RattanIndia reserves Rs 100 cr for foray into drone sector via NeoSky India
RattanIndia Enterprises has made a foray into the drone business in the country through its wholly-owned subsidiary NeoSky and expects the commercial rollout of the products in the first quarter of 2023, a senior company official said Thursday.
The company has planned an initial investment of Rs 100 crore in NeoSky, which will design, manufacture and sell consumer micro-drones across India, RattanIndia Enterprises chairman Anjali Rattan Nashier told PTI.
She said RattanIndia would invest “easily in the coming future around Rs 100 crore” in the drone business initially.
“We have committed Rs 3,000 crore to RattanIndia Enterprises in total to invest in four ventures,” Nashier added.
RattanIndia Enterprises is building new era businesses. He created an electric vehicle subsidiary under Revolt Intellicorp, a fintech business under Bankse, an online retail under Cocoblu and a drone business under NeoSky.
RattanIndia Enterprises Chairman Rajiv Rattan said the company has started developing drone prototypes in-house.
“As developers, we give money to RattanIndia Enterprises to make investments,” Rattan said.
He said the company was looking to take advantage of the opportunity that opened up as a result of the ban on importing drones into the country.
The company aims to manufacture and sell drones that will be widely used in weddings, sports coverage, broadcasting, amateur travel vlogging, surveillance and warehouse management.
Gradually, it will explore several business models which will include Enterprise (Mining, Agriculture, Survey, Surveillance), Delivery (Medical, Cargo, Passenger), DraaS (Drone as a Service) and related software.
In August, RattanIndia Group made a strategic investment in Silicon Valley-based on-demand drone delivery company “Matternet”.
Matternet currently has a presence in the United States, Germany, Switzerland, Japan, and Abu Dhabi and has successfully completed over 30,000 delivery flights.
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