Asteria Aerospace, a drone startup, has bagged INR 23.12 crore from Reliance Industries by giving its 51.78 per cent equity to the Mukesh Ambani-owned company, reported Inc42.
While, Reliance has also decided to invest an additional INR 125 crore in Asteria on a condition if the Bengaluru-based startup manages to achieve certain milestones by December 2021.
Asteria Aerospace was founded by Neel Mehta and Nihar Vartak in 2011. The platform Asteria is a robotics and artificial intelligence (AI) company, which develops drones that are mostly used by the military, paramilitary and police forces in India.
Besides this, the drones are also used in other industries like oil and gas, mining, construction and agriculture.
As per its LinkedIn page, the platform Asteria also offers software solutions to provide actionable insights from aerial data and intends to set up drone-as-a-service digital platform.
The company Asteria has its own drone manufacturing capabilities, which helps in the development and modification of the technology much faster.
Some of the significant startup under the similar roof include Quidich Innovation Labs, AUS, Indrones, and many more.