Garuda Aerospace, a drone company backed by former Indian cricket captain Mahendra Singh Dhoni, has raised Rs 25 crore in a fresh bridge round of funding led by Venture Catalysts and We Founder Circle. The funding saw participation from investors, including Hems Angels, San Angels, Peaceful progress funds and several prominent angel investors, which collectively capped out the funding round.
Agnishwar Jayaprakash, Founder and CEO, 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 revolutionize the drone technology sector in India.”
“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 strong commitment to delivering cutting-edge drone solutions, combined with their impressive market share in the Precision Agri Drone industry, demonstrates their potential for significant growth. 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.
According to the company, 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.
Recently, Garuda Aerospace partnered with IFFCO (Indian Farmers Fertiliser Cooperative) for a drone order of 400 units.
Founded in 2015 by Agnishwar Jayaprakash, an alumnus of Harvard Business School, Garuda Aerospace claims to have about 55 per cent market share in the USD 3 billion Precision Agri Drone industry. The overall drone industry, estimated at USD 7 billion, continues to see remarkable growth.
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