ZestIoT, an aviation platform, has secured USD 6.5 million (Rs 51 crore) in series A funding, led by IvyCap Ventures. The round also saw participation from Loyal VC. According to the company, the fresh funds will be deployed towards enabling faster turnaround of aircraft and enhancing passenger experience.
Headquartered in Hyderabad, the company's GroundRadar platform brings together airlines, airports, and handlers to collaborate and increase the speed of aircraft turnaround while maintaining operational efficiency and safety. ZestIoT claims that it manages over 600 flights, 600 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 digitisation of last-mile operations, utilising 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 utilise 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."
India is witnessing an upward trend in investments in drone startups. Last fiscal year, drone startups attracted about USD 49.7 million, compared to USD 25 million in FY22. The segment has recorded 300 percent growth over the last three years.