Garuda Aerospace- Pioneering Startup in Drone Technology

When Agnishwar Jayaprakash embarked on his entrepreneurial journey, he had a clear mission in mind - harnessing the potential of emerging technologies to create revolution. Recognizing the promise of drone manufacturing, even in its nascent stage back in 2015, Jayaprakash founded Garuda Aerospace, foreseeing its future soar to new heights. Today, the company stands as a frontrunner in the drone technology landscape, boasting an impressive clientele of 750+ and offering a wide array of services across 84 cities in India.

The Turning Point - Drone Rules 2021

The turning point for both Garuda Aerospace and the entire drone sector came with the implementation of the liberalized Drone Rules, 2021. These forward-looking regulations paved the way for faster industry growth and opened up new opportunities for innovation and expansion.

Phenomenal Growth and Revenue Milestones

Garuda Aerospace's journey has been nothing short of remarkable. During FY22, the company experienced a staggering 7.2-fold surge in operating revenue, amounting to Rs 15.31 crore. Building on this success, FY23 saw a remarkable milestone with a revenue of Rs 46.8 crore, reflecting a remarkable 200% growth in operating income. The company's revenue streams include surveillance charges, operating services, and sales of drones and accessories.

Diverse Offerings and Amazing Clientele

With an extensive portfolio of 30 drone models and 50 different services, Garuda Aerospace caters to diverse sectors, ranging from deliveries and disaster management to agriculture. The company has garnered the trust of over 750 clients, including prominent names such as TATA, Godrej, Adani, Reliance, Swiggy, and Flipkart.

Also Read:- The Cost of Agriculture Drones in India: A Comprehensive Overview

Thriving in the Defence Sector

Garuda Aerospace's flagship drone, Vajra, has gained recognition in the defense sector, earning a showcase at the prestigious Defence Expo 2022. The company has partnered with Lockheed Martin Canada CDL and Tamil Nadu Industrial Development Corporation (TIDCO) to provide advanced Uncrewed Aerial Systems software solutions for defense and commercial purposes.

Additionally, a joint development partnership with Naini Aerospace Engineering Ltd (NAeL) aims to manufacture advanced precision drones, with an ambitious plan to produce approximately 5,000 drones in the first year under this collaboration.

Scaling Up and Expansion

With $22 million secured in an early-stage funding round led by venture capital firm SphitiCap, Garuda Aerospace's valuation stands at an impressive $250 million. Armed with this new funding, the company aims to scale up further and focus on building advanced drone solutions for the armed forces and aerospace sector in collaboration with global companies.

Also Read:- Challenges of Using Drones in Agriculture World

Expanding Horizons

Garuda Aerospace's revenue growth has been commendable, and the company anticipates achieving substantial milestones in the coming years. As per Jayaprakash, the revenue is projected to touch Rs 800-1,000 crore by FY24, driven by selling drones and providing 'drone-as-a-service.'

Beyond defense and agriculture, the startup envisions deploying drones across various sectors, including video surveillance, emergency supply, and delivery drones. With the vision set on the future, the next significant milestone for Garuda Aerospace is an eagerly anticipated IPO, signifying its emergence as a key player in the drone technology industry.

In conclusion, Garuda Aerospace's journey from a visionary idea to a thriving and dynamic drone tech startup exemplifies the power of entrepreneurship and innovation. With a relentless pursuit of excellence and an unyielding commitment to pushing the boundaries of technology, the company is well-poised to script a remarkable success story in the ever-evolving world of drones.

Also Read:- Top Indian Drone Startups Revolutionizing Agriculture with Innovative Solutions