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Drone manufacturer Garuda Aerospace has raised $22 million in funding led by SphitiCap, which invested $12 million in the company. The series A funding round also saw participation from investors and HNIs from India, UAE and Singapore.
Garuda will use the funding to expand operations, research, and to train drone pilots. “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, the company’s founder and chief executive officer.
Garuda works with a fleet of 400 drones and more than 500 pilots in 26 Indian cities. Former India captain Mahendra Singh Dhoni is an investor in the company and its brand ambassador.
“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 role in nearly every sector in the future,” said Pallav Kumar Singh, managing partner, SphitiCap.
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First Published: Mon, February 13 2023. 12:53 IST
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