Drone startup Garuda Aerospace has raised $22 million in a Series A funding round led by venture capital firm SphitiCap, along with the participation from other global investors, angel investors, and HNIs. The round values the startup at $250 million.
With this round of funding, Garuda Aerospace will focus on research and development (R&D), expansion, training of drone pilots, and creating employment by deepening its footprint in Tier II and III cities, the company said in a statement.
Currently operating in PAN India, Garuda Aerospace aims to achieve significant dominance in rural areas, which will help manufacture drones that will bring fast delivery, reduce cost and improve accessibility, the drone manufacturer said.
Speaking on the funding, Agnishwar Jayaprakash, Founder & CEO, Garuda Aerospace said, “Garuda Aerospace is on the path to becoming the 1st ever drone unicorn startup in India with receiving great validation from the venture capital firms and investment communities. Garuda Aerospace aims to sell 25,000 drones in the next 18 months and is looking forward to exporting 10,000 drones to about 100 countries in the next 15 months.”
“After my experience at Davos 2023, it was clear that Garuda Aerospace has the potential to scale globally, by manufacturing more Make in India drones and will help India to become the drone hub of the world by 2030,” said Agnishwar Jayaprakash.
Pallav Kumar Singh, Managing Partner, SphitiCap said, “I’m extremely thrilled and excited to be a part of Garuda Aerospace’s growth story. Garuda Aerospace has built various types of drones with an interesting segment and their developments in the drone sector are one to watch out for. Given the evolving preferences and horizontal expansion with the usage of drones in several sectors, there is a vision of promising growth beneficial for both companies. With this, drones will be playing a major in nearly every sector in the future.”
