Dronetch

Drone Startup Garuda Aerospace Raises Rs 25 Crore in Bridge Funding Round

• ByStartupStory     |    November 6, 2023

Indian drone company Garuda Aerospace, endorsed by former cricket captain Mahendra Singh Dhoni, has successfully raised Rs 25 crore in a recent bridge funding round. This funding round, led by Venture Catalysts, a prominent incubator and early-stage investor, in collaboration with WeFounderCircle, marks a significant milestone in the company’s growth journey. Notably, the round also saw substantial contributions from investors such as Hems Angels, San Angels, Peaceful Progress Funds, and several distinguished angel investors.

Garuda Aerospace’s founder and CEO, Agnishwar Jayaprakash, expressed his gratitude and noted that this capital infusion would accelerate their expansion and bolster their ability to meet the growing market demand. He emphasized the company’s commitment to revolutionizing the drone technology sector in India, with the trust of prominent investors and the endorsement of MS Dhoni.

Apoorva Ranjan Sharma, founder and managing director at Venture Catalysts, commended Garuda Aerospace’s innovative approach to reshaping the drone technology landscape in India. WeFounderCircle’s co-founder and CEO, Neeraj Tyagi, also praised Garuda’s disruption of the drone ecosystem. He highlighted the introduction of the micro-entrepreneur business model for rural India and the compelling vision and leadership of founder Agni, which made supporting Garuda Aerospace an easy decision.

The funds raised in this bridge funding round are primarily allocated to meet the surging demand for drone solutions. These funds will address working capital requirements, ensuring the seamless execution of the IFFCO drone order, and fulfilling pre-booked orders from dealers across the nation.

Garuda Aerospace recently achieved significant milestones, including a strategic partnership with IFFCO (Indian Farmers Fertiliser Cooperative Limited) for a substantial 400-unit drone order. They also secured impressive pre-bookings of 10,000 drones from 700 dealers nationwide, showcasing the company’s promising trajectory in the drone technology sector.

 

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