SUMMARY
Nautical Wings will use the funds to improve its production process and plans to develop its customised rotor blade solutions for the UAV industry.
The startup offers electric propulsion technology solutions to aerospace, maritime, defence and logistics sectors
In December 2022, Inc42 reported that ideaForge converted into a public company, which is a crucial step towards IPO listing
Aerospace startup Nautical Wings has received an undisclosed amount of investment from IPO-bound drone maker ideaForge.
Nautical Wings will use the funds to improve its production process and plans to develop its customised rotor blade solutions for the UAV industry.
Founded in 2020 by Shiv Varun Singh Rajput and Vikas Kamath, the Bengaluru-based startup offers electric propulsion technology solutions to aerospace, maritime, defence and logistics sectors.
The startup also offers standard rotor blades and tailor-made rotor blade development for UAV platforms.
“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,” said Shiv Varun Singh Rajput, CEO of Nautical Wings Aerospace.
On the other hand, founded in 2007 by IIT Bombay graduates — Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge builds drones for surveillance, crowd monitoring and rescue operations.
The startup’s drones are also used for varied sectors such as energy, utilities, telecom, and agriculture. Earlier, it claimed to have deployed 1K+ drones since its inception and holds 15 years of research and development experience and more than 20 patents.
“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,” said Vipul Joshi, CFO of ideaForge.
In December 2022, Inc42 reported that ideaForge converted into a public company, which is a crucial step towards IPO listing.
In April 2022, the startup secured $20 Mn in a Series B funding round led by PE firm
Florintree. Existing investors such as Celesta, Infosys, Qualcomm, Infina and Exim Bank of India also participated in the funding round.
In India, it competes with the likes of Dhaksha Unmanned Systems, General Aeronautics and Multiplex Drone, among others.
According to a Statista report, the country’s drone market is pegged at $23.63 Mn in 2023. The industry is expected to grow at a CAGR of 8.12% between 2023 and 2027.
In the meantime the country’s drone segment has witnessed a few positive developments. Including, in December 2022, Aegis Investment Fund-backed DroneAcharya listed for IPO and got subscribed more than 22.94 times on the first day of listing.
Further, in November 2022, Garuda Aerospace secured $5 Mn from a large infra development company, a group of HNI and angel investors from India, UAE and Singapore.
During the same month, Skye Air secured about $1.7 Mn in a seed funding round led by Chiratae Ventures. Lead Angels, O2 Angels, Agility Ventures, LetsVenture, Rajeev Chitrabhanu, Ankit Nagori, Varun Alagh, Gautam Badalia and Ayush Lohia also participated in the round.
