Garuda Aerospace Drone Start-up Secures $22 Million In Series A Funding

Garuda Aerospace, a drone manufacturer and market leader in agricultural drones and industry 4.0 services, has raised US$22 million in Series A funding, the largest ever in the drone sector. SphitiCap led the round, investing $12 million, with participation from other global investors, angel investors, and HNIs totaling $5 million. The startup had previously secured US$5 million in funding from an infrastructure development company, a group of HNI, and angel investors from India, UAE, and Singapore.

While Garuda Aerospace continues to improve its current offerings, the funds acquired will be used to scale up and expand the company's operations.

As per the statement of Agnishwar Jayprakash, Founder and CEO, of Garuda Aerospace, "Garuda plans to use the funds to expand operations, conduct research, and train drone pilots. Garuda Aerospace hopes to sell 25,000 drones over the next 18 months and export 10,000 drones to roughly 100 nations over the following 15 months. My experience at Davos 2023 demonstrated that Garuda Aerospace can scale internationally by producing more Make in India drones and will help India become the world's drone hub by 2030."

Founder and CEO of Garuda Aerospace Agnishwar Jayaprakash commented on the funding, saying, "Garuda Aerospace is on the path to becoming the first drone unicorn startup in India with receiving great validation from the venture capital firms and investment communities. Garuda Aerospace plans to sell 25,000 drones in the next 18 months and export 10,000 drones to approximately 100 countries in the next 15 months. Following 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 assist India in becoming the world's drone hub by 2030."

"Intriguing drones have been produced by Garuda Aerospace, and it will be interesting to see what they come up with in the future. Given the changing preferences and horizontal expansion of the use of drones in various industries, there is a vision of promising growth for both companies. Drones will play a significant role in nearly every sector in the future as a result of this." said Pallav Kumar Singh, managing partner at SphitiCap.

Garuda Aerospace has a fleet of 400 drones and a well-trained team of over 500 pilots spread across 26 cities in India. Garuda Aerospace DGCA approved, Type certification and RPTO, Made in India drones are reshaping several multi-billion dollar industries such as agriculture, infrastructure, industry 4.0, and defense. 

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