Indian drone startup Garuda Aerospace raises $11.7 million
The funds will be used to scale up the company’s current production facility and fast track the completion of an R&D and testing hub dedicated to advanced defense drone design.
Indian drone startup Garuda Aerospace has raised ₹1 billion (about USD 11.7 million) in its series B funding round from Venture Catalysts.
The fresh funds, raised at a valuation of USD 250 million, will significantly enhance the company’s capabilities in producing drone systems, Garuda Aerospace said.
The funds will also be allocated to scaling up the platform’s current production facility and fast-tracking the completion of an R&D and testing hub dedicated to advanced defense drone design, the Chennai-based company said, according to a report by news agency PTI.
“This series B funding not only strengthens our capacity to scale manufacturing and innovation but also positions us to accelerate the development of next-generation drone technology,” said Agnkshwar Jayaprakash, founder and CEO of Garuda Aerospace.
The company, which currently has a 24,000 sq. ft. facility, is expanding it with an additional 35,000 sq. ft, Jayaprakash told the Hindu, adding that construction work had already begun. He also said the annual number of drones produced will double from the current 8,000 to 10,000.
Parts of the funds will also be used to boost the firm’s intellectual property portfolio.
“This investment is closely aligned with our strategy of supporting homegrown champions that have the potential to transform India’s technological landscape and create significant socio-economic impact,” said Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts, as reported by PTI.
Founded in 2015, Garuda now has over 200 employees. Its drone fleet in India includes over 400 drones and 500 pilots operating in 84 cities. Its clients include TATA, Godrej, Adani, Reliance, Swiggy, Flipkart, Delhivery, Intel, Amazon, Wipro and MIT Boston.