Garuda Aerospace Secures Rs 25 Crore Bridge Funding, Targets Expanding Drone Demand
Garuda Aerospace, a Chennai-based drone manufacturer, has raised Rs 25 crore in a bridge funding round led by integrated incubator Venture Catalysts and WeFounderCircle. The funding round also saw participation from several prominent investors, including Hems Angels, Peaceful Progress Funds, San Angels, etc.
As per the startup, the freshly raised funds would be primarily used to address the demand for drones.
Additionally, parts of the funds will be used by the startup towards working capital requirements, execution of the IFFCO (Indian Farmers Fertilisers Cooperative Ltd) drone order, and fulfilling the pre-booked orders.
Garuda Aerospace | Low-cost Drone Solutions
Founded by Agnishwar Jayaprakash in 2015, Garuda Aerospace is a drone startup that focuses on the design, build, and customization of unmanned aerial vehicles (UAVs) or drones for various applications. Its drones cater to diverse needs such as event photography, agricultural survey, reconnaissance, and surveillance.
Speaking about the development, Agnishwar Jayaprakash, Founder of Garuda Aerospace, stated that the freshly raised capital would play a crucial role in accelerating its growth and enhancing its capabilities to meet the increasing market demand.
“With the continued backing of esteemed investors and the endorsement of (cricket legend) MS Dhoni, we are confident in our mission to revolutionize the drone technology sector in India.”
The drone manufacturer claims to have received orders for 400 units from IFFCO. As per the startup, it has also received a pre-booking of a total of 10,000 drones from 700 dealers nationwide.
Statement from the Investors
Commenting on the development, Apoorva Ranjan Sharma, Venture Catalysts founder and managing director, highlighted his excitement to lead this Series A extension round for Garuda Aerospace.
“Garuda’s strong commitment to delivering cutting-edge drone solutions, combined with their impressive market share in the precision agri-drone industry, demonstrates their potential for significant growth.”
Neeraj Tyagi, Co-founder and CEO of WeFounderCircle, stated that he believes in Garuda’s vision to use drones for Bharat and emphasized that the drone maker is disrupting the drone ecosystem with their introduction of the micro-entrepreneur business model for rural India.
Backed by a strong order book and a first-mover advantage in the agricultural drone segment, the Chennai-based drone manufacturer claims to hold a 55% market share in the $3 billion precision agri drone space. Earlier this year, Garuda Aerospace raised $22 million (around Rs 182 crore) in a Series A funding round led by early-stage venture capital company SphitiCap for research and development (R&D), expansion, product development, and upskilling of drone pilots.
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