Drone startup DroneAcharya Aerial Innovations has signed an agreement to acquire 51% stake in Pune-based PYI Technologies Pvt Ltd, a startup that offers camera drones, DIY kits and customised drones.
However, the financial terms of the deal were not disclosed. DroneAcharya said that the terms of the share purchase agreement will be finalised in due course, outlining specific details of the transaction.
“This strategic decision will play a pivotal move in DroneAcharya’s expansion plan aimed at broadening its service spectrum and enhancing its value-added offerings within the drone industry,” DroneAcharya said in a BSE filing.
Founded by Prateek Srivastava in 2017, DroneAcharya offers drone-based enterprise solutions across sectors like oil and gas, mining, infrastructure and agriculture. The company also provides training for drone piloting, drone building, drone data processing and using industrial drone applications, among others.
Meanwhile, PYI Technologies Pvt Ltd was established by Abhigyan Ranjan in 2022. The platform offers beginner-friendly models of customised camera drones and DIY drone kits.
In another exchange filing, DroneAcharya said that it has secured a tender valued at INR 1.4 Cr from the Haryana government’s Drone Imaging and Information Service of Haryana (DRIISHYA) project for the supply of surveying drones.
“This is a very positive sign as it shows that drones are being widely adopted and applied in the current workflows in Haryana,” Srivastava said.
Earlier this year, the startup also signed a franchise agreement worth $2.7 Mn (INR 23 Cr) with Switzerland’s Wollstone Capital SA to open 30 remote pilot training organisations (RPTOs) across India.
Back then, the company said that the development would help boost drone sales, services and certified training. The deal was aimed at training 500 pilots to give a major boost to the skilled workforce in the Indian drone sector.
In the first half of FY24, the company reported a profit after tax (PAT) of INR 3.97 Cr as against a PAT of INR 13.09 Lakh (0.13 Cr) in the corresponding period of the previous fiscal year.
The company’s operating revenue shot up 998% to INR 20.89 Cr in H1 FY24 from INR 1.9 Cr in the same period of the previous fiscal.
Aiming to grow its reach, the company also forayed into the spacetech sector. In August, DroneAcharya said it tested a reusable rocket launch vehicle, which attained an altitude of 3 kms over the ground surface. Back then, it claimed that it successfully landed the vehicle with the help of a parachute and was able to recover all vital sensors and equipment.
According to Inc42’s analysis, the market size of the Indian drone industry is estimated to grow to $13 Bn+ by 2030 at 21.6% CAGR from $2.71 Bn in 2022.
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