New Delhi-based investment consultancy firm Capital IQ has acquired domestic drone manufacturer Karman Drones Pvt. Ltd for an undisclosed amount. The transaction pegged Karman at Rs 75 crore (around $9 million).
With the acquisition, Capital IQ aims to accelerate the company's growth, drive expansion, and effectively position it for a successful IPO in the coming years, it said in a statement.
To be sure, the acquirer Capital IQ is a separate entity and not S&P's data intelligence platform having the same name.
Founded by Anand Sengar and Pavan Shetty, Karman has developed drones for civilian and military purposes, which includes its products such as Pratham and Pratham Pro, tethered drones for continuous monitoring, long endurance vertical take-off and landing (VTOL) fixed wing drones.
It is currently working on developing Kamikaze drones with VTOL and recovery capabilities.
"Capital IQ's acquisition will accelerate Karman Drones' mission to revolutionise the drone industry," said Shetty, co-founder at Karman Drones.
"Together, we will unlock new frontiers in defense, surveillance, and beyond, cementing India's position as a global leader in drone technology," said Rajat Goyal, founding partner at Capital IQ.
Karman’s co-founders Sengar and Shetty are both engineers with specialisation in mechanical and electronics and communications, respectively.
Prior to founding Karman, Sengar was a senior research associate in the UAV (unmanned aerial vehicle) production lead at IIT Kanpur and has also worked with Skylark Drones.
Meanwhile Shetty, a UAV systems engineer, has previously worked with Dell as a systems associate and was also at Copting GmbH for a span of four years.
