Karnataka, India-based aerospace startup Nautical Wings received funding from IPO-bound drone maker ideaForge. The company announced the investment on January 28, 2023. However, it did not disclose the amount of the funding.
Purpose of funding for Nautical Wings
With the latest capital injection from ideForge, Nautical Wings seeks to invest in improving its production process.
Besides, the company has plans to develop its customised rotor blade solutions for the UAV industry.
What the Nautical Wings CEO has to add
Shiv Varun Singh Rajput, CEO of Nautical Wings Aerospace, said, “With ideaForge on board, we’re taking our mission to electrify aviation to new heights. Their presence in the UAV industry, in defence and civil end-use products, coupled with our passion for developing electric propulsion systems, makes for a powerful partnership. This investment is turbocharging our efforts, and we would like to create an impact in the aerospace industry.”
What the investor has to add
Vipul Joshi, CFO of ideaForge, further added, “Investing in Nautical Wings Aerospace is a key step in ideaForge’s journey. The ability to build composites with their own techniques is what made Nautical Wings Aerospace attractive to us.”
Earlier in April 2022, ideaForge raised USD 20 million in Series B funding. PE firm Florintree led the financing back then. Besides, existing investors such as Celesta, Infosys, Qualcomm, Infina and Exim Bank of India participated in the funding round.
About Nautical Wings
Shiv Varun Singh Rajput and Vikas Kamath co-founded Nautical Wings in 2020. The company’s mission is to contribute to the global effort of sustainable aviation by developing advanced electric propulsion systems for aircraft & unmanned systems.
The Banglore, India-based startup offers electric propulsion technology solutions to aerospace, maritime, defence as well as logistics sectors. Meanwhile, it provides standard rotor blades and tailor-made rotor blade development for UAV platforms. The company claims to be India’s 1st Electric Propulsion Technology Company.
About ideaForge
IIT Bombay graduates Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh launched ideaForge in 2007. The drone maker company builds drones for surveillance, crowd monitoring and rescue operations. Several sectors, such as energy, utilities, telecom, and agriculture, use the company’s offerings. The company claims to have deployed more than 1K drones since its inception. Besides, it possesses 15 years of research and development experience as well as holds more than 20 patents.
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