Zomato, the restaurant search, and discovery platform have acquired a drone delivery startup TechEagle Innovations.
Lucknow-based TechEagle Innovations works exclusively on drones and will help Zomato’s ambition to create technology that will power hub to hub delivery networks powered by hybrid multi-rotor drones, Zomato said in a statement.
Founded in 2015 by IIT-Kanpur student Vikram Singh Meena, TechEagle focuses on custom-made drones capable of carrying up to 5 kg payload.
Zomato Founder and CEO Deepinder Goyal said, “We are currently at the early stage of aerial innovations and are taking baby steps towards building a tomorrow wherein users can expect a drone to deliver the food they ordered online.”
“We believe that robots powering the last mile delivery is an inevitable part of the future and hence is going to be a significant area of investment for us,” he added. Food delivery business currently contributes about 65 percent to the overall revenue of the company, Zomato said.
The company, however, did not share any financial details of the acquisition.
Zomato claims to have more than 75,000 restaurant partners offering food delivery services across about 100 cities in India. According to a source, the firm provides its services in over 1.4 million restaurants across 24 countries for more than 50 million users every month.
The food delivery market is dominated by Zomato, Swiggy, Foodpanda, and UberEats. These companies provide lots of discounts to attract users.