VFLYX India, a technology startup, plans to invest USD 3.5 million (about Rs 26 crore) in drone research and development over the next year.

Drones will be constructed to order for monitoring and inspection, air transport, surveying and mapping, and agricultural tasks such as spraying and seeding.

"We are planning to invest USD 3.5 million in VFLYX. A majority of the investment will be used in the research and development, manufacturing and testing of drones. We will deploy 26 Engineers and 18 partnered resources under the leadership of our chief technology officer Rohit Dey," said Vishal Saurav, CEO and co-founder of VFLYX India and Xboom Utilities.

The majority of the funds will come from VFLYX's internal accruals at e-commerce startup Xboom Utilities, which only sells electronic items, according to Saurav. The company began operations in Bengaluru, in a 10,000-square-foot building.

"As per the current capacity, we can produce 1,000-1,200 customised drones per year. However, depending on the demand in the first year, we want to increase it by 3 times in 2 years and 5 times in 3years.

VFLYX India under XBOOM Utilities is a bootstrap company. However, we are planning to raise funds in the near future," Saurav said.

He also stated that the company aims to gain more than 50% of the drone market share in India in the next two years, as well as create 500 jobs.

It also intends to grow its presence in nations such as Dubai, the United States, and Singapore.

VFLYX's objective is to accelerate the world's transition to drones by producing cutting-edge customizable drones. The company provides technology in accordance with international best practises.