Garuda Aerospace raises $5 million in funding
- ByStartupStory | November 11, 2022
Garuda Aerospace, a firm offering drones as a service, has raised $5 million from an unidentified “large infrastructure developer,” wealthy individuals, and angel investors from Singapore, India, and the United Arab Emirates. Currently, the company is worth over $250 million.
According to Garuda Aerospace, the funds will be used, among other things, to collaborate with international leaders in the aerospace and defense industries to create cutting-edge drone solutions for the military. The business has already shown how drones may be used in the agriculture industry for crop monitoring, land mapping, crop health, and yield reduction. It is also developing use cases for Industry 4.0.
Garuda Aerospace’s founder and CEO, Agnishwar Jayaprakash, remarked, “Garuda Aerospace is an asset-light, recession-proof, and market-agnostic company that is backed by its consumers. At a time when other unicorn startups are downsizing, Garuda is hiring because growth is based on profitability, sustainability, and revenues,”
Garuda Aerospace has a three-year exclusive agreement, reports a net profit margin of 24%, and is liquid, according to Jayaprakash.
Long-standing relationships exist between the business and Lockheed Martin, Elbit Systems, the Indian Institute of Science, IIT-M, and MIT Boston. He has 400 drones and a crew of more than 500 trained pilots operating in 26 cities.
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