Garuda Aerospace, Backed by MS Dhoni, Raises Rs. 25 Crores
- ByStartupStory | October 25, 2023
Garuda Aerospace, a prominent drone startup in India with the backing of former cricket captain Mahendra Singh Dhoni, has successfully secured Rs. 25 crores in a fresh bridge round of funding. This funding round was led by Venture Catalysts, known as India’s first integrated incubator, and WeFounderCircle. Other notable investors, including Hems Angels, San Angels, Peaceful Progress Funds, and several well-known angel investors, also participated in this funding round.
The CEO of Garuda Aerospace, Agnishwar Jayaprakash, expressed gratitude for the substantial support from investors.
He said, “We are thrilled and honored 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. With the continued backing of esteemed investors and the endorsement of MS Dhoni, we are confident in our mission to revolutionize the drone technology sector in India.”
“We are excited to lead this Series A extension for Garuda Aerospace, an innovative company that is transforming the drone technology landscape in India. Garuda’s strong commitment to delivering cutting-edge drone solutions, combined with its impressive market share in the Precision agri-drone industry, demonstrates its potential for significant growth. We believe that this investment will not only strengthen Garuda’s position as a market leader but also revolutionize the way drones are utilized across various sectors, ultimately benefiting India’s tech ecosystem and agriculture industry,” Dr Apoorva Ranjan Sharma, Founder and Managing Director at Venture Catalysts ++, stated.
“Garuda is disrupting the drone ecosystem by introducing the micro-entrepreneur business model for rural India, after successfully establishing itself as the leader in the corporate & industrial segment. We believe in their vision to use drones for Bharat and feel that they will unlock a very big value for agriculture use of drones, by involving young rural-level entrepreneurs. We liked the way founder Agni has led the company till now as one of the top successful drone techs, and his vision & passion made our decision easy while backing them.” Added Mr. Neeraj Tyagi, Co-Founder & CEO, We Founder Circle
The funds raised in this bridge round will be primarily used to address the sudden surge in demand for drone solutions. This includes fulfilling the IFFCO drone order of 400 units and meeting pre-booked orders from numerous dealers across the country. Garuda Aerospace has recently achieved significant milestones, securing partnerships and pre-bookings, which have driven this demand.
Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace has made a substantial impact on the drone industry with its asset-light, recession-proof, and unit-economic-focused business model. The company designs and manufactures precision agriculture drones while empowering rural entrepreneurs. They currently hold a 55% market share in the $3 billion Precision Agri Drone industry and continue to witness remarkable growth in the overall $7 billion drone industry.
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Garuda Aerospace’s mission is to impact 1 billion lives positively using affordable precision Drone Technology, with the support of investors and the endorsement of MS Dhoni, who is both an investor and a Brand Ambassador. The company aims to become India’s first-ever Drone Unicorn Startup by 2024.
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