Garuda Aerospace raises $22 million for expansion
It’s touted as the largest-ever Series A funding in the drone sector
image for illustrative purpose
New Delhi: Drone startup Garuda Aerospace on Monday said it has raised $22 million which is touted as the largest-ever Series A funding in the drone sector.
Venture capital firm SphitiCap invested $12 mn along with participation from other global investors, angel investors and high networth individuals (HNIs) at $5 million.
Another $5 million from an infra-development company, a group of HNI and angel investors from India, the UAE and Singapore was earlier secured by the drone startup.
"Garuda Aerospace aims to sell 25,000 drones in the next 18 months and is looking forward to exporting 10,000 drones to about 100 countries in the next 15 months," said Agnishwar Jayaprakash, Founder and CEO.
A part of the funds will be used for R&D to accelerate the development of building advanced drone solutions for the armed forces, in collaboration with global companies for the defence and aerospace sector.
The funds will also be used for the skilling and training of drone pilots and help create employment with deepening its footprints in Tier II and III cities, said the startup.
"Our business model is asset light, tech driven, market agnostic and recession proof," said Jayaprakash.
Garuda Aerospace has a fleet of 400 drones and a team of over 500 pilots across 26 different cities across the country. Former Indian cricket team captain Mahendra Singh Dhoni has invested and is also the brand ambassador of the company.
"Garuda Aerospace has built various types of drones with an interesting segment and their developments in the drone sector are one to watch out for," said Pallav Kumar Singh, Managing Partner, SphitiCap.
