Airbound Secures $37 Million in Series A Funding Led by Greenoaks

Airbound Raises $37 Million to Expand Drone Delivery Network

Bengaluru-based Airbound, known for developing efficient, infrastructure-free delivery drones, has announced a successful Series A funding round, securing $37 million. This round was led by Greenoaks, with additional participation from DoorDash, Lachy Groom, Lightspeed, and Humba Ventures.

Expansion Plans in Andhra Pradesh

Airbound plans to use the new funds to accelerate its engineering efforts, ramp up commercial-scale manufacturing, and bring its autonomous aircraft to the market. The startup has signed an agreement with the Andhra Pradesh government to establish a drone delivery network connecting three cities, aiming for a target of 10,000 flights a day. This network will support retail, e-commerce, and healthcare deliveries.

Founder and CEO Naman Pushp remarked on the ambitious plans, stating, "The bar for delivery in India is high. The benchmark is 10 minutes to your doorstep, at an extremely low cost. That's the complexity here. If you can build something that works in India, it tends to work anywhere."

Use of Funds

The funds will primarily be used to enhance Airbound's engineering capabilities and scale up manufacturing processes. The company is focused on creating drones that are more economical by reducing the weight of the aircraft relative to the payload.

Investors

The funding round was led by Greenoaks, with participation from notable investors including DoorDash, Lachy Groom, Lightspeed, and Humba Ventures.

Airbound's innovative approach to delivery using autonomous drones aims to revolutionize logistics in India and potentially set benchmarks for global markets.