Indian Battery-tech startup, Dreamfly Innovations raises $300K led by Rebalance with participation from IIMA’s CIIE.CO

3 min readSep 14, 2023

Batteries, big or small power almost everything.

How we power technology, travel, communicate, navigate, grow produce, or mine resources are all being disrupted by Industry 4.0. We’re not far away from drones being used for mainstream delivery, agriculture, surveillance, monitoring and inspection, or even as public transport.

In fact, drones are projected to be the mainstream delivery and surveillance channel by 2040. The drone-as-a-service market is growing at 40% CAGR while the UAV market is growing at 21% CAGR.

The drone, aviation, and EV battery market today is majorly dominated by Li-Ion and Li-Po technology. However, the growth of this soon-to-be $1.5 Trillion industry is crippled due to performance, safety, and durability concerns. 1 in 50 drones today fails due to battery fires and these batteries last an average of 250–350 cycles [1 year] with long charging times.

Dreamfly Innovations, a pioneering battery tech startup — is India’s first high-performance, non-flammable, 10x durable graphene-based battery solutions company.

Founded in 2022, by second-time entrepreneurs and engineers, Dr. Saurabh Markendeya and Kajal Shah, Dreamfly Innovations is headquartered in Bangalore. They were recently part of Rebalance’s Accelerator Cohort 05.

“With two decades of experience working on SMART Batteries and different cell chemistries, we saw a huge market opportunity. These SMART batteries with Graphene Cell Chemistry are safe, fire resistant, and give accurate flight predictability for a smooth flying and precision landing” said Dr. Saurabh Markendeya and Kajal Shah, Co-founder of Dreamfly Innovations.

They have recently announced their angel round of $300K led by Rebalance Angel Community with participation from CIIE.

They plan to use the funds for product commercialization and team expansion. Their vision is to reshape the future of energy through Software-Defined Battery (SDB) technology.

“We met Saurabh and Kajal in early 2023, they are a powerhouse of deep industry expertise and exceptional execution capabilities. The future of energy is the next frontier for humanity to build sustainably and we’re excited to back visionaries who have the passion to attempt this” added Aishwarya Malhi and Vikas Kumar, Co-founders of Rebalance and Rebalance Angel Community.

Dreamfly’s flagship product, the Graphene Battery, is set to revolutionize the Drone and Aviation industry with its extended lifespan, rapid charging, and operational cost efficiency.

“India is moving towards an electron economy. The government has an ambitious 30% electrification target by 2030. Battery systems are one of the most important pillars in power storage and generation. Novel technologies around batteries are the need of the hour and we believe the team at Dreamfly is one of the few today in India solving key challenges in this space.” commented Chintan Antani, VP of Seed Investments, CIIE.CO

Kajal adds “Dreamfly’s Graphene Battery is a testament to our dedication to innovation and sustainability.” She further explains that the company is also developing the first-in-India, GaN-based semiconductor chip dedicated to battery controller systems making Battery systems exceptionally efficient and durable.

They enjoy superiority across performance and cost in the global market. Their battery variants have a high potential for commercialization in other sectors impacted by Industry 4.0 as well such as space, defense, mobility, and Energy Storage Systems (ESS).

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