Indian drone startup Garuda Aerospace has secured a significant funding boost of $3 million in a recent bridge round led by Venture Catalysts and WeFounderCircle. The funding is pivotal as the company grapples with surging demand for its innovative drone solutions.
Garuda Aerospace, founded by Harvard Business School alumnus Agnishwar Jayaprakash in 2015, has recently received a substantial funding injection of $3 million.
This financial infusion, led by prominent investors including Venture Catalysts and WeFounderCircle, signifies the escalating confidence in the company’s potential to revolutionize the drone technology sector in India.
The funds, raised primarily to address the burgeoning demand for drone solutions, will empower Garuda Aerospace to fulfill existing orders and bolster its market presence. The funds will support the company’s working capital requirements, ensuring seamless execution of a substantial drone order from Indian Farmers Fertiliser Cooperative Limited (IFFCO).
Additionally, Garuda Aerospace plans to fulfill pre-booked orders from over 700 dealers nationwide, reflecting the company’s commitment to meeting customer demands promptly and efficiently.
Garuda Aerospace’s Remarkable Growth
Garuda Aerospace’s success story is underlined by its impressive market share, claiming 55 percent of the Precision Agri Drone industry. The company, a pioneer in the drone-as-a-service (DaaS) sector, designs, manufactures, and customizes drones for diverse applications, including deliveries, disaster management, and agricultural use.
With a fleet of 400 drones and over 500 skilled pilots across 26 cities in India, Garuda Aerospace has served over 750 esteemed clients, including industry giants like TATA, Godrej, and Amazon. The financial journey of Garuda Aerospace is equally remarkable.
In FY22, the company experienced astounding revenue growth, surging over seven times to reach $2.07 million compared to the previous fiscal year.
Revenue streams, including the sale of drones and accessories, surveillance charges, and related services, contributed to this substantial growth. Notably, Garuda Aerospace achieved profitability in FY22, recording $488,000 in profits, a significant leap from the $70,000 loss in FY21.
Garuda Aerospace’s recent funding infusion and remarkable growth underscore its position as a frontrunner in the burgeoning drone technology sector. With a strategic allocation of funds, the company plans for more incredible accomplishments in the future.
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