Cricketer MS Dhoni has made an additional investment in Garuda Aerospace, a drone startup based in Chennai
Dhoni, who is also the brand ambassador for Garuda Aerospace, expressed his belief in the company's vision to make India a global drone hub by 2030
The startup, which secured $22 million in Series A funding earlier this year, aims to sell 25,000 drones in the next 18 months and export 10,000 drones to about 100 countries
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Former Indian skipper MS Dhoni has topped up his investment in Chennai-based drone startup Garuda Aerospace. However, the financial terms of the deal were not disclosed.
“I am proud to be associated with the team’s journey in positively impacting agriculture, defence, industry 4.0 & consumer drone sector as their captain,” said Dhoni.
Agnishwar Jayaprakash, founder and chief executive of Garuda Aerospace, said, “Dhoni is an epitome of a rural youth success story and both agri and consumer drones resonate with our target audience. His star power has helped Garuda reach the deepest pockets of India.”
Founded in 2015, by Jayaprakash and Rithika Mohan, Garuda Aerospace specialises in the design, manufacturing, and customization of Unmanned Aerial Vehicles (UAVs) or drones. The company offers 30 different types of drones and more than 50 drone-related services.
In 2022, Dhoni commenced his association with Garuda Aerospace after 100 drones were flagged off by Prime Minister Narendra Modi in 100 locations.
The company reported revenue of INR 100 Cr for FY2024. It has recently launched its global expansion, starting with Sri Lanka. It plans to expand into a minimum of 50 countries over the next few years, allocating approximately $10 million for international growth.
In February 2023, Garuda Aerospace raised $22 Mn in Series A funding, led by venture capital firm SphitiCap. More recently, in October 2023, the company secured an additional INR 25 Cr ($3 Mn) in a bridge funding round led by Venture Catalysts and WeFounderCircle.
This comes at a time when more and more new-age tech startup companies are experimenting with drones to streamline deliveries.
This investment comes amid growing interest in the Indian drone sector. Recent funding rounds include Skye Air Mobility raising $4 Mn in Series A funding in June 2024, and Quidich securing an undisclosed Series A round in the same month. According to the Inc42 report, the Indian drone market is projected to reach nearly INR 2.5 Tn by 2030, indicating significant growth potential for these startups.
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