SUMMARY
Garuda Aerospace’s bridge funding round also saw participation from investors, such as Hems Angels, San Angels, and Peaceful Progress Funds
The MS Dhoni-backed startup said it would use the fresh funds for working capital requirements and fulfilling drone orders
Earlier this year, the drone startup raised $17 Mn in its Series A funding round, just months after it raised $5 Mn
Chennai-based drone startup Garuda Aerospace has raised INR 25 Cr (about $3 Mn) in a bridge funding round led by Venture Catalysts and WeFounderCircle.
The funding round also saw participation from other investors, such as Hems Angels, San Angels, Peaceful Progress Funds, and various angel investors.
In a statement, the startup said it would use the fresh funds for working capital requirements, ensuring seamless execution of the drone order of the Indian Farmers Fertiliser Cooperative Limited (IFFCO) and fulfilling the pre-booked orders from dealers across the country.
Garuda said the demand for its drones has surged in recent times. It has received an order for 400 drones from IFFCO and a pre-booking of 10,000 drones from 700 dealers across the country.
Founded in 2015 by Agnishwar Jayaprakash, Garuda manufactures and sells drones, and offers drone-as-a-service (DaaS) solutions for sectors like agriculture, defence, mining, mapping, and warehouse management.
Commenting on the fundraise, CEO Jayaprakash said, “This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand.”
Earlier this year, Garuda raised $17 Mn in its Series A funding round, months after it raised $5 Mn. The startup is backed by the likes of SphitiCap, former Indian cricket team captain MS Dhoni, among others.
Talking to Inc42, Jayaprakash earlier said that the drone startup is eyeing a revenue of INR 1,000 Cr in FY24 and aims to go public in the next two years.
The fundraise comes at a time when the Indian drone industry is growing leaps and bounds. While a large number of startups, established over the last few years, have played a critical role in this growth, the industry has been further helped by the Indian government’s efforts to boost the sector. The Centre, which is aiming to make India the drone hub of the world by 2030, has brought in a number of reforms for further growth of drone manufacturing and use of drones in the country.
As a result, two drone startups, DroneAcharya and ideaForge, have gone public in the past one year.
According to a recent study by BlueWeave Consulting, the Indian agriculture drones market is expected to see a compound annual growth rate (CAGR) exceeding 25% from 2022 to 2028.
