ZestIoT, an aviation platform, has secured USD 6.5 million (Rs 51 crore) in series A funding, led by IvyCap Ventures. Loyal VC also participated in the round. The company says that the fresh funds will be used to enhance the passenger experience and enable quicker turnaround of aircraft.
The Hyderabad-based company’s GroundRadar platform connects airlines, airports, and handlers to work together to speed up aircraft turnaround while ensuring operational efficiency and safety. According to ZestIoT, it manages more than 600 flights and equipment, and 9,000 personnel daily.
Speaking about the investment, Vikram Gupta, Founder and Managing Partner of IvyCap Ventures Advisors, expressed, “ZestIoT has pioneered the digitization of last-mile operations, utilizing its cutting-edge deep tech platform and niche solution to automate processes and deliver real-time insights. This provides airlines and airport operators with informed decisions to optimize their operations and improve efficiency. We firmly believe that ZestIoT has the potential to solve this problem at the grassroots level and emerge as a leader in this segment. We are thrilled to support their growth and assist them in becoming the largest player in this sector.”
Talking about their plan to utilize the raised fund, Amit Sukhija, Founder and CEO, ZestIoT, said, “This new investment will accelerate our mission to empower the aviation ecosystem with last-mile digitization and automation, delivering multiple use cases to airports, airlines, and handlers based on their individual journey of digitization. In addition, we’re extending our offering to the manufacturing industry, enabling customers to adopt our AI + IoT automation platform to produce high-quality products in a cost-effective manner while ensuring operational safety.”
Investments in drone startup companies are on the rise in India. Drone startup funding was about USD 49.7 million in the most recent fiscal year, compared to USD 25 million in FY22. Over the past three years, the segment has seen a 300 percent growth.