Ms Dhoni-backed Garuda Aerospace, the Chennai-based drone manufacturing startup, has raised ₹100 crore in its Series B funding round, marking a valuation of $250 million. This significant investment signals a powerful vote of confidence in India’s burgeoning drone sector and Garuda Aerospace’s pivotal role. Led by early-stage investor Venture Catalysts (VCAT), the funding injection is strategically aimed at amplifying the startup’s domestic manufacturing prowess and solidifying its standing in India’s defence and industrial drone landscapes.
Ms Dhoni backed startup Fueling Production and R&D Ambitions
Garuda Aerospace, which currently boasts a diverse portfolio of over 30 drone models catering to both civilian and defence needs, is poised for significant expansion. The newly secured capital will be channelled towards scaling its existing production facility in Chennai and accelerating the establishment of a state-of-the-art Research and Development (R&D) and testing center dedicated to the design of advanced defence drones. This move underscores the company’s commitment to innovation and self-reliance in a critical technological domain.
Further bolstering its manufacturing capabilities, Garuda Aerospace is actively developing a new 35,000 sq ft production facility adjacent to its current plant. This expansion will focus on in-house production of crucial subsystems and components, a strategic step to reduce dependence on imports and significantly increase the indigenous value of its drone offerings. This aligns perfectly with India’s Atmanirbhar Bharat (Self-Reliant India) initiative, which encourages domestic manufacturing and technological advancement.
A Strong Market Footprint and Vision for the Future
Ms Dhoni-backed startup, founded in 2015, Garuda Aerospace, has rapidly established a strong market presence. Operating a fleet of 400 drones across 84 cities, the company has served an impressive roster of over 750 clients, including major corporations and government agencies. Beyond manufacturing, Garuda Aerospace offers comprehensive drone-as-a-service (DaaS) solutions and certified remote pilot training, having received crucial certifications from India’s Directorate General of Civil Aviation (DGCA) for both drone type and training standards.
With a portfolio of over 20 patents already under its belt, Garuda Aerospace has ambitious plans to expand its intellectual property assets as it delves deeper into the development of sophisticated drones for defence applications. The upcoming state-of-the-art R&D and testing center will be instrumental in realizing this vision, focusing on the creation of high-performance drone systems. This latest funding round follows a ₹25 crore bridge round in October 2023 and a substantial $22 million Series A in February 2023, which was notably one of the largest funding rounds in the Indian drone sector at the time.
Impressive Financial Performance and National Significance
Ms Dhoni Backed Garuda Aerospace’s financial performance speaks volumes about the growing demand for its products and services. According to Tracxn data, the company reported a robust revenue of ₹110.8 crore in FY24, coupled with a healthy net profit of ₹15.8 crore. This financial success underscores the increasing adoption of drone technology across various sectors, including agriculture, logistics, surveillance, and infrastructure.
This significant funding comes at a crucial juncture as India actively promotes indigenous drone manufacturing through production-linked incentives and supportive policy reforms. The investment in Garuda Aerospace not only fuels the company’s growth but also contributes significantly to the nation’s goal of becoming a global drone hub by 2030.
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, aptly stated, “This Series B funding is a defining milestone in Garuda Aerospace’s growth journey. It not only strengthens our capacity to scale manufacturing and innovation but also positions us to accelerate the development of next-generation drone technology.” Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of VCAT, echoed this sentiment, expressing pride in leading this landmark funding and emphasizing Garuda Aerospace’s potential to transform India’s technological landscape and achieve global leadership in drone technology.
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