Garuda Aerospace Attracts Investment Ahead of IPO

Garuda Aerospace, a drone company backed by MS Dhoni, has secured investment from the Narotam Sekhsaria Family Office in preparation for its upcoming IPO. Existing investor We Founder Circle also took part in this funding round.

This investment follows Garuda’s Series B funding of Rs 100 crore, which was led by Venture Catalysts in April this year. The funds raised will aid in expanding the company’s operations and enhancing its production capabilities. Garuda plans to increase its drone manufacturing output from the current 8,000 units to as many as 15,000 annually, with a long-term objective of reaching 50,000 drones per year.

Overview of Garuda Aerospace

Founded in 2015, Garuda Aerospace boasts the largest drone fleet in India, operating 400 drones managed by 500 pilots across 84 cities. The company’s product range includes 30 different types of drones and 50 drone-related services. Furthermore, Garuda has achieved DGCA certifications for both its drone types and pilot training programs.

Diverse Applications and Partnerships

Garuda Aerospace, which has reportedly sold over 4,000 drones to more than 400 clients, is expanding beyond agricultural applications into defence, logistics, and surveillance domains. The company collaborates with significant public sector undertakings (PSUs) like HAL and BEML, and it has formed global partnerships with recognised entities such as Thales, Elbit Systems, Lockheed Martin, and Cognizant.

Impressive Revenue Growth

Reports indicate that Garuda Aerospace’s revenue from operations increased by a remarkable 2.3 times, reaching Rs 110 crore in FY24, up from Rs 47 crore in FY23. The net profit surged to Rs 16 crore in FY24, marking a 2.7 times rise from Rs 6 crore in the previous fiscal year.

Additionally, Garuda is planning to broaden its export reach, targeting sales in 50 countries by the end of 2025.