Garuda Aerospace, a drone-as-a-service (DaaS) startup backed by MS Dhoni, has successfully raised approximately $3 million (Rs 25 crore) in a bridge funding round led by Venture Catalysts and WeFounderCircle. This funding round attracted participation from entities like Hems Angels, San Angels, Peaceful Progress Funds, and numerous angel investors. Prior to this bridge round, the company had secured $22 million in a Series A round, primarily led by SphitiCap, a venture capital firm.
The fresh funding will be instrumental in meeting the surging demand for drone solutions. Garuda Aerospace intends to allocate these funds to fulfill its working capital requirements and ensure the timely execution of pre-booked drone orders. A notable partnership with IFFCO for a drone order of 400 units, along with pre-bookings of 10,000 drones from 700 dealers across the country, signifies the increasing importance of drone technology in various sectors.
Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace has swiftly become a major player in the Indian drone industry, offering services such as deliveries, disaster management, and agricultural applications. With a team of over 200 professionals, the company boasts a fleet of 400 drones and 500 pilots operating across 26 Indian cities. Notable clients include TATA, Godrej, Adani, Reliance, L&T, Amazon, and several homegrown startups. The company has seen impressive growth, with a 7x increase in revenue from operations during FY22, reaching Rs 15.31 crore, and turning profitable in the same fiscal year with profits of Rs 3.63 crore.
Garuda Aerospace, the drone startup, has been making remarkable progress. They recently raised a noteworthy $3 million in funding and have become a major player in the Indian drone industry. Sending my best wishes to the Garuda Aerospace team!~ Dr Shishir Gupta founder & CEO of StartupLanes
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