Garuda Aerospace, a drone company backed by former Indian cricket captain Mahendra Singh Dhoni, has successfully raised Rs 25 crores in a fresh bridge round of funding led by Venture Catalysts, India’s first integrated incubator and a leading investor for early-stage and WeFounderCircle.
The funding round witnessed commitments from other notable investors, including Hems Angels, San Angels, Peaceful Progress Funds, and several prominent angel investors, which collectively capped out the funding round.
Expressing his gratitude for the strong support from investors, founder CEO Agnishwar Jayaprakash, said, “This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand. With the continued backing of esteemed investors and the endorsement of MS Dhoni, we are confident in our mission to revolutionise the drone technology sector in India.”
“We believe that this investment will not only strengthen Garuda's position as a market leader but also revolutionise the way drones are utilised across various sectors, ultimately benefiting India's tech ecosystem and agriculture industry,” Dr. Apoorva Ranjan Sharma, founder, and managing director at Venture Catalysts ++, stated.
The funds secured through this bridge round will be primarily utilised to address the sudden demand for drone solutions. The company will allocate the funds towards working capital requirements, ensuring seamless execution of the IFFCO drone order and fulfilling the pre-booked orders from numerous dealers across the country, the company said via a release.
Recently, it has achieved remarkable milestones, including a strategic partnership with IFFCO (Indian Farmers Fertiliser Cooperative Limited) for a drone order of 400 units and an impressive pre-booking of a total of 10,000 drones from 700 dealers across the country. These groundbreaking developments have resulted in a sudden surge in demand for the company's innovative drone solutions in recent times.
Founded in 2015 Garuda Aerospace has secured around 55 per cent market share in the $3 billion Precision Agri Drone industry.