Garuda Aerospace, a leading drone technology startup, has successfully raised Rs 100 crore (approximately $11.6 million) in its Series B funding round, which was led by Venture Catalysts (VCAT). This funding round values the company at an impressive $250 million. This new investment follows Garuda’s Series A round in February 2023, where it secured $22 million, led by Venture Capital firm SphitiCap.
The fresh capital infusion will enable Garuda Aerospace to expand its drone manufacturing capabilities, improve production processes, and establish a cutting-edge research and development (R&D) and testing center focused on developing defense drone technology.
Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace has rapidly grown into a formidable player in the drone technology space. The company has scaled to over 200 employees and manufactures a diverse range of 30 types of drones. Additionally, Garuda offers 50 different services, including drone-as-a-service (DaaS) and pilot training. Its product portfolio caters to a wide array of industries, including defense, agriculture, infrastructure, and disaster management.
The company holds over 20 patents and operates a fleet of more than 400 drones, supported by a team of 500 trained pilots across 84 cities. Garuda’s diverse clientele includes top government agencies as well as major corporations such as TATA, Reliance, and Adani. The company has also established partnerships with global defense technology giants like Lockheed Martin and Elbit Systems.
With this new investment, Garuda Aerospace is poised to accelerate its growth trajectory, further solidifying its position as a leading innovator in the rapidly evolving drone technology market.
