Defence-focused drone maker Zuppa in talks to raise $10-M

Chennai-based Zuppa Geo Navigation Technologies is looking to raise USD 10-M in equity funding. The company is currently engaged in talks with foreign private investors and strategic partners. The transaction is expected to close by the next quarter.Founded in 2005 by Venkatesh Sai, Zuppa supplies indigenous defence drones to the Indian armed forces. The firm intends to use the capital to expand its technology development centre and engineering team. It also plans to use a portion of the funds to increase its presence and customer reach within India, as well as in the Middle East and North Africa (MENA) and Europe.