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After snapping ties with Zomato, TechEagle raises INR 3.5 Cr in Seed Funding

Drone startup TechEagle has secured INR 3.5 Cr in an apparent seed funding round. The large part of the funding has been done through internal funding, with majority of funding in the round being infused by two co-founders Vikram Singh and Anshu Abhishek.

According to the regulatory filings, the Kanpur based startup has passed a resolution to allot 1,663 convertible preference shares at a premium of INR 21,337 each share.

MCA filings show that Vikram Singh has made the maximum contribution in the funding round. Singh has contributed nearly INR 3 Cr and has been allotted nearly 1,465 shares for the same. Anshu Abhishek has contributed almost 34 Lakh and has been allotted 162 shares for his contribution.

India Accelerator, a seed stage accelerator program, has also infused INR 7 lakh in the funding round.

TechEagle had hit the headline last year after it abruptly cancelled the acquisition deal with Zomato. As per reports, Zomato had sought to acquire the Kanpur based firm for fulfilling its drone delivery ambition. Sources, however, claim that both companies failed to find a common ground for their long term ambition and this reportedly led to the revocation of the deal.

Few months after revoking ties with Zomato, the Kanpur based company has forayed in Ethiopia. Back then, the company said that it is launching  fully automated and intelligent urban & suburban commercial drone network in Ethiopia.

Apart from raising seed funding, TechEagle has also rolled out its maiden ESOP program called TechEagle ESOP 2021. The company has currently offered 337 options in its ESOP program and has kept the minimum vesting period till one year.

The Kanpur based company was founded in 2017 and today competes with scores of drone startups that are seeking to apply this nascent technology for varied services. It was one of the first companies to get MoCA and DGCA approvals for conducting 100 hours of BVLOS trails for package delivery in India.

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