The $81-billion global media conglomerate, with businesses as diverse as gaming, film and music production and electronics manufacturing, will commit $200 million to the VC arm to begin with, the sources said.
The startup, which specializes as a pay later firm for small businesses, counts Pravega Ventures, ICICI Bank and Japan’s GMO Global Fintech Fund as existing backers.
So far, venture investors have largely stayed away from backing Indian drone startups, owing to the lack of clarity around regulations after the country made it illegal to fly drones for civilian applications in December 2018.
India is an important market for the French firm, which is partnering with the government on the National Supercomputing Mission.
Investors' concerns over the regulatory crackdown has led to sharp sell-offs on China's share markets, reducing the market capitalisation of some of its largest companies including Alibaba Group Holding Limited.