Garuda Aerospace Raises Rs 100 Crore in Series B Funding

Mumbai, Apr 16 (PTI) Ace cricketer Mahindra Singh Dhoni-backed aerospace startup Garuda Aerospace on Wednesday said it has raised Rs 100 crore 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 centre dedicated to advanced defense drone design, it said.

"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.

This development not only strengthens Garuda Aerospace's position in the Indian aerospace ecosystem but also aligns with the nation's broader vision of achieving self-reliance in high-tech defense manufacturing, Garuda Aerospace said.

A dedicated portion of the newly secured funds will support the expansion of its intellectual property portfolio as well as towards production of a new design facility, it added.

Garuda Aerospace currently holds a robust portfolio of over 20 patents.

"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.

With the government's strong emphasis on promoting drone adoption and indigenous manufacturing through initiatives like the Drone Rules 2021 and the Production-Linked Incentive (PLI) scheme, the market presents a substantial opportunity, according to Garuda Aerospace.

With drone manufacturing, drone-as-a-service (DaaS) offerings, and pilot training as a business model, the company caters to a wide array of clients, including government agencies, agricultural enterprises, infrastructure companies, and defense establishments, providing tailored drone solutions for diverse needs.