Skye Air, a leader in SaaS-based autonomous logistics, has secured approximately $4 million in Series A funding to improve last-mile delivery. The investment round included contributions from multiple venture capitals and angel investors.
Key Highlights:
- Skye Air raises $4 million in Series A funding led by multiple venture capitals.
- Funds to expand drone-based logistics in sectors like healthcare and e-commerce.
- Company aims to support India’s goal to become a global drone hub by 2030.
Funding and Expansion Plans
Skye Air has concluded its Series A funding round, raising about USD 4 million. The funding was supported by Mount Judi Ventures, Chiratae Ventures, Venture Catalyst, Windrose Capital, Tremis Capital, Faad Capital, Misfits Capital, Hyderabad Angels, Soonicorn Ventures, along with existing investors and angel investors.
Ankit Kumar, Founder & CEO of Skye Air, stated, “This funding marks a significant step in our mission to refine last-mile delivery services. Our team’s dedication and hard work have been pivotal in reaching this point. We plan to utilize this investment to broaden our network in Gurugram and other cities, focusing on sectors such as healthcare, e-commerce, and quick-commerce.”
Government and Industry Support
The support from the Modi government has been instrumental, according to Kumar. The current policies are fostering growth in the drone sector, aiming to position India as a global center for drone technology by 2030. The support includes guidelines from the Ministry of Civil Aviation, DGCA, AAI, and district administrations to enhance drone delivery solutions impacting various industries.
Ali Shariff of Mount Judi Ventures commented, “Skye Air’s early entry into drone delivery positions them favorably within this rapidly growing industry. We are excited to see their progress as they continue to lead in commercial drone logistics.”
Dr. Apoorva Ranjan Sharma of Venture Catalysts added, “The challenging terrain of India makes innovative logistics systems like drone deliveries essential. The government’s policies to foster local production and ensure safety through stringent certifications have propelled the drone industry’s growth. Our investment in Skye Air reflects our confidence in their ability to significantly impact the logistics sector.”
Legal and Advisory Support
Maple Capital Advisors served as the financial advisors for this funding round, and LexStart Partners provided legal counsel.
Skye Air is committed to contributing towards the national vision outlined by the Honourable Prime Minister to establish India as a global hub for drone technology by 2030, enhancing economic growth and accessibility across various sectors.
