Garuda Aerospace Raises $100 Crore in Series B Funding
Garuda Aerospace, an aerospace startup backed by ace cricketer Mahendra Singh Dhoni, announced on Wednesday that it has raised $100 crore in its Series B funding round from Venture Catalysts.
The new funds, raised at a valuation of $250 million, will significantly enhance the company's capabilities in drone system production. The investment will also be used to expand the current production facility and expedite the establishment of a research and development and testing center focused on advanced defense drone design.
"This Series B funding not only boosts our manufacturing and innovation capacity but also positions us to accelerate the development of next-generation drone technology," said Agnkshwar Jayaprakash, Founder and CEO of Garuda Aerospace.
This funding round strengthens Garuda Aerospace's position within the Indian aerospace ecosystem and aligns with the country's broader vision of achieving self-reliance in high-tech defense manufacturing. A portion of the newly acquired funds will also support the expansion of its intellectual property portfolio and the development of a new design facility. Currently, Garuda Aerospace holds a strong portfolio of over 20 patents.
"This investment aligns closely with our strategy of supporting homegrown champions that have the potential to transform India's technological landscape and create significant socio-economic impact," stated Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts.
With the government's strong focus on promoting drone adoption and indigenous manufacturing through initiatives like the Drone Rules 2021 and the Production-Linked Incentive (PLI) scheme, Garuda Aerospace sees substantial market opportunities. The company offers drone manufacturing, drone-as-a-service (DaaS) solutions, and pilot training, catering to a diverse range of clients, including government agencies, agricultural businesses, infrastructure firms, and defense organizations, providing customized drone solutions to meet various needs.
The new funds, raised at a valuation of $250 million, will significantly enhance the company's capabilities in drone system production. The investment will also be used to expand the current production facility and expedite the establishment of a research and development and testing center focused on advanced defense drone design.
"This Series B funding not only boosts our manufacturing and innovation capacity but also positions us to accelerate the development of next-generation drone technology," said Agnkshwar Jayaprakash, Founder and CEO of Garuda Aerospace.
This funding round strengthens Garuda Aerospace's position within the Indian aerospace ecosystem and aligns with the country's broader vision of achieving self-reliance in high-tech defense manufacturing. A portion of the newly acquired funds will also support the expansion of its intellectual property portfolio and the development of a new design facility. Currently, Garuda Aerospace holds a strong portfolio of over 20 patents.
"This investment aligns closely with our strategy of supporting homegrown champions that have the potential to transform India's technological landscape and create significant socio-economic impact," stated Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts.
With the government's strong focus on promoting drone adoption and indigenous manufacturing through initiatives like the Drone Rules 2021 and the Production-Linked Incentive (PLI) scheme, Garuda Aerospace sees substantial market opportunities. The company offers drone manufacturing, drone-as-a-service (DaaS) solutions, and pilot training, catering to a diverse range of clients, including government agencies, agricultural businesses, infrastructure firms, and defense organizations, providing customized drone solutions to meet various needs.
