In order to address its financing requirements, drone maker Garuda Aerospace secured Rs 25 crore in funding from a new bridge round led by Venture Catalysts, We Founder Circle.
Other investors made commitments during the most recent round of funding raising, including Hems Angels, San Angels, Peaceful Progress funds, and a number of angel investors. The money raised in this bridge round will be used primarily to meet the requirement for drones.
"This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand," said Garuda Aerospace founder-CEO Agnishwar Jayaprakash.
According to the announcement, Garuda Aerospace has also pre-booked 10,000 drones from 700 dealers nationwide in addition to orders for 400 units from IFFCO, as reported by ET.
It states to have worked on numerous projects with more than 750 clients, including TATA, Godrej, Adani, Reliance, L&T, Amazon, Wipro, NHAI, and Indian startups like Swiggy, Flipkart, and Delhivery.
"We are excited to lead this Series A extension for Garuda Aerospace. Garuda's strong commitment to delivering cutting-edge drone solutions, combined with their impressive market share in the precision agri-drone industry, demonstrates their potential for significant growth," said Venture Catalysts founder and managing director Apoorva Ranjan Sharma.
The Garuda team is made up of eager and vivacious engineers who take a thorough approach to design and development, which helps them to work effectively together. Engineers in the team test out novel design approaches that might be used in the next projects.
WeFounderCircle Co-founder and CEO Neeraj Tyagi said, "Garuda is disrupting the drone ecosystem by introducing the micro-entrepreneur business model for rural India, after successfully establishing itself as a leader in corporate and industrial segment. We believe in their vision to use drone for Bharat, and feel that they will unlock a very big value for agriculture use of drone."
The money would be used by the business to cover working capital needs, carry out the drone order from IFFCO (Indian Farmers Fertilisers Cooperative Ltd), and complete pre-booked orders.
About Garuda Aerospace
Garuda Aerospace, a drone-as-a-service (DaaS) firm founded in 2015 by Agnishwar Jayaprakash, creates, produces, and customizes drones for a variety of use cases, including shipping, disaster preparedness, and use in agriculture, among others.
Weekly Startup Funding News Report For 25 October - 29 October 2024 (Latest Updates)
Weekly Funding Roundup - We compile a Weekly Startups Funding News Report summarizing all the startups that secured funding during the week. This report provides a consolidated list of newly funded ventures daywise.
Weekly Funding Roundup - We compile a weekly startups funding news report summarizing all the startups that secured funding during the week. This report provides a consolidated list of these newly funded ventures day-wise, offering a concise overview of the latest developments in the startup funding landscape. Get allIndian statups news at Viestoires.
Weekly Startups Funding News [25 October 2024 - 29 October 2024]
Althion Funding News - Althion has Secured Rs 3.6 crore in Pre-Series A Round Funding
Trisu Funding News - A pre-seed funding round, which was co-led by All In Capital, has secured an undisclosed quantity of investment for the vermeil jewelry brand Trisu.
GameEon Funding News - GameEon, a game development studio, has raised $1 million in its most recent funding round, which was co-led by SucSEED Indovation Fund, ICE VC, IAN, CD EQUIFINANCE, Nexus Global Opportunities Fund, Vivek Goel, Patni Family, Tal64.
Wundrsight Funding News - Wundrsight, a digital therapeutics startup, has secured $400K in its seed round, which was led by Inflection Point Ventures. Social Alpha, in conjunction with other angel investors, has also participated in the round.
Dharaksha Ecosolutions Funding News - Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured Rs 24.8 crore (approximately $2.95 million) in a Seed funding round sponsored by Avaana Capital.
Futwork Funding News - In its Series A round, which was led by the Michael & Susan Dell Foundation and included Artha Ventures, Simile Capital, and other investors, sales outreach platform Futwork has raised Rs 20.9 crore, about $2.5 million.
Centricity Funding News - In a seed round, Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others, led the investment in wealth management startup Centricity, which raised $20 million at a valuation of $125 million.
11 September 2024 - Funding News
Zivy Funding News - Zivy, an AI tool that prioritizes workplace messages and duties, has secured $1.2 million in a pre-seed funding round co-led by Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures.
Mitra Funding News - A strategic family office based in Dubai and Bestvantage Investments led the Pre-Series A fundraising round for D2C FMCG firm Mitra, which raised INR 11 Cr ($1.3 Mn).
InMobi Funding News - MARS Growth Capital, a joint venture between MUFG and Liquidity Group, has provided $100 million in debt financing to InMobi, a provider of mobile advertising network software.
Track3D Funding News - Track3D, an AI reality intelligence platform for the construction industry, announced that it had secured $4.3 million in seed funding. The funding was led by Endiya Partners, with participation from Shadow Ventures and Monta Vista Capital.
Flexiloans Funding News - In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).
10 September 2024 - Funding News
Crackle Technologies Funding News - Crackle Technologies, an adtech startup, has secured $1.7 million (approximately INR 14 crore) in a pre-seed funding round that was jointly headed by We Founder Circle and AC Ventures.
Supersquad Funding News - Supersquad, a startup that specializes in creator monetization, has secured Rs 2.1 crore in a funding round that was spearheaded by WLDD. Nitin Rajput and Jivraj Singh Sachar, angel investors, also contributed to the round.
AppsForBharat Funding News - AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round, which was led by Fundamentum.
Arnya Real Estate Funding News - Arnya Realestates Fund Advisors, an alternative investment management firm, has successfully closed the first close of its Rs 1,000-crore maiden debt fund, raising Rs 375 crore.
9 September 2024 - Funding News
Transcell Biologics Funding News - Quantiphi and IAN Group, both of Boston, have invested an undisclosed sum in Transcell Biologics, a biotechnology company.
2 September 2024 Monday - Latest Funding News in India
Mintifi Funding News- Mintifi a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.
Clean Electric Funding News - Clean Electric, an energy storage solutions startup, has secured Rs 48.5 crore (approximately $6 million) in funding from both new and existing investors.
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