MS Dhoni-Backed Garuda Aerospace Secures INR 100 Crore at $250 Million Valuation

Garuda Aerospace, India’s most valuable drone startup, has successfully raised INR 100 crores in its Series B funding round from Venture Catalysts (VCAT) at a valuation of $250 million. This strategic infusion of capital marks a major milestone in Garuda Aerospace’s mission to bolster indigenous drone manufacturing and innovation. The fresh funds will significantly enhance the company’s capabilities in producing drone systems. The funds will also be allocated to scaling up its current production facility and fast-tracking the completion of a cutting-edge R&D and testing center dedicated to advanced defense drone design. 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. 

Currently holding a robust portfolio of over 20+ patents, Garuda Aerospace has demonstrated a strong commitment to innovation and technological excellence in the fast-evolving drone sector. A dedicated portion of the newly secured funds will support the expansion of its intellectual property portfolio, further solidifying its position as a trailblazer in drone innovation and utilizing the funds towards producing a new design facility as well. This initiative underscores Garuda Aerospace’s strategic role in enhancing India’s defense and security capabilities through the development of cutting-edge, domestically engineered drone systems. Garuda Aerospace will continue to contribute meaningfully to the Atmanirbhar Bharat mission.

Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, said, “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 drones technology. As we prepare for our global growth expansion journey, this investment reinforces our commitment to building world-class, indigenous drone technologies that contribute to India’s economic progress, self-reliance in defense, and technological leadership on the global stage.”

Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of VCAT, said, “We are immensely proud to lead this landmark Series B funding for Garuda Aerospace. 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. The role Garuda is playing in strengthening India's indigenous defense manufacturing ecosystem, while also creating a global footprint, is something that truly excites us. We firmly believe that in the years to come, Garuda Aerospace will emerge as a global leader in drone technology, making India the drone hub of the world by 2030.”

Garuda Aerospace's successful Series B funding of INR 100 crores signifies strong investor confidence in the company's vision, technological prowess, and growth potential within the burgeoning Indian drone market. The Indian drone market is experiencing exponential growth, driven by increasing applications across agriculture, infrastructure, logistics, surveillance, and defense.

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. Garuda Aerospace has established a robust business model encompassing drone manufacturing, drone-as-a-service (DaaS) offerings, and pilot training. 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. Garuda Aerospace continues working with local partners like Tata, HUL, Reliance etc. for indigenization of drones.

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Financial Performance and Previous Funding

In FY24, Garuda Aerospace's revenue more than doubled to INR 110 crore, up from INR 47 crore in FY23. The company achieved a net profit of INR 16 crore, reflecting a 2.7x increase year-on-year, with an EBITDA margin of 22.5%.

Prior to the current Series B round, the company raised INR 25 crore in a venture round in October 2023 led by Venture Catalysts and We Founder Circle, with participation from six investors. In February 2023, Garuda secured $22 million in a Series A round led by Sphiticap.

About Garuda Aerospace 

Garuda Aerospace is India’s leading Drone tech startup focused on disrupting two major multi-billion-dollar sectors, Precision Agri Tech and Industry 4.0 upgradation. Garuda Aerospace is asset-light, recession-proof, and agnostic and focuses on eliminating labourers in the agricultural field with drones focusing on designing, building, and customising of Unmanned Aerial Vehicles (UAVs). Founded in 2015 with a team of 5, Garuda has scaled to a 200+ member team, having the largest drone fleet in India with over 400 drones and 500 pilots operating in 84 cities. Garuda Aerospace manufactures 30 types of drones and offers 50 types of services.

Having served over 750 clients, including 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. Hon’ble Prime Minister Shri Narendra Modi Ji launched the drone yatra, where 100 drones were flagged off simultaneously across 100 villages in India.

Garuda Aerospace is the first drone company to get DGCA approvals for Type Certification and Remote Pilot Training Organisation. Garuda is on a mission to impact 1 billion lives positively using affordable precision Drone Technology. Mahendra Singh Dhoni has invested in the company and is the Brand Ambassador.

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