Publicly-listed company Magellanic Cloud has acquired a 70% stake in Bengaluru-based drone marker Scandron via a Share Purchase Agreement(SPA) through cash consideration of approximately Rs 20 lakh.
According to a Reuters report, Scandron team will continue to run the company’s operations and vision.
The strategic partnership between the two companies is expected to enhance research and development efforts and improve the quality of drone manufacturing in India.
The Bengaluru-based startup said it has a clear plan to develop indigenous drone and robot technology, and the partnership aims to reduce reliance on imported technology.
It will now focus on enhancing drone and robotics performance in industries, including aerospace, aviation, logistics, defence, and agriculture industries.
Source @Indianstartupnews
