Latest News | Asteria Aerospace Expects to Cross Rs 100 Cr Revenue This Fiscal

New Delhi, May 27 (PTI) RIL group's drone firm Asteria Aerospace expects to grow around 10 times in the current financial year and cross the Rs 100-crore revenue mark, a senior official of the company said on Friday.

Asteria Aerospace co-founder and director Nihar Vartak told PTI that there has been exponential growth in the drone services business after the government came up with liberal policy for the sector in September last year.

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"We have grown 6 times and expect to grow 10 times this fiscal," Vartak said on the sidelines of the Drone Festival adding that the company expects to cross Rs 100 crore revenue mark this fiscal year.

However, Vartak did not disclose the company's revenue figure for the last financial year.

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He said that after the drone rules, the government has been helping the sector by coming out with projects related to drones.

"The government agencies are coming with drone related work. We are participating in the Prime Minister's Svamitva Scheme, working with three state governments for land records and also with private enterprises in the field of oil and gas and telecom. Dimensions have opened multifold after relaxation of the rules," Vartak said.

Svamitva (Survey of villages and mapping with improvised technology in village areas) scheme is a new initiative of the Ministry of Panchayati Raj.

Before Drone policy, Asteria's 95 per cent business came from defence, police or paramilitary and 5 per cent came from other institutions. Now it is 60 per cent from Defence, police and paramilitary and the rest from government services and private enterprises, he said.

Vartak said that the company has increased drone production capacity from 10-15 units per month to 100-150 units.

"Earlier we had 5-6 drone teams. It has now increased to 50-60 teams within a period of six months," Vartak said.

The company is looking to tap GIS (geographical information system) mapping related work and take the service across more states in coming months.

GIS mapping firm Esri India managing director Agendra Kumar on the sidelines of the Drone Festival said that in order to scale drone adoption in India, there is a need for a solution or an ecosystem that simplifies drone flying, data capture, processing, and consumption.

He said India's drone festival -- Bharat Drone Mahotsav 2022 -- has brought together key stakeholders in the domain, including startups, in order to showcase India's presence and innovation in the sector.

"I believe, this along with the new Drone Rules 2021, will further boost the creation of Geospatial data through drones in India," Kumar said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)