DroneAcharya Aerial Innovations has announced the acquisition of a 51% stake in PYI Technologies Pvt Ltd, a Pune-based startup specializing in camera drones, DIY kits, and customized drone solutions. The financial details of the deal have not been disclosed, with specifics expected to be finalized in due course.
Strategic Expansion in the Drone Industry
In a filing with the Bombay Stock Exchange (BSE), DroneAcharya emphasized the significance of this acquisition in its broader expansion strategy. The move is geared towards diversifying and enhancing DroneAcharya’s service portfolio within the drone sector.
DroneAcharya, established in 2017 by Prateek Srivastava, is a leading provider of drone-based enterprise solutions spanning industries such as oil and gas, mining, infrastructure, and agriculture. The company not only offers cutting-edge drone technology but also provides comprehensive training in drone piloting, construction, data processing, and industrial applications.
On the other hand, PYI Technologies Pvt Ltd, founded by Abhigyan Ranjan in 2022, has made a mark by offering user-friendly models of custom camera drones and DIY kits, catering to beginners and enthusiasts alike.
Recent Ventures and Achievements
DroneAcharya’s recent achievements and ventures underscore its commitment to innovation and growth in India’s evolving drone landscape:
Tender Win from Haryana Government: DroneAcharya secured a significant tender valued at INR 1.4 crore from the Haryana government’s Drone Imaging and Information Service of Haryana (DRIISHYA) project. This tender involves the supply of surveying drones, showcasing the increasing integration of drone technology in governmental workflows.
Franchise Agreement with Wollstone Capital SA: Earlier this year, DroneAcharya signed a franchise agreement worth $2.7 million with Switzerland’s Wollstone Capital SA. The agreement aims to establish 30 remote pilot training organizations (RPTOs) across India, contributing to drone sales, services, and certified training.
Financial Growth and Market Expansion
DroneAcharya’s financial performance in H1 FY24 speaks to its success and market demand:
Profit Surge: In the first half of FY24, DroneAcharya reported a notable increase in profit after tax (PAT), reaching INR 3.97 crore compared to INR 13.09 lakh (0.13 crore) in the same period of the previous fiscal year.
Revenue Growth: The company’s operating revenue witnessed a remarkable rise of 998%, reaching INR 20.89 crore in H1 FY24 from INR 1.9 crore in the corresponding period of the previous fiscal.
Venturing into Spacetech
DroneAcharya’s foray into spacetech showcases its dedication to pushing technological boundaries:
Reusable Rocket Launch Vehicle: In August, DroneAcharya successfully tested a reusable rocket launch vehicle, reaching an altitude of 3 kilometers. The company demonstrated the vehicle’s recovery with a parachute, reclaiming all vital sensors and equipment.
The acquisition of PYI Technologies Pvt Ltd marks a significant milestone for DroneAcharya, strengthening its position in the competitive drone industry and expanding its offerings in India’s rapidly growing market for drone technology. With a focus on innovation, strategic partnerships, and diversification, DroneAcharya continues to be a key player in shaping the future of drone solutions in India.