According to Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, the funds will be used to scale up and expand the company’s operations.
Drone maker Garuda Aerospace said it has raised $22 million out of a targeted funding of $30 million in Series A funding to fuel growth.
The round was led by venture capital firm SpeedyCap, which has invested $12 million. The start-up said it has raised $5 million from other global investors, angel investors and HNIs. Another $5 million funding was raised in a bridge-round from an infra-development company, a group of HNIs and angel investors from India, UAE and Singapore.
Its founder and CEO said that the funds will be used to scale up and expand the company’s operations.
A part of the funds will be used for R&D to accelerate the development of manufacturing smart-drones with AI and ML technology for the armed forces in collaboration with global companies for the defense and aerospace sector.
The funds will also be used for manufacturing and exporting the Made in India Garuda Kisan drone to several countries and for expansion in the international market.
Garuda Aerospace is also planning to increase the number of dealers and expand the distribution network in rural areas for faster delivery and improve reach.
Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace, said, “We are well on our way to becoming the first drone unicorn start-up in India with great recognition from venture capital firms and investment communities. We aim to sell 25,000 drones in the next 18 months and expect to export 10,000 drones to around 100 countries in the next 15 months.
He said, “After my experience at Davos 2023, it was clear that Garuda Aerospace has the potential to expand globally by manufacturing more Make in India drones and help India become the drone hub of the world by 2030. “
Garuda Aerospace said it has a fleet of 400 drones and over 500 pilots in 26 different cities across India to support its operations.