In a testament to the growing interest in the drone industry, Garuda Aerospace, a pioneering drone startup backed by cricket legend MS Dhoni, has successfully raised a significant $3 million in a bridge round of funding. Venture Catalysts and WeFounderCircle led the investment and saw active participation from other key investors, including Hems Angels, San Angels, Peaceful Progress Funds, and several angel investors.
This impressive financing comes on the heels of Garuda Aerospace’s Series A round in February, where they secured a remarkable $22 million in funding, primarily spearheaded by the prominent Venture Capital firm SphitiCap.
With this new infusion of capital, Garuda Aerospace is well-equipped to meet the surging demand for drone solutions in various sectors. The company’s primary focus is to allocate the funds towards bolstering its working capital, thus ensuring the seamless execution of pre-booked orders.
One of the most notable partnerships for Garuda Aerospace is their collaboration with IFFCO (Indian Farmers Fertiliser Cooperative Limited), which involves a substantial drone order of 400 units, in addition to pre-bookings of a staggering 10,000 drones from 700 dealers spread across the country.
Garuda Aerospace, founded in 2015 by Agnishwar Jayaprakash, has rapidly emerged as a leading drone-as-a-service (DaaS) startup. The company is known for its prowess in designing, manufacturing, and customizing drones to cater to a wide range of applications, including deliveries, disaster management, and agricultural uses, among others. With a dedicated team of over 200 professionals, Garuda Aerospace boasts an impressive fleet of 400 drones and an extensive network of 500 pilots serving across 26 cities in India.
The company’s exceptional track record includes serving over 750 clients, which feature major industry giants such as TATA, Godrej, Adani, Reliance, L&T, Amazon, Wipro, NHAI, and several prominent Indian startups like Swiggy, Flipkart, and Delhivery. Garuda Aerospace’s drones have been instrumental in various projects for these esteemed clients.
The drone industry in India is rapidly evolving, with several startups making significant strides. As of September, around nine drone tech startups have collectively raised approximately $63 million, making it evident that this sector is capturing the imagination of both investors and entrepreneurs alike. Notable players in this space include ideaForge, insideFPV, Indrones, and PDRL, among others.
One of the most remarkable aspects of Garuda Aerospace’s journey is its impressive financial growth. In the fiscal year 2022, the company’s revenue from operations experienced an astounding seven-fold increase, reaching Rs 15.31 crore, compared to Rs 2.13 crore in the preceding fiscal year. The company derives its revenue from various sources, including the sale of drones and related accessories, surveillance charges, and various other services. Notably, Garuda Aerospace turned a profit in the fiscal year 2022, recording an impressive Rs 3.63 crore in profits, a remarkable turnaround from the Rs 53 lakh loss in the previous fiscal year.
Garuda Aerospace’s successful fundraising and financial performance underscore the promising future of the drone industry in India, and it’s undoubtedly a company to watch as it continues to play a pivotal role in shaping the landscape of drone technology.
