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Bengaluru-based drone battery solutions provider Dreamfly Innovations has secured $1.4 Mn (around INR 12 Cr) as a part of its seed funding round led by Avaana Capital, along with participation from Sunicon Ventures among other existing backers
The startup plans to deploy the fresh proceeds to scale up operations, expand its team and advance R&D for sustainable and fire-resistant battery technologies
Launched in 2022 by Kajal Shah and Saurabh Markandeya, Dreamfly Innovations specialises in developing cutting-edge energy solutions that cater to the specific needs of the drone and aerospace sectors
Bengaluru-based drone battery solutions provider Dreamfly Innovations has secured $1.4 Mn (around INR 12 Cr) as a part of its seed funding round led by Avaana Capital, along with participation from Sunicon Ventures among other existing backers.
The startup plans to deploy the fresh proceeds to scale up operations, expand its team and advance R&D for sustainable and fire-resistant battery technologies.
“With the global drone market projected to reach $54 Bn by 2025, India stands to capture a substantial share, potentially reaching $4.2 Bn and expanding to $23 Bn by 2030, as per the EY-FICCI report Making India the drone hub of the world,” said Dreamfly Innovations cofounder and chief executive officer Kajal Shah.
Launched in 2022 by Shah and Saurabh Markandeya, Dreamfly Innovations specialises in developing cutting-edge energy solutions that cater to the specific needs of the drone and aerospace sectors.
The funding comes at a time when India’s battery tech sector is experiencing growing interest from the investors, highlighting its potential for significant growth and innovation.
For instance, last year, Battery Smart secured $65 Mn from LeapFrog Investments. Similarly, around the same time, Neuron Energy raised INR 20 Cr to expand battery manufacturing capacity.
In Union Budget 2025, the finance minister Nirmala Sitharaman announced the full exemption of Basic Customs Duty on cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 other critical minerals.
This initiative aims to enhance India’s manufacturing capabilities, promote job creation, and support MSMEs involved in mineral processing for electric vehicles and electronics.
According to a report, the global lithium-ion (Li-ion) battery market is projected to experience significant growth by 2030. The demand for Li-ion batteries is expected to reach around 4.7 terawatt-hours (TWh), growing from about 700 gigawatt-hours (GWh) in 2022, which translates to a compound annual growth rate (CAGR) of approximately 33%.
