Garuda Aerospace: Pioneering Drone Technology with Major Funding Boost

Garuda Aerospace, a leading drone technology startup, has successfully secured Rs 100 crore (approximately $11.6 million) in its Series B funding round, spearheaded by Venture Catalysts (VCAT), achieving a post-money valuation of $250 million.

In February 2023, the company previously raised $22 million in its Series A round, supported by the venture capital firm SphitiCap.

The newly acquired funds are earmarked for advancing drone manufacturing, boosting production capabilities, and establishing a research and development testing centre dedicated to defence drone technology.

About Garuda Aerospace

Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace has expanded to a diverse team of over 200 professionals. The company manufactures around 30 different types of drones and provides 50 unique services. Its business model encompasses drone manufacturing, drone-as-a-service (DaaS), and training for drone pilots.

Innovative Offerings and Partnerships

Garuda Aerospace holds more than 20 patents and operates a fleet exceeding 400 drones, managed by 500 trained pilots across 84 cities. The company’s clientele includes various government agencies as well as prominent corporations like TATA, Reliance, and Adani. Additionally, Garuda has established alliances with global enterprises such as Lockheed Martin and Elbit Systems.

Financial Growth and Performance

According to several sources, Garuda Aerospace’s revenue from operations witnessed impressive growth, increasing by 2.3 times to Rs 110 crore in FY24, up from Rs 47 crore in FY23. The net profit surged to Rs 16 crore in FY24, representing a 2.7 times rise from Rs 6 crore the previous year.

Competitive Landscape

In the competitive field of drone manufacturing and drone-as-a-service (DaaS), Garuda faces rivals such as ideaForge, Aarav Unmanned Systems, Throttle Aerospace Systems, General Aeronautics, and Omnipresent Robot Tech. It operates across various sectors including defence, agriculture, and industrial applications.