IotechWorld Avigation is a pioneering drone company in India, founded with a vision to transform agricultural practices through advanced technology. Here’s a look at how it all began.
In 2017, Deepak Bharadwaj and Anoop Upadhyay, two engineers with a passion for drones, decided to enter the Indian drone market. They saw a growing demand and an opportunity to make a difference in the agriculture sector. Their goal was to enhance crop production and make farming more efficient.
The duo started by investing around Rs 6 lakh to Rs 7 lakh from their savings to set up their base in Gurugram. Initially, they imported components from countries like China and Japan and assembled them in India for retailing. This was due to the lack of infrastructure for homegrown drone manufacturing at the time.
Their early days involved extensive research and development to create a product that could be manufactured in-house. The government's support through initiatives like the drone PLI scheme in 2021 was a significant boost to their efforts.
Deepak Bharadwaj and Anoop Upadhyay are the co-founders of IotechWorld Avigation. Deepak is a graduate of Kurukshetra University, while Anoop studied at Purvanchal University. Both share an engineering mindset and a common interest in the drone space.
Deepak initially had an inclination towards the defence sector, but they decided to focus on agriculture due to the pressing need for technological solutions in this area. Their educational backgrounds and shared vision have been instrumental in shaping the company's direction.
The founders are also involved in various initiatives beyond just manufacturing drones. They are setting up ‘Remote Pilot Training Organisation’ at universities to train youths and entrepreneurs on how to fly drones.
IotechWorld Avigation has come a long way since its inception. From its humble beginnings as a drone assembly company to becoming a leading manufacturer of agricultural drones, the company has undergone significant growth and evolution.
Initially, the company focused on assembling imported components. However, with the government's support and the development of local infrastructure, they began manufacturing more components in-house. Today, IotechWorld Avigation manufactures 55% of its hardware components in its Gurugram facility and aims for 100% indigenous production in the next two to three years by setting up another unit in Hyderabad.
The company has also expanded its product line and services. They now offer a range of drones with various payloads, including spray tanks, multispectral sensors, and granules broadcasters. These drones are equipped with AI/ML features such as collision and terrain avoidance mechanisms.
IotechWorld Avigation's growth has been marked by strategic initiatives and partnerships. They are working with agricultural research institutes across India to develop climate-specific cropping patterns and improve farming practices.
Between 2017 and 2020, the company sold around 200 drones to farmers. This was a significant milestone, indicating the growing acceptance of drone technology in agriculture.
In 2021, the government's drone PLI scheme and regulatory changes provided a major boost to the sector. Since then, the company has seen rapid growth, with the Indian drone market expected to grow annually by 10.12% (CAGR 2022-2027).
IotechWorld Avigation has also launched initiatives like Drone Yatra and Kisan Sammelan to raise awareness among farmers about the benefits of drone technology. They have also introduced an application for farmers to rent drones, making the technology more accessible.
The company's flagship product, the AGRIBOT MX, is a complete precision agriculture solution. It features Radar-based ADAS for object detection and collision avoidance, terrain-following capabilities, and a 2MP FPV camera for live video streaming and recording.
The AGRIBOT MX is equipped with multispectral cameras, enabling detailed crop health monitoring. This technology helps farmers make informed decisions about crop selection and management based on climate and soil conditions.
In addition to the AGRIBOT MX, IotechWorld Avigation offers various other products and services, including training programs for drone pilots and an app that connects service providers with farmers[1].
IotechWorld Avigation's success is built on a robust technology infrastructure. Here’s a look at the core components of their technology and how they innovate in their industry.
The company's drones are designed with advanced features such as AI/ML capabilities, multispectral cameras, and Radar-based ADAS. These features enable precise crop health monitoring, collision avoidance, and terrain following, making the drones highly effective in various agricultural tasks.
The AGRINET app is another key component of their platform. It connects service providers with farmers, facilitating easier access to drone services for spraying, broadcasting, and crop health monitoring. This integration of AI and IoT in agriculture enhances farm management and reduces reliance on chemical pesticides.
IotechWorld Avigation's technology is also focused on real-time analytics and insights. The drones provide live video streaming and recording, allowing farmers to optimise inputs, reduce waste, and increase yields.
IotechWorld Avigation ensures that their drones comply with regulatory standards set by the Directorate General of Civil Aviation (DGCA). Their product, the AGRIBOT, has been approved by the DGCA in three different payloads: spray tanks, multispectral sensors, and granules broadcasters.
The company also emphasizes safety and security in their operations. The Radar-based ADAS and terrain-following capabilities of their drones ensure safe and efficient operation across diverse landscapes.
Compliance with government regulations and safety standards is a priority for IotechWorld Avigation, ensuring that their technology is both effective and safe for use in agricultural settings[1][3]).
IotechWorld Avigation is at the forefront of innovation in the agricultural drone sector. They collaborate with startups, academia, and industry partners to develop cutting-edge solutions tailored for both Indian and global markets.
The company is working with several premier agricultural research institutes, including Kerala Agriculture University and Dr. Rajendra Prasad Central Agricultural University, to develop climate-specific cropping patterns. This collaboration enhances the accuracy of their technology and its applicability in different regions[3]).
IotechWorld Avigation also focuses on sustainability, aiming to develop eco-friendly drone solutions that promote sustainable agriculture and contribute to environmental conservation efforts. This holistic approach sets them apart in the industry[5]).
IoTechWorld Avigation, an Indian company, is making a significant impact in the market, particularly in the agricultural sector. Here’s how they are growing and expanding their influence.
IoTechWorld Avigation has seen a substantial increase in its user base, particularly among farmers. The company's agricultural drones, such as the AGRIBOT, have been well-received due to their efficiency and cost-effectiveness.
The adoption of drones in agriculture is highly economical for farmers. Drones can save a significant amount on spraying agrochemicals, fertilizers, and water while achieving higher crop yields[7]. This has led to an increase in the number of farmers using IoTechWorld's drones.
In the last financial year, IoTechWorld Avigation sold about 500 drones. For the current year 2023-24, they aim to increase sales to nearly 3,000 units. This ambitious target reflects the growing demand for their products.
IoTechWorld Avigation is expanding its market share by targeting both domestic and international markets. The company is already in talks with potential buyers in various countries.
Their focus on innovative technology, competitive pricing, and effective marketing strategies has helped them gain a strong foothold in the market. Deepak Bhardwaj, Co-founder of IoTechWorld Avigation, expressed confidence in meeting their sales target and contributing to the adoption of drone technology in agriculture.
IoTechWorld Avigation has also introduced new models, such as the A6 version of the AGRIBOT, which is more compact and portable than its predecessor. This continuous innovation helps them stay ahead in the market.
While IoTechWorld Avigation is primarily focused on technological innovation, their initiatives also have a financial inclusion aspect, especially for rural communities.
The collaboration with Pix4D aims to create employment opportunities for rural youth by training them to use drones on farms. This initiative not only enhances the skills of the youth but also provides them with potential job opportunities.
The Government of India is also planning to launch a scheme to train women in around 15,000 self-help groups (SHGs) to fly and repair drones. This initiative is part of a broader effort to integrate technology more deeply into agricultural spheres.
IoTechWorld Avigation's financial journey is marked by steady growth and strategic investments.
IoTechWorld Avigation has shown significant revenue growth over the years. Here are some key points about their revenue growth:
The company's estimated annual revenue is currently $14.8 million. This revenue is generated primarily from the sale of their agricultural drones and related AI applications.
The revenue per employee is estimated at $140,000, indicating a high level of productivity and efficiency within the company.
IoTechWorld Avigation's path to profitability is driven by their innovative products and effective market strategies.
The company's focus on precision farming solutions and their collaboration with technology firms like Pix4D have helped them maintain a competitive edge. This edge contributes to their profitability by ensuring high demand for their products.
IoTechWorld Avigation's ability to save farmers significant costs on agrochemicals and fertilizers also adds to their profitability. By offering cost-effective solutions, they attract more customers and increase their revenue.
While specific details on investment rounds and valuations are not extensively documented, IoTechWorld Avigation's financial health can be inferred from their growth metrics.
The company has 106 employees and grew their employee count by 8% last year. This growth indicates a stable and expanding financial base.
IoTechWorld Avigation's competitors, such as Scry AI and Zengines, also provide a benchmark for their financial performance. However, IoTechWorld Avigation's unique focus on agricultural drones sets them apart in the market[8]).
IoTechWorld Avigation has formed several strategic partnerships to enhance their offerings and reach.
There is no specific information available on IoTechWorld Avigation's banking collaborations. However, their partnerships with other sectors can indicate potential future collaborations.
IoTechWorld Avigation's collaborations with companies like Pix4D and Syngenta India Pvt. Ltd. show their ability to form strategic partnerships. These partnerships could be a precursor to future banking collaborations aimed at financing agricultural projects[9]).
IoTechWorld Avigation has partnerships with various merchants and companies to expand their market reach.
Their partnership with Syngenta India Pvt. Ltd. for introducing drone spraying in the agriculture sector is a significant example. This partnership helps them reach a broader market and offer integrated solutions to farmers[9]).
IoTechWorld Avigation also works with government research institutes and crop insurance companies, providing them with precision farming solutions. These partnerships enhance their market presence and user base[9]).
IoTechWorld Avigation's technology alliances are crucial for their innovation and market leadership.
The collaboration with Pix4D is a key technology alliance. Pix4D specializes in photogrammetry software technology, which complements IoTechWorld Avigation's drone technology. This alliance provides a one-stop solution for farmers, including advanced agricultural mapping and digital farming tools[9]).
IoTechWorld Avigation also develops its own LiDar technology, which is used for aerial surveys. This technology, combined with Pix4D's software, offers very accurate outputs, up to 5cm accuracy using Ground Control Points (GCP)[8]).
Explore our expert-led programs or join our free community of 5,000+ Indian founders - scale with 18startup!
Get started 🚀 Antah Prerna Education Private Limited,
Office Address: 55, Raju Naidu Road, Tatabad, Coimbatore – 641012
.jpeg)
.png)
