Garuda Aerospace, Raises $22 mn, The Largest Funding In The Indian Drone Industry

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Garuda Aerospace, Raises $22 mn, The Largest Funding In The Indian Drone Industry
13 Feb 2023
4 min read

News Synopsis

The Drone-as-a-Service (DaaS) player Garuda Aerospace said on Monday that it had secured $22 million in Series A funding.

According to Garuda Aerospace, the venture capital firm SphitiCap led the funding round with an investment of $12 million. Other international investors, angel investors, and high net worth individuals (HNI) also contributed $5 million.

An infrastructure development company, a collection of HNIs, and angel investors from India, the United Arab Emirates, and Singapore previously invested another $5 million in the enterprise.

The company will collaborate with foreign aerospace and defence companies to expand up research and development efforts and provide cutting-edge drone solutions for the armed services.

The funds will also be utilised to train and skill drone pilots and to assist create jobs, with a stronger presence in Tier II and Tier III cities.

Founder and CEO Agnishwar Jayaprakash stated that Garuda Aerospace plans to sell 25,000 drones over the course of the next 18 months and anticipates shipping 10,000 drones to roughly 100 nations over the course of the next 15 months.

SphitiCap's managing partner, Pallav Kumar Singh, said: "Given the evolving preferences and horizontal expansion with the usage of drones in several sectors, there is a vision of promising growth beneficial for both companies. With this, drones will be playing a major in nearly every sector in the future."

Unmanned aerial vehicles (UAVs), usually known as drones, are the primary focus of Garuda Aerospace's design, build, and modification efforts. Garuda Aerospace precisely satisfies the needs of the customer by catering to a variety of needs, including event photography, agricultural survey, reconnaissance, and surveillance.

The Garuda team is made up of energetic and dynamic engineers who take a thorough approach to design and development, which helps them to work effectively together. Engineers in the team test out novel design approaches that might be used in upcoming projects.

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