homestartup NewsDrone maker Garuda Aerospace closes Series A round at $22 million, targets selling 25,000 drones in next 18 months
Drone-maker Garuda Aerospace closes Series A round at $22 million, targets selling 25,000 drones in next 18 months
Garuda Aerospace made headlines when the company announced that it had begun testing of drone deliveries in partnership with Swiggy. The plan was to focus on the NCR and Bengaluru markets, in particular, to execute such deliveries.
Drone manufacturer and Drone-As-A-Service (DAAS) startup Garuda Aerospace has raised $22 million in its Series A funding. The round was led by Venture Capital firm SphitiCap which invested $12 million along with participation from other global investors, angel investors and high net worth individuals (HNI) at $5 million.
The startup had earlier secured $5 million in a bridge round courtesy of an unnamed infrastructure firm and high net-worth individuals (HNIs). It has also raised $1 million in a seed round of funding from a global fund based in the UK.
"Garuda Aerospace aims to sell 25,000 drones in the next 18 months and is looking forward to exporting 10,000 drones to about 100 countries in the next 15 months," said Agnishwar Jayaprakash, Founder and CEO.
A part of the capital raised will also be used for research and development (R&D) to accelerate the development of building advanced drone solutions for the armed forces, in collaboration with global companies for the defence and aerospace sector, the firm said in a statement.
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“Garuda Aerospace has the potential to scale globally, by manufacturing more Make in India drones and will help India to become the drone hub of the world by 2030,” added Jayaprakash.
The funds will also be used for the skilling and training of drone pilots and help create employment by deepening its footprints in Tier II and III cities, said the company.
“Our business model is asset-light, tech-driven, market agnostic and recession-proof. Garuda is growing so fast because our smart drones are disrupting Multi-billion dollar sectors such as agriculture, mapping, infrastructure, Industry 4.0, defence, mining and project inspections not just in India but across the world." Jayaprakash stated.
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Garuda Aerospace made headlines when the company announced that it had begun testing of drone deliveries in partnership with Swiggy. The plan was to focus on the NCR and Bengaluru markets, in particular, to execute such deliveries.
During this time, the firm also launched newer versions of its ‘Garuda Kisan’ drones and a ‘Vajra’ defence drone at the recently conducted Defence Expo. Former India cricket captain, MS Dhoni, also invested in the company (investment number undisclosed) and even had a drone, ‘Droni’, named after him.
Garuda Aerospace has a fleet of 400 drones and a team of over 500 pilots across 26 different cities across the country. The Drone-As-A-Service startup is likely to hit a valuation of Rs 50,000 crore in the next two years.
First Published: Feb 13, 2023 11:58 AM IST
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