Delhivery has been given the green light by the Ministry of Corporate Affairs (MCA) to go ahead with its plans to foray into freight air transportation according to a report by Inc42.
The logistics unicorn in its regulatory filing informed the stock market that the ministry approved the incorporation of the wholly-owned subsidiary ‘Delhivery Robotics India Private Limited’ on July 3.
The subsidiary will outsource the manufacturing and procurement of composite airframe components, quality testing, flight trials as well. It will have an authorised share capital of INR 5 Crore.
Previously in May, Delhivery announced that the new entity would offer Drone as a Service (DaaS) for shipment movement and remote sensing. It also stated that it would be involved in manufacturing, production and selling of Unmanned Aerial Vehicles (UAVs) globally.
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During its earning call in February 2023, Delivery announced its plans to enter the drone segment. It was reported that the transition into aerial deliveries will be helmed by its portfolio company Transition Robotics, which had developed a fixed-wing drone that could carry about 4 kg payload for a distance of 40 km according its co-founder and CEO Sahil Barua.
Having slipped into the red in the March quarter (Q4) of the financial year 2023-24 (FY24), it was reported that Delhivery had consolidated net loss of INR 69 crore as against a consolidated profit after tax of INR 11.7 crore in the preceding quarter.
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Its revenue fell 5 per cent from quarter-on-quarter (QoQ) to INR 2,076 crore from INR 2,194.5 crore in Q3.
Delhivery is eyeing a piece in the country’s fledgling drone space with the new entity. As per a earlier report by Inc42 report, the Indian drone market is expected to reach $13 billion in size by 2030, clocking a CAGR of 215 per cent between 2022 and 2030.
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