Bangalore-based drone technology company Asteria Aerospace witnessed a 62% growth in revenue in FY24, rising to Rs 41.56 crore from Rs 25.57 crore in FY23.
Founded in 2011 by Neel Mehta and Nihar Vartak, Asteria Aerospace is a full-stack drone technology company delivering customized aerial intelligence solutions. Asteria serves defense clients and industries like oil and gas, mining, and agriculture with autonomous drones for surveying, inspection, and asset monitoring.
While its current valuation remains undisclosed, Asteria Aerospace has raised Rs 5.55 crore in funding over 1 round, a seed round in July 2018 led by Boundary Holding. The company competes with Garuda Aerospace and Urbanmatrix.
In December 2019, Reliance Industries acquired over 50% of Asteria Aerospace through its subsidiary, Reliance Strategic Business Ventures Ltd. (RSBVL). Currently, Reliance Industries holds over 50% ownership, while Neel Kushal Mehta and Nihar Vartak retain significant shares.
The company’s expenses rose in line with its revenue, reaching Rs 43.55 crore in FY24, from over Rs 30 crore in FY23. The cost of materials made up around 50% of total expenses, followed by employee benefits and legal and professional fees, with advertising and finance costs also contributing significantly.
Asteria Aerospace reduced its losses to Rs 1.98 crore in FY24, from a loss of over Rs 5 crore in FY23.
The company’s current EBITDA margin and ROCE improved to 10.38% and -0.59%, respectively.