Garuda Aerospace Secures $22 Million in Largest Ever Series A Round for Drone Space Before Aero Show 2023
- ByStartupStory | February 13, 2023
Garuda Aerospace, the leading drone manufacturer and provider of Agri drone and Industry 4.0 services, has set a new record by securing $22 million in Series A funding, the largest ever in the drone sector. The funding round was led by venture capital firm SphitiCap, which invested $12 million, and included contributions from a range of global investors, angel investors, and high net worth individuals. Garuda Aerospace is considered the most valuable Indian drone startup in the country, and earlier received an additional $5 million from an infrastructure development company, as well as a group of high net worth individuals and angel investors from India, the UAE, and Singapore.
With the new funding, Garuda Aerospace will be able to scale up and expand its operations while continuing to strengthen its existing offerings. A portion of the funds will be directed towards research and development, allowing the company 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 job opportunities, and expanding the company’s presence in Tier II and III cities. Additionally, Garuda’s drones will be upgraded with increased payload capacity, endurance, improved sensor quality, and embedded technology solutions. Currently operating throughout India, Garuda Aerospace aims to establish a significant presence in rural areas, delivering fast and cost-effective drone solutions that improve accessibility.
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, shared his thoughts on the recent funding, saying, “Garuda Aerospace is on track to become India’s first drone unicorn startup with the support and validation from venture capital firms and investment communities. The company aims to sell 25,000 drones in the next 18 months and export 10,000 drones to 100 countries in the next 15 months. Following my experience at Davos 2023, I am confident that Garuda Aerospace has the potential to expand globally by producing more Make in India drones, making India the drone hub of the world by 2030.”
“After Prime Minister Narendra Modi launched 100 Garuda Kisan Drones in 100 villages last year and Mahendra Singh Dhoni became a brand ambassador and shareholder, Garuda has been focused on unit economics, profitability, and sustainability. Our business model is asset-light, tech-driven, market agnostic, and recession-proof, which is why we are growing so rapidly. Our smart drones are disrupting multi-billion-dollar sectors such as agriculture, mapping, infrastructure, Industry 4.0, defense, mining, and project inspections, not just in India but around the world,” Jayaprakash concluded.
Pallav Kumar Singh, Managing Partner at SphitiCap, expressed his excitement about the investment in Garuda Aerospace, stating, “I am thrilled to be a part of Garuda Aerospace’s growth story. The company has built a diverse range of drones with innovative technology and their advancements in the drone sector are definitely worth keeping an eye on. With the growing demand and utilization of drones across various industries, there is tremendous potential for growth that will benefit both companies. Drones will play a significant role in many industries in the future.”
Garuda Aerospace boasts a 400-drone fleet and a skilled team of over 500 pilots in 26 cities across India. The company has received investment from former Indian cricket team captain, Mahendra Singh Dhoni, who also serves as the company’s brand ambassador. Garuda Aerospace’s DGCA approved, Made in India drones are revolutionizing multiple multi-billion-dollar industries including agriculture, infrastructure, Industry 4.0, and defense. The company’s growth plan is to become India’s first-ever drone unicorn startup by impacting 1 billion lives.
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