Johnnette Technologies, an Indian drone manufacturer and drone systems training provider, has raised close to $ 1 mn in a Pre-Series A funding round. The investment into the firm was made by Hardcastle Petrofer, a leading Indian manufacturer of industrial oils.
The bootstrapped Indian firm has been looking to scale up its UAV manufacturing and drone pilot training business.
“The investment is intended to be utilised for product development and expansion of our team. We provide cost-effective and high-quality indigenous products to the Defence forces, and this investment will help us refine our existing line of products and enter the untapped market with a solution for industrial based applications,” said Lt Cdr John Livingstone, who founded the company in April 2014, after his retirement from the Indian Navy.
Johnnette Technologies’ subsidiary, Indian Institute of Drones is claimed to be the leading drone training institute in India, having trained more than 3,000 drone pilots.
Hardcastle Petrofer comprises of Hardcastle, which has had its market presence in the Indian metal processing chemicals field, and Petrofer, which was founded in Germany 50 years ago and has its development centre in Hildesheim, Germany.
As per NITI Aayog estimates, the Indian market for UAV could grow to $ 50 bn over the next 15 years.