Chennai-based drone startups Garuda Aerospace has secured ₹25 crores in a series A extension round funding led by Venture Catalysts and WeFounderCircle, with significant contributions from Hems Angels, San Angels, and Peaceful Progress Funds.
The company which is backed by former Indian captain Mahendra Singh Dhoni said that funds accrued from this round are earmarked for addressing the escalating demand for drone solutions.
Specifically, the capital will be channelled towards meeting working capital needs, executing the drone order from IFFCO, and servicing pre-booked orders from various dealers across the nation.
Garuda Aerospace, established in 2015, specialises in designing and manufacturing drones. Recently it has see growth in agricultural sector.
The company recently celebrated a substantial win by forming a partnership with IFFCO (Indian Farmers Fertiliser Cooperative Limited) for a 400-unit drone order. Additionally, it said that it has received pre-bookings for a total of 10,000 drones from 700 dealers across India, indicating a sharp uptick in the demand for their drone solutions.
“We are thrilled and honoured by the overwhelming support from our investors and the investment community. This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand,” said Garuda Aerospace founder CEO Agnishwar Jayaprakash.
“We are excited to lead this Series A extension for Garuda Aerospace, an innovative company that is transforming the drone technology landscape in India. We believe that this investment will not only strengthen Garuda's position as a market leader but also revolutionise the way drones are utilised across various sectors, ultimately benefiting India's tech ecosystem and agriculture industry,” said Dr Apoorva Ranjan Sharma, founder and managing director, Venture Catalysts ++.
The drone industry in India, currently estimated at a robust $7 billion, continues on a trajectory of remarkable growth, driven by a growing demand in various sectors such as agriculture, surveillance, logistics, and disaster management.
The government's progressive policies and regulatory frameworks are also fostering a conducive environment for drone technology adoption, attracting both domestic and global players to invest and innovate.
Moreover, the emergence of start-ups specialising in drone technology is propelling the industry forward, offering cutting-edge solutions that address a spectrum of societal and commercial challenges.