIDC, Gujarat Forest, Sangli Corporation, and many more (70+ unique clients).
According to Anuj Kumar, Venture Partner at ah! Ventures, Enercomp drone solutions are rightly placed in the data acquisition and processing space, providing an effective decision-making process and project implementation for their clients both in private, as well as government sectors.
“With their cost effective drone services, they are addressing the major problem of traditional data collection methods, analysis and dissemination and solving these issues with accuracy, efficiency, and scalability. Their USP lies in their in-house developed software, dashboard, sensor, GIS which can be further customized as per the project requirement,” he said.
With its proprietary tech, Enercomp’s solutions have capabilities to cater to diverse sectors ranging from agriculture to industrial services to defence, and much more.
“Their own drone products (BAAZ, SARAS, CHEEL) will be revolutionary products in the Indian drone industry which will have a competitive advantage in endurance (flying time), cost, weight, pilot training and very importantly, ability to adapt as per the climatic condition and geographical landscape,” stated Anuj.
“Until last year we had around 90 percent of revenue coming from the B2B sector and from the drone services business. This year we are launching our drones and our GIS platform and in fact, we have already booked orders of around Rs 35 lakh for the products. With our strong positioning in the survey/inspection business, we aim to achieve the target of Rs 2.5 crore in the current financial year with an increased share in the B2G business as well (around 40 percent of target revenue),” said Jatin.