Garuda Aerospace raises Rs 25 cr for working capital to execute order book
Garuda Aerospace, a drone manufacturer, has secured a funding of Rs 25 crore in a recent bridge round led by the integrated incubator, Venture Catalysts, in order to fulfill its working capital needs. The capital infusion in this latest funding round also saw participation from various other investors such as Hems Angels, San Angels, Peaceful Progress Funds, and numerous individual angel investors, demonstrating growing support for the company.
Garuda Aerospace's founder and CEO, Agnishwar Jayaprakash, emphasized the significance of the newly acquired capital, stating that it will be a pivotal factor in accelerating the company's growth and expanding its capabilities to meet the increasing demand in the market. He also expressed confidence in their mission to revolutionize the drone in India, thanks to the ongoing support of esteemed investors and the endorsement of cricket legend MS Dhoni.
The funds secured through this bridge round will primarily be directed toward fulfilling the demand for drones. This includes addressing working capital needs, executing the substantial IFFCO drone order, and fulfilling pre-booked orders. Venture Catalysts founder and managing director, Apoorva Ranjan Sharma, expressed excitement about leading the Series A extension for Garuda Aerospace. He highlighted Garuda's strong commitment to delivering advanced drone solutions and their notable market share in the precision agri-drone industry, underscoring their potential for substantial growth.
Neeraj Tyagi, Co-founder and CEO of WeFounderCircle, mentioned that Garuda is disrupting the drone ecosystem by introducing the micro-entrepreneur business model in rural India, following their success in the corporate and industrial segments. He further expressed belief in Garuda's vision to harness the potential of drones for the benefit of India and agriculture, expecting them to create significant value. The statement also noted that Garuda Aerospace has received orders for 400 units from IFFCO and secured pre-bookings for a total of 10,000 drones from 700 dealers across the country.
Garuda Aerospace's founder and CEO, Agnishwar Jayaprakash, emphasized the significance of the newly acquired capital, stating that it will be a pivotal factor in accelerating the company's growth and expanding its capabilities to meet the increasing demand in the market. He also expressed confidence in their mission to revolutionize the drone in India, thanks to the ongoing support of esteemed investors and the endorsement of cricket legend MS Dhoni.
The funds secured through this bridge round will primarily be directed toward fulfilling the demand for drones. This includes addressing working capital needs, executing the substantial IFFCO drone order, and fulfilling pre-booked orders. Venture Catalysts founder and managing director, Apoorva Ranjan Sharma, expressed excitement about leading the Series A extension for Garuda Aerospace. He highlighted Garuda's strong commitment to delivering advanced drone solutions and their notable market share in the precision agri-drone industry, underscoring their potential for substantial growth.
Neeraj Tyagi, Co-founder and CEO of WeFounderCircle, mentioned that Garuda is disrupting the drone ecosystem by introducing the micro-entrepreneur business model in rural India, following their success in the corporate and industrial segments. He further expressed belief in Garuda's vision to harness the potential of drones for the benefit of India and agriculture, expecting them to create significant value. The statement also noted that Garuda Aerospace has received orders for 400 units from IFFCO and secured pre-bookings for a total of 10,000 drones from 700 dealers across the country.
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