In a recent development, Garuda Aerospace, a leading drone producer, announced a successful funding round that brought in Rs 25 crore. This funding was spearheaded by integrated incubator Venture Catalysts and WeFounderCircle to bolster the company’s working capital.
The current capital inflow was complemented by pledges from several other investors. Names that featured prominently include Hems Angels, San Angels, Peaceful Progress Funds, and a host of angel investors.
Speaking on this new financial milestone, Agnishwar Jayaprakash, the Founder and CEO of Garuda Aerospace, conveyed, “The injection of this new capital is pivotal for our expansion plans and amplifying our capacity to satisfy the burgeoning market appetite.” He further highlighted the consistent support from respected investors and the acknowledgment from renowned cricket personality, MS Dhoni. “Their belief in us reinforces our commitment to lead a transformation in India’s drone technology landscape,” Jayaprakash stated.
The allocation of the funds obtained from this bridge round will predominantly focus on meeting the surging demand for drones. Key areas identified for fund allocation include catering to working capital needs, processing the drone order from IFFCO (Indian Farmers Fertilisers Cooperative Ltd), and servicing the orders that have already been placed in advance.
Apoorva Ranjan Sharma, the founder and managing director of Venture Catalysts, shared his enthusiasm about the investment, stating, “Backing Garuda Aerospace in this Series A extension is thrilling for us. Their unwavering dedication to pioneering advanced drone solutions, coupled with their commendable hold over the precision agri-drone market, showcases their trajectory towards monumental growth.” Neeraj Tyagi, Co-founder and CEO of WeFounderCircle, commented on Garuda’s innovative approach. “Garuda is redefining the drone landscape with their unique micro-entrepreneur business blueprint for India’s rural regions. After marking their dominance in the corporate and industrial arenas, we resonate with their aspiration to tailor drones for Bharat. We foresee them creating monumental value in agriculture-centric drone applications.”
Concluding the announcement, it was shared that Garuda Aerospace has clinched an order for 400 drone units from IFFCO. Additionally, they have garnered pre-orders for a whopping 10,000 drones through 700 distributors nationwide.
