Funding news
Drone-logistics startup TechEagle raises bridge round led by Navam Capital, Inflection Point Ventures, and Paytm Founder
TechEagle, an on-demand drone delivery firm, has announced the completion of its bridge round funding. The round was co-led by Navam Capital and (IPV), with participation from Founder Vijay Shekhar Sharma (through his wholly owned company), , along with a group of high-net-worth individuals.
“Our vision at TechEagle is to revolutionise last-mile logistics with indigenous drone technology. With the support of our investors, we aim to expand our operations across the country, enabling faster and more economical deliveries. This funding will fuel our efforts to launch higher payload drones for mid-mile and inter-city deliveries, further solidifying our position as a frontrunner in the drone logistics industry,” said Vikram Singh Meena, Founder & CEO of TechEagle.
TechEagle’s Vertiplane X3 boasts a 100 km range per flight, a 5 kg payload capacity, and a speed of 120 km/h. Some of its clients include AIIMS institutes, State Governments, and the World Bank.
Other news
Delhivery most preferred 3PL partner for early-stage D2C brands: Redseer Report
Logistics services provider has been named the most preferred partner for early-stage direct-to-consumer (D2C) brands, according to a report by Redseer Strategy Consultants.
“Among 3PL providers, while both Delhivery and Bluedart stand out on overall metrics, Delhivery has outperformed in providing superior customer experience and features, as it provides a full-stack solution,” said the report.
It mainly emphasises the crucial role of third-party logistics (3PL) providers in the rapid growth of India’s D2C market. Delhivery stands out as a crucial ally for early-stage D2C brands, which provides a complete logistics solution which includes real-time tracking, streamlined returns management, extensive delivery coverage, and easy integration with online platforms.
The report also highlights the growth of D2C brands in India, outpacing traditional retail markets. From just 0.1 billion annual shipments in 2019, D2C shipments soared to 0.6 billion in 2023. Projections suggest the market could surge to $2.2-2.7 billion by 2028, maintaining a year-on-year growth rate of 35-40% from 2023 to 2028.
L&T Finance Ltd partners with PhonePe to offer secured lending products
L&T Finance has forged a strategic partnership with fintech company PhonePe, to provide a broader range of financial products, including secured lending for housing and two-wheeler financing.
“Our partnership with PhonePe represents a significant milestone in our commitment to delivering innovative financial services to customers nationwide. This strategic collaboration aims to revolutionise the lending landscape by harnessing PhonePe’s expansive reach and digital platform alongside L&T Finance’s expertise in providing trustworthy financial solutions, thereby driving financial inclusion on a large scale,” said Sanjay Garyali, Chief Executive – Urban Finance at LTF.
L&T Finance has introduced the ‘Complete Home Loan,’ featuring ‘Home Décor Finance’ for interior decoration, a streamlined ‘Digitised Process,’ and personalised assistance from a ‘Dedicated Relationship Manager.’
Borrowers will be able to access a wide range of offerings from LTF to optimise their financial plans. Additionally, LTF offers competitive interest rates starting at 8.65% for Housing Finance and easy financing options for Two-wheeler Finance with repayment tenures of up to 30 years.
Quantum Energy Limited Partners with Green Drive Mobility
EV Original Equipment Manufacturer (OEM) Quantum Energy Limited has partnered with electric mobility solutions provider Green Drive Mobility to accelerate the adoption of electric vehicles (EVs) for last-mile delivery and connectivity services.
As per the MoU (memorandum of understanding), Quantum Energy will deliver 5,000 of its EV 2W, Bziness, to Green Drive Mobility, which is designed to meet the needs of last-mile delivery fleets. These vehicles will be available in three variants, which includes NMC, Fast Charging, and Swapping.
“At Quantum Energy we are driven by a passion for sustainability. The electric vehicle fleet industry in India is transforming the last mile delivery and the ride hailing operations. This partnership with Green Drive mobility is a testament to our shared vision for a greener, more eco-friendly future for transportation, positively impacting the efficiency of the fleet industry,” said Chetana C, Director at Quantum Energy.
(The copy will be updated with the latest news throughout the day)
Edited by Affirunisa Kankudti
