Garuda Aerospace, a prominent drone company endorsed by former Indian cricket captain Mahendra Singh Dhoni, has successfully raised Rs 25 crore in a recent bridge funding round. This significant infusion of capital was led by Venture Catalysts and WeFounderCircle, and saw participation from a consortium of reputable investors, including Hems Angels, San Angels, Peaceful Progress funds, and various influential angel investors.
Agnishwar Jayaprakash, the Founder and Chief Executive Officer of Garuda Aerospace, expressed the pivotal role this new capital would play in driving the company’s growth and strengthening its ability to meet the surging market demand. “With the continued support of esteemed investors and the endorsement of MS Dhoni, we are confident in our mission to revolutionize the drone technology sector in India,” he added.
Dr. Apoorva Ranjan Sharma, the Founder and Managing Director of Venture Catalysts, commended Garuda’s commitment to providing cutting-edge drone solutions, especially in the Precision Agri Drone industry. He highlighted the company’s potential for substantial growth in light of its impressive market share.
The funds procured from this bridge round will be primarily directed towards addressing the mounting demand for drone solutions. Garuda Aerospace plans to allocate these funds to meet working capital requirements, ensuring the seamless execution of the drone order from IFFCO (Indian Farmers Fertiliser Cooperative Limited) and fulfilling pre-booked orders from numerous dealers across the country.
In recent times, Garuda Aerospace has achieved notable milestones, including a strategic partnership with IFFCO for a substantial drone order of 400 units. Furthermore, the company secured pre-booking orders for a total of 10,000 drones from 700 dealers across India. These accomplishments have led to a sudden upsurge in demand for the company’s innovative drone solutions.
Neeraj Tyagi, Co-founder and Chief Executive Officer of WeFounderCircle, expressed their belief in Garuda Aerospace’s vision to harness drones for the benefit of rural India. They anticipate that this initiative will unlock significant value for the agricultural use of drones, especially by engaging young rural-level entrepreneurs.
Established in 2015 by Agnishwar Jayaprakash, an alumnus of Harvard Business School, Garuda Aerospace has made substantial inroads into the drone industry with its asset-light, recession-resistant, and unit-economic-focused business model. The company specializes in designing and manufacturing precision agriculture drones while also empowering rural entrepreneurs, thereby positively impacting the lives of farmers.
Notably, Garuda Aerospace boasts a commendable 55% market share in the Precision Agri Drone industry, valued at $3 billion. The drone industry as a whole, estimated at $7 billion, continues to experience remarkable growth, in line with industry analysts’ predictions. This surge in investment and market interest signifies the growing significance of drone technology in agriculture and various other sectors in India.
The funds acquired through this funding round will enable Garuda Aerospace to not only meet the current demand for drone solutions but also continue its efforts to drive innovation and excellence in the rapidly evolving drone technology sector. With a substantial market share and the support of investors and industry veterans, Garuda Aerospace is well-positioned to play a pivotal role in transforming India’s drone industry.