The Drone Manufacturing Company Garuda Aerospace has announced that it has secured funds amounting 22 million US dollars on Monday, 13th February 2023 in a series A Funding round.
About the Funds Raised by the Company Garuda Aerospace
The Series A funding Round for the company Garuda Aerospace was led by the early stage private venture capital firm SphitiCap. The venture capital firm SphitiCap has invested an amount of 12 million US dollars for the drone manufacturing company Garuda Aerospace.
The Series A Funding Round for the Garuda Aerospace has also witnessed the participation of the angel investors and other investors including the United Kingdom based Venture Capital Firm Silverstone Capital, Canada’s leading venture capital firm Ocgrow. Besides, the company also witnessed the participation of several high net worth individuals (HNI) and some infra development companies whose identities are unrevealed.
Garuda Aerospace has announced that the freshly raised capital will be used by the company to speed up the development of the company along with extending company’s operations in the new geographical regions.
The company also mentioned that some of the capital from the fund raised will be utilised in the field of Research & Development and skilling. Besides, the company also aims to focus on the training of the drone pilots and also to create recruitment in the company.
The chief Executive Officer of the drone manufacturing company Garuda Aerospace has mentioned that the company focuses on selling 25,000 drones in coming 1.5 years also, it facilitates on exporting about 10,000 drones in 100 countries across the globe.
About the Company Garuda Aerospace
The drone manufacturing company Garuda Aerospace was established in the year 2015 by Mr Agnishwar Jayprakash, who is also the Chief Executive Officer of the company. The headquarters of the company is based in Chennai, Tamil Nadu.
The start up was started with 5 members during its establishment, the company consists of more than 200 persons working for the company including the 500 pilots working across the 84 cities within the countries.
The company values up to 250 million US dollars. The company generates its revenue with the sales of the drones by 55 percent. It has raised fund of 1 million US dollars last year in 2021.
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