Garuda Aerospace Catapults to Success with $22 Million Series A Funding in the drone space ahead of Aero show 2023
13 February 2023, National: Garuda Aerospace, a leading drone manufacturer and market leader in the Agri drone and Industry 4.0 services segment, has raised $22 million in funding, making it the largest ever Series A round in the drone space. The funding round was led by venture capital firm SphitiCap, who invested $12 million, along with contributions from other global investors, angel investors, and HNIs, totaling $5 million. The company has been deemed the most valuable Indian drone startup across the nation. Garuda Aerospace previously secured an additional $5 million in funding from an infrastructure development company, a group of HNIs and angel investors from India, UAE, and Singapore.
The funds will be used to scale up and expand the company’s operations, including research and development to accelerate the development of advanced drone solutions for the defense and aerospace sector in collaboration with global companies. The funds will also be used for the training and skill development of drone pilots, creating employment opportunities, and expanding the company’s footprint in Tier II and III cities. Garuda Aerospace aims to further enhance its drones with increased payload capacities, endurance, improved sensor quality, and advanced technology solutions. Currently operating across India, the company aims to establish significant dominance in rural areas, manufacturing drones that bring faster delivery, reduced costs, and improved accessibility.
Speaking on the funding Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace said “Garuda Aerospace is on the path to becoming the 1st ever Drone Unicorn Startup in India with receiving great validation from the Venture Capital firms and Investment communities. 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. After my experience at Davos 2023, it was clear that 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.“
“After Prime Minister Narendra Modi Ji flagged off our Drone Yatra by launching 100 Garuda Kisan Drones in 100 villages last year and Mahendra Singh Dhoni joined as a Brand Ambassador and Shareholder, we have seen Garuda focusing on unit economics, profitability and sustainability. Our business model is asset light, tech driven, market agnostic and recession proof. The reason why Garuda is growing so fast is that 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.” Agnishwar concluded.
Pallav Kumar Singh, Managing Partner, SphitiCap said, “I’m extremely thrilled and excited to be a part of Garuda Aerospace’s growth story. Garuda Aerospace has built various types of drones with an interesting segment and their developments in the drone sector are one to watch out for. Given the evolving preferences and horizontal expansion with the usage of drones in several sectors, there is a vision of promising growth beneficial for both companies. With this, drones will be playing a major in nearly every sector in the future.”
Garuda Aerospace, known for its cutting-edge drone technology, boasts a robust fleet of 400 drones and a highly skilled team of over 500 pilots in 26 cities across India. With investment from former Indian cricket team captain Mahendra Singh Dhoni, who also serves as the brand ambassador, Garuda’s DGCA approved “Made in India” drones are transforming several multi-billion dollar industries, including agriculture, infrastructure, Industry 4.0, and defense. With the goal of becoming India’s first drone unicorn startup, Garuda aims to positively impact 1 billion lives through its ambitious growth plan.