Coromandel Intl invests in drone startup Dhaksha Unmanned Systems

14 Sep 2022 , 01:47 PM

The drone company plans to use this funding for talent acquisition, R&D and production scale up. Dhaksha, one of the forerunners in the drone space in India, provides a complete range of Unmanned Aerial Systems (UAS) technology solutions for different applications covering agriculture, defence, surveillance and delivery, among others. Based out of Chennai, Dhaksha has over the years developed expertise in drone R&D, testing, manufacturing, and customer support. In addition to having developed capability to manufacture battery-operated drones, Dhaksha is the only company in India to manufacture petrol engine-based drones. The ?Agrigator? drone developed by Dhaksha targeting the agriculture industry, helps farmers with the application of fertilizers and crop protection products. Agrigator comes with a 12L spray tank and can cover up to 30-35 acres per day with 8-hour usage. Coromandel, Indias largest private phosphatic fertilizer company has been a pioneer in deploying new age agritech solutions for the benefit of Indian farmers. The company has earlier partnered with Dhaksha drones to undertake several pilot programs of drone-based nutrient and crop protection applications. The company intends to soon launch a first of its kind ?Drone as a Service? model in India. Commenting on their investment, Sameer Goel, director, Dare Ventures, and managing director, Coromandel International, said ?Coromandel is delighted to support Dhaksha in its aim to create a transformational impact on the drone manufacturing industry in India. With its strong research and manufacturing capabilities, we expect Dhaksha to be a leader in the Indian drone manufacturing space in the near future. We believe drones will be a game changer in increasing the adoption of water-soluble fertilisers, liquid fertilisers, nano fertilisers, in addition to the crop protection products in India.? Coromandel International is amongst Indias pioneers and leading agri solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: nutrient and other allied businesses and crop protection. These include fertiliser, crop protection, bio products, specialty nutrients and organic businesses. The companys consolidated net profit surged jumped 47.8% to Rs 499.08 crore on a 56.4% rise in revenue from operations to Rs 5,729.10 crore in Q1 FY23 over Q1 FY22. The scrip fell 1.08% to currently trade at Rs 1023.80 on the BSE. Powered by Capital Market – Live News