Garuda Aerospace Secures ₹100 Crore in Series B Funding, Backed by MS Dhoni
Garuda Aerospace, a drone technology startup, has secured ₹100 crore (approximately $11.6 million) in its Series B funding round, which was led by Venture Catalysts (VCAT). This latest investment brings the company’s post-money valuation to $250 million.
In a previous round held in February 2023, the startup had raised $22 million in Series A funding, led by venture capital firm SphitiCap. The newly acquired funds will be directed toward scaling up drone production, expanding manufacturing capacity, and completing the development of a dedicated R&D and testing facility for defense-focused drone technology.
Since its founding in 2015 by Agnishwar Jayaprakash, Garuda Aerospace has grown to become an established organization with more than 200 experts. Currently, the company offers 50 specialized drone services and develops 30 various kinds of drones. Its primary business strategy includes pilot training programs, drone manufacturing, and drone-as-a-service (DaaS).
With a robust portfolio of over 20 patents, Garuda operates a fleet of more than 400 drones, supported by 500 certified pilots across 84 cities in India. Its clientele includes major government bodies and top corporations such as TATA, Reliance, and Adani, along with international partnerships with defense giants like Lockheed Martin and Elbit Systems.
According to TheKredible, the company’s revenue from operations surged 2.3x, reaching ₹110 crore in FY24, up from ₹47 crore in FY23. Its net profit also climbed to ₹16 crore, marking a 2.7x growth from ₹6 crore the previous year.
Garuda competes with several key players in the drone tech space, including ideaForge, Aarav Unmanned Systems, Throttle Aerospace Systems, General Aeronautics, and Omnipresent Robot Tech, offering solutions across sectors such as defense, agriculture, and industrial application.
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