Amount Raised
$22 Million
Round Type
Funding Round
ChennaiManufacturingVenture CapitalAerospaceDescription
Drone startup Garuda Aerospace on Monday said it has raised $22 million in an early stage funding round led by venture capital firm SphitiCap.The Series A funding round provides Garuda Aerospace a $250-million valuation, its founder and CEO Agnishwar Jayaprakash told ET in an interaction.SphitiCap invested $12 million in the round. Other investors included Canada-based Ocgrow Ventures, the United Kingdom-based Silverstone Capital, an undisclosed infra development company, high net-worth individuals (HNI) and angel investors, Jayaprakash said."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,” he said.The company had last raised funding of about $1 million in 2021.Founded in 2015, Garuda Aerospace manufactures and sells drones (55% of revenues) and also offers ‘drone-as-a-service’ (45%). Besides India, it currently does business in Malaysia, Singapore, the United States, Panama, and the United Arab Emirates, Jayaprakash said.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 StoriesHe said the company will be closing the financial year ending March 2023 with Rs 40 crore in revenues – a number he pegs will reach Rs 800-1,000 crore by FY24.Garuda Aerospace will use the new capital to scale up and expand its operations, while also accelerating its development of building advanced drone solutions for the armed forces and the aerospace sector in collaboration with global companies.The funds will also be used for the skilling and training of drone pilots and help create employment with deepening its footprints in Tier II and III cities. Beyond catering its sales and services in industries of agriculture, defense and industrial plants, Garuda Aerospace also pulls revenue out of a new segment of drone pilot training courses.It manufactures 30 types of drones and offers 50 types of services and claims to have served over 750 clients including Tata, Godrej, Adani, Reliance, Swiggy, Flipkart, Delhivery, L&T, Survey of India, Lockheed Martin, Cognizant, and Elbit Systems.The firm currently operates over 400 drones with about 500 pilots in 84 cities.Late-stage and growth-stage technology institutional venture capital investors have largely stayed away from drone startups
Quick answer
Garuda Aerospace raised $22 Million in a Funding Round round, dated February 13, 2023. Garuda Aerospace is based in Chennai, Tamil Nadu, India.
- How much did Garuda Aerospace raise?
- Garuda Aerospace raised $22 Million in a Funding Round round on February 13, 2023.
- What does Garuda Aerospace do?
- Garuda Aerospace focuses on the design, build and customization of unmanned aerial vehicles (UAVs) or drones for various applications.
- Where is Garuda Aerospace based and how big is it?
- Garuda Aerospace is based in Chennai, Tamil Nadu, India. Fundz records about 220 employees.
- Who are the decision-makers at Garuda Aerospace?
- Fundz holds 1 contact at Garuda Aerospace. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Venture Capital and Aerospace around the same time
Companies in the same sectors as Garuda Aerospace that raised within 45 days of this round, from Fundz verified event records.
- Isar Aerospace raised $167M (Funding Round) on March 28, 2023.
- Flyte Aviation, Inc. raised $8M on March 23, 2023.
- DroneShield raised $40M (Funding Round) on March 7, 2023.
- Fortem Technologies raised $18M (Funding Round) on February 21, 2023.
- The Exploration Company raised $44M (Funding Round) on February 1, 2023.
- Recyda raised an undisclosed amount on March 30, 2023.
Who to call at Garuda Aerospace, and when
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- An alert the day Garuda Aerospace raises, hires an executive or expands, scored against what you sell
- The decision-makers there, with verified emails
- Who you already know at Garuda Aerospace, from your own LinkedIn network
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