Garuda Aerospace, a provider of Drone-as-a-Service (DaaS), announced on Monday that it has raised $22 million in Series A funding, a record amount in the drone industry.
According to Garuda Aerospace, the funding round was led by venture capital firm SphitiCap, who invested $12 million, with additional contributions from global investors, angel investors, and high net worth individuals (HNI) at $5 million, as per reported by Free Press Journal.
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Speaking on the funding Agnishwar Jayaprakash, Founder and CEO said, “Garuda Aerospace aims to sell 25,000 drones in the next 18 months and is looking forward to exporting 10,000 drones to about 100 countries in the next 15 months.”
Garuda Aerospace had previously secured an additional $5 million from an infrastructure development company, as well as a group of high-net-worth individuals and angel investors from India, the UAE, and Singapore.
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Pallav Kumar Singh, Managing Partner, SphitiCap said, “Given the evolving preferences and horizontal expansion with the usage of drones in several sectors, there is a vision of promising growth beneficial for both companies. With this, drones will be playing a major in nearly every sector in the future.”
Garuda Aerospace plans to collaborate with international companies in the aerospace and defense industries to expand its operations and conduct research and development, to create advanced drone solutions for the armed forces.
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The newly acquired funds will also be utilized for the training and skill development of drone pilots, helping to create employment opportunities as the company expands its presence in Tier II and III regions.
Mahendra Singh Dhoni, former captain of the Indian cricket team, has invested and is also the brand ambassador of the company.
