Rattanindia Enterprises hit an upper circuit of 5% at Rs 54.50 after the company said that it has decided to make a strategic investment in US based Matternet, the world's most extensive urban drone logistics platform.
With this investment, REL has forayed into the deep-tech unmanned aerial vehicle (UAV) industry, which is set to transform logistics ecosystems worldwide. Matternet, based out of Silicon Valley counts Boeing, Mercedes-Benz, McKesson Ventures and Sony as investors.
Matternet provides best-inclass technology for on-demand, autonomous aerial delivery in urban environments and has garnered more revenue to date than any other UAV company from its operations in the US and Switzerland.
Matternet is pioneering a paradigm shift in transportation and logistics by using emission-free drone technology to deliver items up to 2 kgs with precision over fixed routes over distances of 20 kms in a few minutes. These flights are beyond visual line of sight (BVLOS) and flight over people (FLOPS).
All these deliveries are fully autonomous with remote monitoring from central control rooms. Globally, 80% of e-commerce parcels are under 2kgs, creating a large addressable market for Matternet UAV logistics platform.
Matternet currently provides its platform-as-a-service to companies in the fields of healthcare and logistics. Together with its partners Swiss Post, UPS and Japan Airlines (JAL), the company serves numerous hospitals and pharmacy chains such as CVS, WakeMed Hospital, Wake Forest Baptist Health, EOC Lugano and University of Zurich Hospital.
Matternet's technology not only has been approved by government aviation regulators (equivalent to DGCA in India) but also has been deployed commercially for urban deliveries in developed countries such as the US and Switzerland. Matternet drones have flown more than 13,000 commercial revenue trips in the US and Switzerland.
Aside from healthcare services, UAVs have useful applications in areas such as e-commerce and food delivery. The precision of Matternet's drone technology will prove to be extremely useful in developing countries like India, which have large urban agglomeration and ultra-high population density and congestion, making healthcare and ecommerce delivery by road time consuming and unreliable.
Anjali Rattan, business chairperson, RattanIndia Enterprises, said, "We are highly impressed with the team and credentials of Matternet. The partnership with Matternet is in line with our philosophy of investing in new age cleantech companies with tremendous growth potential."
RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
On a consolidated basis, RattanIndia Enterprises reported a net loss of Rs 0.22 crore in Q4 March 2021 compared with net loss of Rs 157.18 crore in Q4 March 2020. Net sales stood at Rs 0.10 crore in Q4 March 2021.
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