Drone startup Garuda Aerospace said Monday it has raised 22 million dollars, which it touts as the biggest Series A funding in the drone sector.
Venture capital firm SphitiCap has invested 12 million dollars along with participation from other global investors, angel investors and 5 million dollars high net worth individuals (HNIs).
Another 5 million dollars from the infrastructure development company, a consortium of HNI and angel investors from India, the United Arab Emirates and Singapore was previously secured by the drone startup.
“Garuda Aerospace aims to sell 25,000 drones in the next 18 months and expects to export 10,000 drones to around 100 countries in the next 15 months,” said Agneswar Jayaprakash, founder and CEO of Garuda Aerospace.
Part of the funds will be used for research and development to accelerate the development of advanced drone solutions for the military, in cooperation with global companies in the defense and aviation sectors.
The startup said the money will also be used to train and train drone pilots and help create jobs as it deepens its footprints in second- and third-tier cities.
“Our business model is asset-light, technology-driven, market-friendly and recession-proof,” Jayaprakash said.
Garuda Aerospace has a fleet of 400 drones and a team of more than 500 pilots in 26 different cities across the country.
Former India cricket team captain Mahendra Singh Dhoni made the investment and is also the company's brand ambassador.
“Garuda Aerospace has built various types of drones with an interesting industry and their developments in the drone industry are something to watch out for,” said Pallav Kumar Singh, Managing Partner of SphitiCap.
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