Chennai-headquartered drone startup Garuda Aerospace has raised ₹100 crore in its Series B funding round from Venture Catalysts (Vcats++), at a valuation of $250 million.
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, told The Hindu that the funds will also be allocated in scaling up its current production facility and fast-tracking the completion of a cutting-edge R&D and testing centre dedicated to advanced defence drone design.
He added, “We currently have a 24,000 sq. ft. facility and are in the process of expanding with an additional 35,000 sq. ft. The construction work has already begun.” He also noted that the current capacity of the facility allows for the production of 8,000 to 10,000 drones annually, a number that will now be doubled with the fresh infusion of capital.
Founded in 2015 with a team of five, Garuda Aerospace has grown into a startup with over 200 employees. It now boasts the largest drone fleet in India, consisting of more than 400 drones and 500 pilots operating across 84 cities. Garuda Aerospace manufactures 30 types of drones and offers 50 types of services. The firms clientele includes TATA, Godrej, Adani, Reliance, Swiggy, Flipkart, Delhivery, L&T, Survey of India, SAIL, NTPC, IOCL, Smart Cities, Intel, Amazon, Wipro, IISC, MIT Boston, and NHAI for various projects. The company recently partnered with global giants such as Lockheed Martin, Cognizant, and Elbit Systems.
Backed by cricketer M.S. Dhoni, Garuda Aerospace is the first drone company to get DGCA approvals for Type Certification and Remote Pilot Training Organisation.
