Dreamfly Innovations has raised $1.4 million (about Rs. 12 crore) in its seed funding round. Dreamfly Innovations provides high power-density battery technology for drones, aviation, and aerospace.

A startup raises capital in a seed round to launch its business. The company intends to scale up R&D, team expansion, and production capabilities with the help of this fund.

Avaana Capital led the funding round, with Sunicon Ventures and a few other investors joining in. By 2025, the drone industry is expected to grow to a $54 billion global market.

According to an EY-FICCI report, "India stands to capture a substantial share, potentially reaching $4.2 billion and expanding to $23 billion by 2030," stated Kajal Shah, co-founder and CEO of Dreamfly Innovations.

According to Shah, in order to reduce imports, India must increase the production of drone parts.

According to Shah, "the biggest challenge that India faces is the lack of a drone component ecosystem, which forces the domestic manufacturers to rely on imported materials."

Larsen & Toubro (L&T) and Tata Advanced Systems (TASL), the Tata Group's strategic entity in the aerospace industry, are among Dreamfly Innovations' current clients.

Dreamfly Innovations, established in 2022 by Saurabh Markandeya and Kajal Shah, combines more than ten years of experience in two distinct domains to offer solutions for clean energy and mobility. Shah and Markandeya are both former students of IIT Bombay and IISc, respectively, and former entrepreneurs. They are dedicated to inventing efficient and fire-resistant thermal battery technologies, and they have filed two patents.