Drone startup Garuda Aerospace 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. 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.
Speaking on the funding Agnishwar Jayaprakash, Founder and CEO 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.”
Pallav Kumar Singh, Managing Partner, SphitiCap said:
“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 in nearly every sector in the future.”
Founded in 2015, Garuda Aerospace manufactures and sells drones (55 percent of revenues) and also offers ‘drone-as-a-service’. Besides India, it currently does business in Malaysia, Singapore, the United States, Panama, and the United Arab Emirates.
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.
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
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 helps 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.
Source: CIO Insider