Garuda Aerospace Invests In MapmyIndia-Backed Zuppa

SUMMARY

While Garuda has infused INR 1 Cr in Zuppa, it has also placed orders worth INR 1 Cr for the Chennai-based company’s drones

Zuppa cofounder Sai Pattabiram told Inc42 that the company’s post-money valuation stands at INR 160 Cr after the latest investment

Pattabiram said that the investment is part of its ongoing bridge funding round of $1 Mn

Garuda Aerospace has made a strategic investment in MapmyIndia-backed drone manufacturing startup Zuppa Neo Navigation Technologies.

While Garuda has infused INR 1 Cr in Zuppa, it has also placed orders worth INR 1 Cr for the Chennai-based company’s drones. Zuppa cofounder Sai Pattabiram told Inc42 that the company’s post-money valuation stands at INR 160 Cr after the latest investment.

Pattabiram said that the investment is part of its ongoing bridge funding round of $1 Mn. Zuppa is looking to raise $10 Mn to $15 Mn in its Series A round over the next 12-18 months, he added.

Founded in 2008 by father-son duo Sai Pattabiram and Venkatesh Sai, Zuppa claims to offer cyber-secure drones and autopilot systems for defence and commercial sectors. Its offerings are powered by its indigeneous cyber physical stack, comprising autopilot hardware, firmware, command control protocols, and UI software.

Zuppa has raised a total funding of around INR 10 Cr to INR 12 Cr to date from investors like IndiaNivesh Special Situations & Growth Fund and MapmyIndia.

Commenting on the investment, Garuda founder and CEO Agnishwar Jayprakash said, “Our strategic investment in Zuppa marks a significant step towards advancing secure and indigenous drone technologies. By combining Zuppa’s deeptech expertise in cyber-secure autopilot systems with our strengths in operations and market expansion, we aim to position India as a global leader in next-generation drone solutions.”

Founded in 2015, cricketer MS Dhoni-backed Garuda manufactures drones and offers drone-as-a-service (DaaS) solutions for sectors like agriculture, defence, mining, mapping, and warehouse management. The startup offers 30 different types of drones and more than 50 drone-related services.

In February 2023, Garuda raised $22 Mn in its Series A funding round led by venture capital firm SphitiCap. Following this, it secured an additional INR 25 Cr ($3 Mn) in a bridge funding round led by Venture Catalysts and WeFounderCircle in October 2023.

Overall, it has raised a total funding of over $25 Mn to date.

Garuda competes with the likes of BonV Aero, DroneAcharya, Dhaksha Unmanned Systems, among others, in the Indian drone market, which is expected to reach a size of $13 Bn by 2030