Bengaluru-based drone technology startup UrbanMatrix Technologies Pvt Ltd has raised Rs 1.2 crore. The key investment was made by Coimbatore-based SARA ELGI, part of ELGI conglomerate with an annual turnover of Rs 2,500 crore, and seasoned businessman Laxminarayana. SARA ELGI has a strong presence in more than 15 countries and will help UrbanMatrix with international expansion.
According to the company statement, the funds will be directed towards strengthening research and development, deepening market penetration, and delivering industry-oriented solutions across verticals.
