MS Dhoni-backed drone startup Garuda Aerospace raises Rs 25 cr in fresh bridge funding round
Nov 05, 2023
New Delhi [India], November 5 : Garuda Aerospace, a leading drone company in India that has the endorsement of former Indian cricket captain Mahendra Singh Dhoni, has secured Rs 25 crore in a recent bridge funding round.
This funding, spearheaded by Venture Catalysts, a premier incubator and early-stage investor, in collaboration with WeFounderCircle, marks a pivotal moment in the company's growth trajectory.
Notably, this round also witnessed substantial contributions from investors like Hems Angels, San Angels, Peaceful Progress Funds, and several distinguished angel investors.
Garuda Aerospace's founder and CEO, Agnishwar Jayaprakash, expressed his sincere appreciation and said this capital infusion will help accelerate their expansion and enhance their ability to meet the surging market demand.
"With the continued trust of prominent investors and the endorsement of MS Dhoni, Garuda Aerospace is resolute in its mission to revolutionise the drone technology sector in India," Agnishwar Jayaprakash said.
Apoorva Ranjan Sharma, founder and managing director at Venture Catalysts, lauded Garuda Aerospace's innovative approach to transforming the drone technology landscape in India.
WeFounderCircle's co-founder and CEO, Neeraj Tyagi, joined in the chorus of praise, acknowledging Garuda's disruption of the drone ecosystem. He lauded the introduction of the micro-entrepreneur business model for rural India and the compelling vision and leadership of founder Agni, which made supporting Garuda Aerospace an easy decision.
The funds raised in this bridge funding round are primarily earmarked to address the escalating demand for drone solutions. They will be allocated towards working capital requirements, ensuring the seamless execution of the IFFCO drone order, and fulfilling pre-booked orders from dealers across the nation.
Garuda Aerospace has recently achieved a milestone, including forging a strategic partnership with IFFCO (Indian Farmers Fertiliser Cooperative Limited) for a substantial 400-unit drone order. Additionally, they secured impressive pre-bookings of 10,000 drones from 700 dealers nationwide.
