India’s Airbound bags $37M to take on trucks with rocket-like drones

Airbound , an Indian startup building autonomous drones, has raised $37 million in fresh capital as it pushes to make moving goods through the air as cheap as trucking them by road.

The Series A round, led by Greenoaks with participation from DoorDash, Lachy Groom, Lightspeed, and Humba Ventures, comes less than a year after Airbound raised an $8.65 million seed round . With this funding, the three-year-old startup has raised nearly $50 million.

Airbound, and other startups in this nascent sector, argue that drones can move certain goods faster and cheaper than vehicles on the road. And while there have been successful deployments, drone delivery is still far from matching the scale and versatility of trucking.

Airbound is trying to close that gap by redesigning the aircraft to make it more competitive with ground transportation.

Conventional aircraft spend a lot of energy carrying their own weight rather than the payload, making flight expensive, particularly for moving smaller loads. Airbound’s answer is to build vertical-flight drones designed to weigh less than the cargo they carry, founder and CEO Naman Pushp said in an interview.

Airbound’s current drone, called TRT, weighs about 3.3 pounds and can carry around 2.2 pounds of payload. Its next version, currently under development, is expected to weigh about 6.6 pounds and be able to carry up to 11 pounds, Pushp told TechCrunch.

The startup uses a rocket-like, tail-sitter design for its drones, which takes off and lands vertically in an upright position before transitioning to horizontal flight. Pushp said Airbound intends to retain vertical takeoff and landing even as it develops larger aircraft to avoid dependence on runways.

“We want to build towards a world where everything has cost parity with trucking,” he said.

Founded in 2023, Airbound has completed more than 13,000 autonomous flights across the southern Indian cities of Bengaluru and Guntur, Pushp said. That includes more than 1,000 flights with the Indian hospital network Narayana Health, where its drones transport diagnostic samples between healthcare facilities.

The startup uses a single active drone on the Narayana route, flying diagnostic samples about 2.5 miles in around seven minutes. The same samples can take three to five hours to be transported by truck when factoring in the time spent waiting for enough samples to be bundled for road transport, according to Pushp.

That partnership is expanding to include Narayana’s new Banashankari hospital in Bengaluru, which was designed without an on-site diagnostic lab or blood bank and will instead rely on Airbound’s drones to connect with centralized facilities.