Geospatial Startup Matrix Geo Secures Pre-IPO Funding

Drone and spacetech-based geospatial startup Matrix Geo Solutions has bagged close to $1 Mn (around INR 10 Cr) in its pre-IPO funding round led by Chittorgarh Infotech Limited, along with participation from Viney Equity Markets LLP, Tryrock Capital and Trust AIF.

Following this, the New Delhi-based company is now looking to file DRHP soon for SME IPO.

It plans to use the fresh capital to scale up its growth and tap on a larger market share in the drone services sector in India and overseas.

IntelliFin Private Limited acted as the sole investment banker to the company.

Founded by Amit Sharma and Rahul Jain in 2008, Matrix Geo Solutions develops drone-based solutions for enterprises. Its offering includes LiDAR-M which is a light detection and data processing software built on Microsoft. Its use cases are aerial photography, asset inspection, Lidar survey and more.  

“We are delighted to successfully complete the pre-IPO funding round and would like to express our gratitude to the eminent investors who showed faith in Matrix Geo” , said Sharma.

The company has also delivered services to a range of sectors, including railways, roadways, ropeways, irrigation, agriculture, hydropower, metro projects, mining, urban planning, solar power, inspections, and Surveillance.

 Matrix Geo Solutions also claims to have launched drone academy of India, an educational initiative aimed at building capacity and expanding market reach. 

The academy provides practical, industry-focused drone and space technology training for students, major infrastructure companies, and government agencies. 

The dronetech space in India has seen a host of developments recently.

For instance last week drone startup Airbound raised $1.7 Mn (about INR 14.34 Cr) in its seed funding round led by Lightspeed, with participation from gradCapital and other angel investors.

In July, Bengaluru-based drone startup Aereo (formerly Aarav Unmanned Systems) raised $15 Mn in its Series B funding round led by 360 ONE Asset, with participation from StartupXseed Ventures and Navam Capital.

According to an Inc42 report India’s drone tech landscape is rapidly expanding, offering a significant market opportunity. Launch of 200+ drone tech startups, an impressive tally of more than 13K registered drones nationwide and two listed drone tech startups, underscores the vast potential for further innovation and development.

The homegrown drone tech market is projected to grow to a size of $13 Bn by 2030.