Mumbai, May 30 (PTI) On-demand drone delivery and logistics firm TechEagle on Thursday announced the completion of a funding round with the participation from Paytm founder Vijay Shekhar Sharma, Navam Capital and Inflection Point Ventures (IPV).

Paytm founder Sharma participated in the bridge funding round through his wholly-owned firm VSS Investco. The bridge round ahead of Series A also saw participation from Venture Catalysts and a diverse group of high-net-worth individuals, the company said, without disclosing the quantum of capital raised.

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With strong backing from strategic investors and entrepreneurs, including Tushar Jani, co-founder of BlueDart Express Limited, and Ajoy Khanderia, founder of Gramin Healthcare, the fresh capital infusion will fuel the company's efforts to launch higher payload drones for mid-mile and inter-city deliveries, it said.

"This funding will fuel our efforts to launch higher payload drones for mid-mile and inter-city deliveries, further solidifying our position as a frontrunner in the drone logistics industry,” said Vikram Singh Meena, Founder & CEO of TechEagle.

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"TechEagle's innovative drones are set to revolutionise logistics accessibility in both urban and semi-urban areas...IPV is committed to supporting ventures like TechEagle to witness the positive impact of technology in the logistics industry,” said Vinay Bansal, Founder & CEO of Inflection Point Ventures.

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