Garuda Aerospace, a drone company backed by former Indian cricket team captain Mahendra Singh Dhoni, has raised ₹25 crore in a fresh bridge round of funding led by Venture Catalysts and WeFounderCircle.
The funding round saw the participation of notable investors such as the Hems Angels, San Angels, Peaceful Progress Funds and other prominent angel investors. The funds secured through the bridge round will be utilised to meet the surge in demand for drone solutions.
The company will allocate funds towards working capital requirements, ensuring seamless execution of the IFFCO drone order and fulfilling the pre-booked orders from numerous dealers from across the country.
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, said, “This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand.”
“We are excited to lead this Series A extension for Garuda Aerospace, an innovative company that is transforming the drone technology landscape in India. Garuda’s commitment towards delivering cutting-edge drone solutions, combined with their impressive market share in the Precision Agri Drone industry, demonstrates their potential for significant growth,” said Apoorva Ranjan Sharma, Founder and Managing Director of Venture Catalysts.
“After establishing itself as a leader in the corporate and industrial segment, Garuda Aerospace has been influencing the drone ecosystem with the introduction of the micro entrepreneur business model for rural India. We believe in their vision to make use of drones for the development of the country,” said Neeraj Tyagi, Co-Founder and CEO of WeFounderCircle. Mr. Neeraj expressed optimism about the company putting drone technology to use in agriculture by engaging young entrepreneurs from rural areas.
Garuda Aerospace claims that it has secured a market share of 55% in the $3 billion Precision Agri Drone industry. The drone industry is estimated at $7 billion.
