Indian Drone Tech Startup Landscape & Market Opportunity Report 2023 by Inc42 Media

2024

Table Of Contents

India’s Digital Economy In A Nutshell

02 The Rise Of India’s Drone Tech Startups 03 Decoding The Drone Tech Opportunity 04 India's Drone Tech Startup Landscape 05 The Drone Tech Value Chain 06 Understanding Drone Tech Use Cases 07

Drone Tech Funding Trends In India

08 The List Of India's Drone Tech Startups 09 Regulatory Framework & The Role Of Government In Drone Tech 10

Key Factors Propelling The Growth Of The Drone Tech Ecosystem In India

Key Challenges Faced By Drone Tech Startups In India

Performance Of Listed Indian Drone Tech Startups

India To Have 900 Mn+ Active Internet Users By 2025 By 2025, 56% of all new internet users will be from rural areas, and 65% of new internet users will be female 2022 Smartphone users

Internet users

Urban internet users

Rural internet users

931 Mn+

759 Mn+

360 Mn+

399 Mn+

SOURCE: IAMAI, INC42 ANALYSIS

2025 (E)

1.1 Bn+

900 Mn+

396 Mn+

504 Mn+

% Growth (Absolute)

22%

19%

Internet Penetration (Active Users)

5G Enabled Indian Cities/towns

52%

7K+

Urban Internet Penetration (Active Users)

Number Of Male Internet Users

71%

395 Mn

Cost Of 1GB Internet

Number Of Female Internet Users

$0.16

349 Mn

10%

26%

The Rise Of India’s Drone Tech Startups

200+

Drone Tech Startups In India

140 Mn+

Funding Raised By Indian Drone Tech Startups Since 2014

$13 Bn+ 21% Estimated Indian Drone Market Opportunity By 2030

CAGR For Drone Tech Market Opportunity In India From 2022 To 2030

13K+

63+

Registered Drones In India

DGCA Authorised Remote Pilot Training Organisation (RPTO) In India

Source: Inc42, Multiple Secondary Sources Data Of Registered Drones Is As Of Nov 2023, & DGCA Authorised RPTO In India Is As Of July 2023

Drones Take Flight: A $91 Bn+ Global Market Opportunity By 2030

Global Market Opportunity ($ Bn)

100

20% CAGR 50

0 Source: 1Lattice

CY2018

CY2021

CY2022

CY2027E

CY2030E

The US And APAC To Lead The Drone Tech Market Globally

Global Market Opportunity ($ Bn)

CY2018

CY2022

USA Source: 1Lattice

Europe

CY2027E

MEA

APAC

RoW

CY2030E

Drone Tech In India: Soaring Towards a $13 Bn+ Market Opportunity By 2030

Indian Market Opportunity ($ Bn)

22% CAGR 5

0 Source: 1Lattice, Inc42 Analysis

CY 2022

CY 2030 E

India’s Drone Tech Startup Landscape

Source: Inc42 Note: This is not an exhaustive list

Drone Tech Value Chain COMPONENTS

BATTERIES PAYLOADS SENSORS PROPULSION

OEMS

PHYSICAL INFRASTRUCTURE

COUNTER DRONE EQUIPMENT

DRONE OEM MANUFACTURES

LAUNCHING PADS

DETECTION TRACKING

UTM PLATFORMS

GROUND CONTROL SYSTEMS

CHARGERS

INTERDICTION

VERTI-PORTS

UAS GUNS

ROUTE PLANNING APPLICATIONS

SHIELDS

GPS DEVICES

TELEMETRY AND COMMS

LASERS

NAVIGATION AND UTM

OPERATION AND SOLUTIONS

DATA MANAGEMENT

SUPPORT SERVICES

SERVICE MARKET PLACES

IMAGE PROCESSING APPLICATION

PILOT MARKET PLACES

USE CASE AS A SERVICE

DATA PROCESSING PLATFORMS

REPAIR SERVICES

PLATFORM AS A SERVICE

AI AND EMERGING TECHNOLOGY USE CASES

INSURANCE

CONSULTING TRAINING SERVICES TESTING INFRA

Souce: EY

Exploring The Skies: UAS Types

NANO UP TO 250 GM

MICRO MORE THAN 250 GM

SMALL MORE THAN 2 KG

Medium MORE THAN 25 KG

UP TO 2 KG UP TO 25 KG UP TO 150 KG

Source: Digital Sky (DGCA) Note: Drones Categorised By Maximum Weight Including Payload

Large MORE THAN 15O KG

Drone Public Use Business

Agriculture

Transportation

Real Estate

Source Inc42, Multiple Secondary Sources

Military Use

Logistics

Oil & Gas

Videography

Mining

Utilities

Drone-As-A-Service

Security

How Drone Tech Can Revolutionise India’s Agricultural Landscape

Agriculture Mapping And Surveying Of Land

Crop Health Assessment

Aerial Seeding And Crop Dusting

Providing Data For R&D

Spraying And Pest Control

Insurance And Risk Assessment

Livestock Monitoring

Environmental Monitoring And Conservation

Drought Management

Post-Harvest Monitoring

Source: Inc42, Secondary Sources

Drones for Enhanced Crop Management: This could help in efficiently scanning vast agricultural landscapes, generating detailed maps for prompt action on crop stress, disease, and tailored treatment, thereby refining farming methods. Precision in Application: Drones, fitted with advanced sprayers, deliver agrochemicals precisely to targeted crop zones. This method reduces chemical consumption, minimises environmental impact, and boosts treatment efficiency. Rapid Crop Monitoring: Equipped with high-definition cameras, drones facilitate quick crop inspections. They assist in yield predictions, highlight areas needing improvement, and inform harvesting plans, thus streamlining inventory management. Cost-Effective Terrain Accessibility: Drones navigate difficult or remote terrains effortlessly, cutting down operational expenses. They provide valuable insights across diverse field sections, significantly improving overall agricultural administration.

How Logistics Sector Can Utilise Drone Tech Innovations

Logistics

Last-Mile Delivery Optimisation: Drones are increasingly used for the last-mile delivery of parcels, particularly in hard-to-reach or densely populated areas. They provide a swift, effective solution for delivering small, urgent packages.

Last-Mile Deliveries

Supply Chain Management

Emergency Response Efficiency: In critical situations, drones are invaluable for quickly transporting medical supplies, first aid essentials, or blood samples to isolated or disaster-impacted regions, where standard transport methods are impractical.

Disaster Relief And Medical Supplies

Inspections And Surveys

Warehousing And Inventory Management

Fleet Management

Warehouse Inventory Management: Drones, equipped with advanced sensors and scanning technologies, enhance inventory control in warehouses. They facilitate more frequent and faster stock audits than traditional approaches, resulting in heightened accuracy and operational efficiency.

Remote Area Supply Chain Source: Inc42, Secondary Sources

Cost and Time Savings in Logistics: Utilising drones in logistics can significantly cut transportation costs and delivery time. They avoid traffic jams, follow direct routes, and reduce the need for human handling in various delivery stages.

Drone As A Service — Commercial Applications In India

Drone As A Service Agriculture

Construction

Logistics

Data Collection

Rental Services: DaaS providers present drones for short-term hire,

enabling individuals or businesses to utilise drones for specific projects or timeframes without the commitment of ownership. This includes a range of drones, outfitted with bespoke features or payloads suited to diverse tasks.

Data Collection and Analysis: DaaS firms specialise in delivering

drone-based data gathering services. They procure aerial imagery, videos, or specific data using drones fitted with sensors, cameras, or other specialised equipment. Moreover, these firms often provide data processing and analysis services to extract practical insights from the amassed data.

Industry-Specific Solutions: DaaS providers tailor their offerings to

particular industries such as agriculture, construction, real estate, insurance, and others. They deliver customised solutions using drones for industry-specific requirements like crop monitoring, site surveying, infrastructure inspection, and property evaluation.

Real Estate

Energy Sector

Source: Inc42, Secondary Sources

Environmental

Defence & Security

Environmental Monitoring and Conservation: DaaS supports

environmental monitoring endeavours, aiding in conservation efforts by employing drones for wildlife tracking, habitat evaluation, and observing ecological changes, all while minimising disturbance to natural environments.

Commercial Application Of Drone Tech In Defence And Security Sector

Defence And Security Surveillance

Battlefield Assessment

Logistics

Combat

Target Acquisition

Data Gathering

Disaster Response

Infrastructure Protection

Source: Inc42, Secondary Sources

Surveillance and Reconnaissance: Military drones are extensively utilised for intelligence gathering, surveillance, and reconnaissance operations. They offer real-time aerial perspectives of targeted areas, aiding in monitoring enemy movements, border surveillance, and threat evaluation, all whilst minimising risk to human lives. Target Acquisitionand Tracking: Armed drones, equipped with sophisticated sensors and targeting systems, are employed for identifying and tracking targets on the ground or at sea. They assist in precise target acquisition for accuracy in strikes or tactical manoeuvres. Combat Support: Drones bolster support to ground forces by providing situational awareness and aerial assistance during military operations. They can convey vital information about enemy positions, assist in directing artillery fire, and offer cover for advancing troops.

Drone Tech Usage In Film Making And Recreational Usage

Film Making And Recreational Usage Film Production

Advertising and Promotions

Event Coverage

Documentaries and Wildlife Filming

Aerial Photography

Aerial Videography

Sports Filming

Source: Inc42, Secondary Sources

Drones are changing the landscape of aerial cinematography by offering a more accessible and affordable way to capture high-quality aerial shots. Unlike traditional methods involving helicopters or airplanes, drones provide a cost-effective means to achieve similar results. With the ability to easily maneuver and shoot from various heights and angles, drones are enabling new perspectives in storytelling, making them a practical choice for adding visual depth to film projects.

How India Is Using Drones Across The Spectrum Tata 1mg Has Initiated The Use Of Drone Delivery Services For Medications In Dehradun Jio Using Drones For Tower Surveillance Swiggy Piloted With Garuda Aerospace To Employ Drone Tech For Grocery Deliveries In Delhi NCR And Bengaluru Zomato Conducted Successful Trials For Food Delivery Using Drones Flipkart Partnered With The Telangana Govt For Drone Delivery Of Life-Saving Medicines And Expanded Trials To Transport Smaller Shipments From Warehouses To Distribution Centers For Middle-Mile Deliveries

Tata Coffee Piloted Drones For Shade Lopping And Spraying Shiprocket Has Tied Up With Drone Delivery Startup To Deliver Shipments Via Drones. Hindalco Utilises Drones For Indoor Inspections Delhivery Piloted Using Drones For Delivering Payloads Weighing Up To 4 Kg Indian Army Uses Drone For Border Surveillance And Anti Terror Operations State Governments Used Drone For Multiple Purposes Such As Covid Monitoring, Delivery Of Covid Vaccine, Reforestation Etc. Source: Inc42, multiple secondary sources Note: Startups may not be using drones at present

Drone Tech Startup Funding Landscape

Bridge Stage

6 Bridge Stage 5.0%

Seed Stage 8.8%

Late Stage 9.8%

12.6

11.1% Growth Stage

140 MN+ FUNDING AMOUNT

106.4 38

14 Seed Stage Growth Stage 76.4%

Source: Inc42 Note: Funding data is for the period between January 2014 and November 2023

70.4%

54+ DEAL COUNT

11.1%

Late Stage 7.4%

India’s Drone Tech Startups Funding Amount

Investors

Offering

Bengaluru

$748K+

GrowX, 500 Startups, StartupXseed, 3one4 capital, Valpro

Drone-based solutions for enterprise applications

Chennai

Builds autonomous hybrid drones to enhance aerial surveying, surveillance and rescue applications

Works in the field of drone technology, geophysical services, AI, data analytics, face recognition and blockchain technology

Nagpur

$100K+

Krunal Kalbende

Bengaluru

$2.9 Mn+

Reliance Industries

Offers drone-as-a-service (DaaS) solutions and builds drones for industries such as defence, agriculture, oil and gas, mining and construction, telecommunications, and energy.

Hyderabad

$31K+

Upaya Social Ventures, Acumen Fund Inc

Technology-driven agricultural facilitator offering drone-based advisory solutions. Their comprehensive four-part service aims to optimize input utilisation, reduce crop losses, and enhance profit margins.

Source: Inc42, multiple secondary sources | INR to USD exchange rate is 80 Note: This is not a ranking of any kind, startups have been placed in alphabetical order. Not an exhaustive list.

Funding Amount

Investors

Offering

Chennai

$25.5 Mn+

Dare Ventures

Offers seven drone-based solutions for sectors such as agriculture, mining, defence and surveillance. It manufactures battery-operated and petrol engine-based drones.

Pune

$4.6 Mn+

Shankar Sharma, Aegis Investment Fund, Maven India Fund, Nav Capital VCC-NAV Capital Emerging Star Fund, Zinnia Global Fund

Provides drone-based solutions for various industries, including oil and gas, mining, infrastructure, and agriculture. Offers training in drone piloting, building, data processing, and industrial applications

Delhi NCR

$1.6 Mn+

Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla, Amit Kumar, Jalaj Dani

Offers personalised unmanned drones that can be utilised for various functions including border surveillance, logistics and aerial mapping, among others.

Ahmedabad

$660K+

ah! Ventures

Offers service with UAV ‘drones’ and a variety of sensors for efficient and reliable data acquisition and processing, providing high standards analytics to gain insights into the data.

Source: Inc42, multiple secondary sources | INR to USD exchange rate is 80 Note: This is not a ranking of any kind, startups have been placed in alphabetical order. Not an exhaustive list.

Funding Amount

Investors

Offering

Delhi NCR

Specialises in designing and developing the AI-powered drone, INSPECTOR, for B2B and government use

Pune

Offers drone-as-a-service (DaaS) solutions for surveillance and security, public safety, and construction. It also offers cloud-based software solutions to manage drone deliveries

Chennai

$30 Mn+

Ocgrow Ventures, Mahendra Singh Dhoni

Creates customised drones for various applications, like event photography, agricultural surveys, reconnaissance, and surveillance. Product range includes agri mapping, surveillance drones, solar panel cleaning, seed dropping, loudspeakers, UGVs, and fixed-wing VTOL drones, among others.

Bengaluru

$812K+

Mela Ventures, Adani Defence

Offers drone-based solutions for crop protection services, farming, and yield monitoring services in the agriculture sector. Besides, it also offers medical solutions to government agencies and private organisations

Source: Inc42, multiple secondary sources | INR to USD exchange rate is 80 Note: This is not a ranking of any kind, startups have been placed in alphabetical order. Not an exhaustive list.

Funding Amount

Investors

Offering

Mumbai

$38.3 Mn+

Blacksoil, Infosys, Qualcomm Ventures, Indian Army

Makes UAV systems for inspection, surveillance and mapping. Its solutions are used across sectors such as defence, homeland security, mining, construction, agriculture, energy and utilities.

Mumbai

$875K+

MapmyIndia

Deploys drones to carry out topographic surveys, volumetric estimations, 3D modelling, and data collection.

Delhi NCR

$4 Mn+

Dhanuka Agritech

A drone Original Equipment Manufacturer (OEM) that makes drones for applications in agriculture, survey and surveillance

Hyderabad

Kiran Darsi, Parusharam

Offers drone-based agri-intelligence and agri-automation solutions for precision agriculture and the early detection of crop disease.

Bengaluru

$21 Mn+

Pavestone Capital

Specialises in swarm drones and is associated with Hindustan Aeronautics Limited to develop products for surveillance and communications

Source: Inc42, multiple secondary sources | INR to USD exchange rate is 80 Note: This is not a ranking of any kind, startups have been placed in alphabetical order. Not an exhaustive list.

Funding Amount

Investors

Offering

Delhi NCR

Gruhas Proptech Nikhil Kamath, Abhijeet Pai

Offers drone solutions for varied use cases, including survey, surveillance, and inspection, automated mapping, and precision agriculture, as well as in ecommerce, food, and medical delivery.

Ahmedabad

$5.2 Mn+

Starburst Accelerator, Venture Catalysts

Produces indigenous surveillance systems for security forces, national assets, defence and aerospace companies.

Bengaluru

$120K+

Asymmetry Ventures, Techstars

Designs, manufactures and operates autonomous drone logistics systems. It aims at enhancing the last-mile healthcare supply chains.

Delhi NCR

$1.7 Mn+

LetsVenture, Chiratae Ventures, Lead Angels, O2 Angels, Agility Ventures

A drone delivery startup largely focussed on healthcare, ecommerce, quick commerce, and agri commodity sectors.

Bengaluru

$3 Mn+

InfoEdge Ventures, IAN Fund, AdvantEdge Founders, Fowler Westrup, Redstart Labs, IKP, Vimson Group

Provides end-to-end drone-based solutions that offer insights to help businesses scale.

Source: Inc42, multiple secondary sources | INR to USD exchange rate is 80 Note: This is not a ranking of any kind, startups have been placed in alphabetical order. Not an exhaustive list.

Funding Amount

Investors

Offering

Delhi NCR

$500K+

India Accelerator, Vinners Group, Sitics Logistics

Drone logistics airline startup for last and mid-mile deliveries

Bengaluru

Neosky

Offers drone solutions to the mining and agriculture sectors. Besides, its drones are also employed for capturing aerial images, and surveillance purposes

Delhi NCR

$325K+

We Founder Circle, Soonicorn Ventures, Chandigarh Angels Network, POD World, Qubit Capital, Zypp Electric, PedalStart, Kartik Hajela

Drone manufacturing startup based out of IIT Delhi, which works with companies to enable logistics via drones

Bengaluru

$750K+

Sara Elgi, Laxminarayana

Specialises in micro drones and enables industries to easily leverage the power of aerial data by building compliant drone hardware, with proprietary software solutions.

Source: Inc42, multiple secondary sources | INR to USD exchange rate is 80 Note: This is not a ranking of any kind, startups have been placed in alphabetical order. Not an exhaustive list.

Funding Amount

Investors

Offering

Delhi NCR

$68K+

IIT Delhi, NSRCEL-IIMB, STARTUP OASIS, 100xVC, NVIDIA

Offers drones with embedded cameras and CPUs that can mimic human behaviour which help them achieve greater autonomy.

Delhi NCR

$2.4 Mn+

Florintree Advisors

Spearheading drone automation with emphasis on swarm technology, empowering numerous drones to autonomously and concurrently execute designated tasks, forming intricate aerial formations.

Source: Inc42, multiple secondary sources | INR to USD exchange rate is 80 Note: This is not a ranking of any kind, startups have been placed in alphabetical order. Not an exhaustive list.

Evolution Of Drone Policy In India [2018-2023] Drone Regulations 1.0 (October 2014 to November 2018) Drone Regulations 2.0 (December 2018 to March 2021)

Outright ban

Civil Aviation Requirement for Remotely Piloted Aircraft Systems, 2018 Digital Sky platform to start registration of drones, pilots, and operators Registration portal for online permission, 2018 Drone Ecosystem Policy Roadmap, 2019 SVAMITVA scheme – property survey program –have mapped over 45,000 villages using survey-grade PPK drones since 2020 Unmanned Aircraft System Rules, 2021 Liberalised National Geospatial Policy & Guidelines, 2021

Source: Inc42

Drone Regulations 3.0 (August 2021 to Nov 2023)

Drone Rules, 2021 Establishment of digital airspace mapping for drones in 2021 National Unmanned Aircraft System Traffic Management Policy 2.0, 2021 Certification Scheme for Unmanned Aircraft Systems, 2022 Drone Import Policy, 2022 - ban on import of drones Drone (Amendment) Rules, 2022 Drone Shakti Scheme 2022 Launch of Kisan Drones at 100 places across the country PLI scheme of INR 120 Cr in 2022 for drones and drone components DGFT liberalizes and simplifies the policy for export of Drones, 2023

Source: Inc42

Indian Government's Role In Fostering Drone Tech Startup Ecosystem Drone Import Policy: The import of foreign-made drones into India is prohibited, except for use in research and development, defence, and security purposes. This policy aims to bolster the "Make in India" initiative by promoting domestic drone manufacturing. Drone Airspace Policy: 90% of Indian airspace is designated as a green zone, permitting drones to operate up to 400 feet above ground level. In green zones, registration and security clearances are not required for non-commercial drone operations. The policy's objective is to simplify drone operations and encourage their application in diverse sectors. Production-Linked Incentive (PLI) Scheme: This scheme allocates INR 120 Cr over three financial years to incentivise domestic production of drones and drone components. It offers a consistent 20% PLI rate for all three years, ensuring stability and predictability for manufacturers. Drone Shakti Scheme: Introduced in the FY 2022-23 budget, this scheme aims to spur innovation and entrepreneurship in the Drone-As-A-Service (DrAAS) sector. Its goal is to enable startups to develop and provide drone-based services in various industries.

Other Initiatives Relaxation of Drone Guidelines: The government has simplified drone regulations to increase market access for domestic startups and international investors, including easing drone operation restrictions and the approval process. Openness to Foreign Investment: Foreign-owned or controlled Indian companies are now allowed to operate drones in India without restrictions, aiming to attract global investment and enhance technological expertise. Investment Target of $600 Mn: The government aims to attract around $600 Mn in investments over the next three years to drive innovation, expand manufacturing capabilities, and promote drone technology adoption in various sectors. Relaxation in Drone License Requirements: The Civil Aviation Ministry has removed the requirement for a drone pilot's license in India. Instead, a Remote Pilot Certificate (RPC) issued by a DGCA-approved drone school through the DigitalSky Platform will be required for drone operation. Source: Inc42, Media Reports

Key Factors Propelling The Growth Of The Dronetech Ecosystem In India Industries are actively involved in creating ‘Make in India’ drone products, raising awareness, and promoting STEM education to cultivate expertise in this emerging field. Ongoing advancements in drone technology such as improvements in battery life, sensor capabilities, AI-driven analytics, and payload versatility, have broadened the applications of drones, making them more adaptable and efficient for diverse industries. Further, India's drone ecosystem has seen advancements in regulatory frameworks, partnerships, and endorsements, laying the groundwork for further growth and innovation in the sector. Ongoing government support, including Prime Minister Narendra Modi's endorsement of various drone initiatives, has played a pivotal role in shaping the ecosystem. Besides government policies and initiatives, two other factors are propelling the massive growth of the drone tech ecosystem in India. Availability of skilled workforce: India’s pool of skilled engineers, scientists, and tech professionals has significantly contributed to the drone tech ecosystem. The availability of skilled talent has supported innovation, research and development efforts, and the creation of cutting-edge drone solutions. Additionally, the promotion of 'Aatma Nirbhar Bharat' aligns with the enthusiasm of the young workforce in the industry, eager to explore and contribute to this futuristic field. Low entry barriers: The relatively low entry barriers into the drone tech market have encouraged startups and entrepreneurs to enter the space, fostering a culture of innovation and competition. The right combination of these factors is key to achieving exponential growth in the Indian drone industry.

India's Drone Tech Startups: Key Challenges Ahead Limited Funding and Concentration: Emerging drone startups in India face significant hurdles due to limited funding opportunities. The industry's early stage of development, coupled with substantial initial expenses related to drone acquisition, infrastructure development, and operational logistics, places considerable financial strain on these startups. Furthermore, investor hesitancy persists due to perceived risks associated with new technologies and the lack of established business models in the drone sector. Additionally, the funding available is concentrated among a handful of startups, further restricting financial resources for the broader range of emerging companies in the sector. Insufficient Infrastructure: The Indian drone ecosystem is still in its early stages, facing a shortage of necessary infrastructure elements such as landing pads, charging stations, and reliable connectivity. Moreover, there exists a considerable skills gap in critical areas like operation, piloting, and maintenance, highlighting the shortage of skilled labor within the industry. Security and Privacy Concerns: Drones present challenges involving security risks and data privacy concerns. Effectively handling their diverse applications while avoiding potential misuse is a critical and complex challenge. Additionally, gathering data in areas such as aerial photography and surveillance creates significant hurdles in implementing strong privacy and security measures. This is necessary to safeguard sensitive information from breaches or unauthorized access, highlighting the need for robust protective strategies in the drone industry. Expensive Research and Development: Advancements in Drone Technology require ongoing innovation to uphold India's global competitiveness. Investing in research, development, and education is vital to match the pace of these swift advancements. However, the substantial expenses associated with drone equipment significantly affect smaller enterprises and individuals. India's reliance on imported drone components exposes it to risks like supply chain disruptions and price fluctuations. This dependency, coupled with limited domestic manufacturing, amplifies these challenges, making the supply chain more vulnerable and prices less predictable. Source: Inc42, multiple secondary sources

Performance Of Listed Indian Drone Tech Startups Listing Date

Listing Price

Current Market Valuation

Current Market Price

Operating Revenue FY23

7th July, 2023

INR 1300

$429 Mn+

INR 799.7

$23 Mn

13th Dec, 2022

INR 102

$57.8 Mn+

INR 193.05

$2.3 Mn

Source: NSE, Inc42 Note:Latest stock market data as on January 8th,2024

The Stock Performance Of Listed Indian Drone Tech Startups 40%

20%

-20%

-40%

-60% Aug 2023 LTP

Oct 2023

Jan 2024

(6 Month) Price diff.

(6 Month) % change

ideaForge Technology Ltd

₹799.70

-₹362.70

31.20%

Droneacharya Aerial Innovations Ltd

₹193.5

+₹36.85

23.59%

Source: NSE, Inc42 Note:Latest stock market data as on January 8th,2024

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