Dare Ventures, the venture capital division of Coromandel International, will invest in a drone business

The federation stated that the drone and drone component industries can greatly boost India's manufacturing potential to $23 billion approximately by 2030 in a research by EY-FICCI titled "Making India the Drone Hub of the World."

According to a press statement from the business, Dare Ventures, the venture capital division of Coromandel International, has announced that it would invest in the innovative drone startup Dhaksha Unmanned Systems Private Limited.

According to the press release, Dhaksha Unmanned Systems Private Limited intends to use this investment for hiring new employees, R&D, and production scale-up.

Director of Dare Ventures Ltd. and Managing Director of Coromandel, Sameer Goel, said, "Coromandel is happy to help Dhaksha in its mission to generate a transformational influence on the drone manufacturing business in India."

The press announcement added that Dhaksha offers a full selection of Unmanned Aerial Systems (UAS) technological solutions for a variety of applications, including delivery, surveillance, and agricultural. Dhaksha is the only business in India that can produce drones powered by petrol engines in addition to having established the ability to produce battery-operated drones.

General V K Singh, the Minister of State for Civil Aviation, discussed the government's decision to liberalise the drone policy in order to support those looking to manufacture or establish drone-related industries earlier this month while speaking at a programme on Making India a Global Drone Hub organised by FICCI in Delhi.

He said that around 80% of the airspace is now open to drone flying. The minister also mentioned that the government has proposed a Production-Linked Incentive (PLI) programme to encourage the expansion of drone production by private businesses.

"Joining forces with Dare Ventures excites us. I am confident that this will enable us to establish several industry milestones, produce drones of the highest calibre, provide outstanding customer service to clients across India, and position the business as a leader in achieving the government's goal of making India a "Global Hub" for Drones "Ramanathan Narayanan, Director and CEO of Dhaksha, commented on the Dare Ventures Limited investment.

The federation stated that the drone and drone component industries can greatly boost India's manufacturing potential to $23 billion approximately by 2030 in a research by EY-FICCI titled "Making India the Drone Hub of the World." According to the research, effective action plans are required to generate a strong demand, increase manufacturing, and attract more investments and facilitate exports.