Chennai, 25, October 2023: Garuda Aerospace, India’s main and most dear drone firm backed by former Indian cricket captain Mahendra Singh Dhoni, has efficiently raised Rs. 25 crores in a fresh bridge round of funding led by Venture Catalysts, India’s first built-in incubator and a main investor for early-stage and WeFounderCircle. The funding round witnessed commitments from different notable buyers, together with Hems Angels, San Angels, Peaceful progress funds, and a number of outstanding angel buyers, which collectively capped out the funding round.
Garuda Aerospace funding
Expressing his gratitude for the robust help from buyers, Founder CEO, Garuda Aerospace, Agnishwar Jayaprakash, mentioned, “We are thrilled and honored by the overwhelming help from our buyers and the funding group. This fresh capital infusion will play a essential function in accelerating our progress and enhancing our capabilities to satisfy the escalating market demand. With the continued backing of esteemed buyers and the endorsement of MS Dhoni, we’re assured in our mission to revolutionize the drone expertise sector in India.”
“We are excited to steer this Series A extension for Garuda Aerospace, an progressive firm that’s reworking the drone expertise panorama in India. Garuda’s robust dedication to delivering cutting-edge drone options, mixed with their spectacular market share in the Precision Agri Drone business, demonstrates their potential for vital progress. We imagine that this funding won’t solely strengthen Garuda’s place as a market chief but in addition revolutionize the best way drones are utilized throughout numerous sectors, in the end benefiting India’s tech ecosystem and agriculture business,” Dr Apoorva Ranjan Sharma, Founder and Managing Director at Venture Catalysts ++, said.
“Garuda is disrupting the drone ecosystem by introducing the micro entrepreneur enterprise mannequin for rural India, after efficiently establishing itself as chief in company & industrial section. We imagine in their imaginative and prescient to make use of drone for Bharat, and really feel that they may unlock a very huge worth for agriculture use of drone, by involving younger rural stage entrepreneurs. We actually preferred the best way founder Agni has led the corporate until now as one in all prime profitable drone tech, and his imaginative and prescient & ardour made our resolution simple whereas backing them.” Added Mr. Neeraj Tyagi,Co-Founder & CEO, We Founder Circle
The funds secured by way of this bridge round shall be primarily utilized to handle the sudden demand for drone options. The firm will allocate the funds in direction of working capital necessities, making certain seamless execution of the IFFCO drone order and fulfilling the pre-booked orders from quite a few sellers throughout the nation. Recently, Garuda Aerospace has achieved exceptional milestones, together with a strategic partnership with IFFCO (Indian Farmers Fertiliser Cooperative Limited) for a drone order of 400 items and a powerful pre-booking of whole 10,000 drones from 700 sellers throughout the nation. These groundbreaking developments have resulted in a sudden surge in demand for the corporate’s progressive drone options in latest instances.
Dhoni Garuda Aerospace story
Founded in 2015 by Agnishwar Jayaprakash, an alumnus of Harvard Business School and a former Asian gold medalist, Garuda Aerospace is revolutionizing the drone business with its asset-light, recession-proof, and unit-economic-focused enterprise mannequin. The firm not solely designs and manufactures precision agriculture drones but in addition empowers rural entrepreneurs by way of an uberized ecosystem, making a constructive influence on the lives of farmers. With a strong order e-book and a first-mover benefit in the agricultural drone section, Garuda Aerospace has secured a powerful 55% market share in the $3 billion Precision Agri Drone business. The total drone business, estimated at $7 billion, continues to see exceptional progress.