Venture capital arm of Coromandel International invests in Dhaksha

0

The Chennai-based startup plans to use the funding for talent acquisition and research and development

The Chennai-based startup plans to use the funding for talent acquisition and research and development

Dare Ventures, the venture capital arm of Coromandel International Limited, has invested an undisclosed amount in Chennai-based drone startup Dhaksha Unmanned Systems Private Limited. The startup plans to use the funding for talent acquisition, research and development, and to scale up production.

Director and CEO of Dhaksha, Ramanathan Narayanan said The Hindu“Our current capacity is 250-300 drones per month and we plan to increase it to 1,000 per month in another year. We have a facility in Ambattur and we are planning to expand to Chennai.

CTO Krishna Kumar said the focus would be on bringing drone technology solutions to the agriculture and defense sectors.

Dhaksha provides a full range of Unmanned Aerial System (UAS) technology solutions for applications in agriculture, defense, surveillance and delivery, among other sectors. Apart from having developed the capability to manufacture battery-powered drones, Dhaksha claims to be the only company in India to manufacture gasoline-powered drones.

Dhaksha CTO Krishna Kumar said the focus would be on bringing drone technology solutions to the agriculture and defense sectors.

Dhaksha CTO Krishna Kumar said the focus would be on bringing drone technology solutions to the agriculture and defense sectors. | Photo credit: special arrangement

Sameer Goel, Director of Dare Ventures Limited and Managing Director of Coromandel International Limited, said: “Our investment in Dhaksha underscores Coromandel’s commitment to helping Indian farmers gain access to the latest agricultural technologies. We believe that drones will be a game changer in increasing the adoption of water-soluble fertilizers, liquid fertilizers and nano-fertilizers, in addition to crop protection products in India.

Coromandel, part of the ₹547 billion (₹54,722 crore) Murugappa Group, has rolled out new era agritech solutions for Indian farmers. The company previously partnered with Dhaksha to pilot drone-based nutrient and crop protection applications.

Since its inception, Dare Ventures Limited has focused on investing in early-stage and growth-stage startups committed to providing technology solutions to complex, long-term problems in agriculture and related sectors. In June this year, he invested in Ecozen, a startup that develops cutting-edge climate-smart technology solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT and energy storage. It also funded Bengaluru-based biotech start-up String Bio in July.

Share.

About Author

Comments are closed.