Garuda Aerospace raises $22 Mn in Series A funding round backed by venture capital firm SphitiCap. Additionally, this funding round also saw participation from many other global investors. Also, various HNIs and multiple angel investors participated in this Series A round.

The company raised funds in this series A round at a valuation of $250 Mn.

SphitiCap infused $12 Mn in this drone startup and the remaining will be invested by other investors. Before this round, the drone startup raised $1 Mn in 2021. 

The fresh funds will be used for scaling up the operations and also for the expansion of the company. Furthermore, a portion of the funds will be utilized for Research and Development. The startup will also use the funds for training and skilling drone pilots. The company aims to employ people by strengthening its footprint in Tier 2 and Tier 3 cities.

Additionally, the drone startup Garuda Aerospace will also speed up the development of its drone solutions for the armed forces. It also plans to develop the facility for the aerospace sector in collaboration with global companies. 

Garuda Aerospace Background

Set up in 2015, Garuda Aerospace is a manufacturer and seller of drones. Besides, it also offers ‘drone-as-a-service’. The revenue of the company comes in two parts. 55% of the revenue comes from selling drones and the rest 45% is achieved by providing drones as a service facility. 

Apart from India, the company also functions in Malaysia, Singapore, the US and UAE. The company is profitable and is earning profits. It claims to close the FY23 with INR 40 crores in revenue.

Garuda Aerospace offers various services for its customers. It manufactures 30 types of drones and offers around 50 kinds of services. Besides, the startup also claims to serve over 750 clients that include Tata, Adani, Swiggy, Cognizant, and many others.

Currently, this drone startup operates with a fleet of 400 drones and 500 pilots. However, it is presently active in 84 cities. 

Garuda Aerospace looks forward to boosting its payload capacity, sensors and endurance. Furthermore, it also plans to establish its dominance in rural areas for cost-cutting and fast delivery. 

The startup has the vision to achieve multiple milestones in the coming years. It aims to sell 25,000 drones in the next 18 months. Additionally, it also looks to export 10,000 drones to almost 100 countries in the next few months.

Garuda Aerospace has seen extensive growth in recent months. Prime Minister Narendra Modi inaugurated the drone yatra by launching 100 Garuda Kisan Drones in 100 villages last year. Furthermore, Garuda Aerospace also onboarded Mahendra Singh Dhoni as a brand ambassador and shareholder. 

Undoubtedly, these additions and launches have acted as a catalyst for the corporation. To sum up, Garuda Aerospace aims to become 1st unicorn drone startup that will inspire billions of lives.

Featured Image Credit: Garuda Aerospace Pvt Ltd.