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.