Startup incubator and accelerator platform Venture Catalysts, along with early-stage venture capital firm 1Crowd, has co-led a funding round in Nautical Wings Aerospace, per an announcement on Thursday.
The pre-Series A investment will enable the Bengaluru-based company to further its mission of developing essential propulsion technologies for next-generation aerial vehicles.
Founded in 2020 by Shiv Varun Singh Rajput, Praveen T, and Vikas Kamath, Nautical Wings Aerospace develops tailored propulsion solutions for OEMs on a global scale. Their upcoming flagship product, the integrated electric propulsion unit, is designed to simplify adoption for drone manufacturers and air mobility companies.
“This funding from Venture Catalysts and 1Crowd will accelerate our R&D efforts, expand our team of expert engineers, and help us scale our operations to meet the growing global demand for electric propulsion solutions in aviation,” said Shiv Varun Singh Rajput from Nautical Wings Aerospace.
The electric aircraft propulsion market is anticipated to grow at a CAGR of 15.3% from $6.5 billion in 2022 to $20.3 billion by 2030.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from September 2-6, 2024.
