Funding · Mobility & Logistics

Garuda Aerospace raises $22M in Series A round

By Startup Enthusiast · 13 February 2023

What they do

Garuda Aerospace makes drones for agriculture, delivery, and surveillance

It raised $22 million in Series A funding led by venture capital firm SphitiCap

The company aims to become India's first drone unicorn and sell 25,000 drones in 18 months

Garuda Aerospace has raised $22 million in a Series A funding round.
The round was led by SphitiCap, a venture capital firm.
Other participants included global investors, angel investors, and high-net-worth individuals.
The company's post-money valuation is $250 million.
The funds will be used for research and development, expansion, and drone pilot training.
Garuda Aerospace also plans to create employment and deepen its footprint in Tier II and III cities.
The founder stated the goal is to become India's first drone unicorn startup.

The founder attended Davos 2023 and sees potential to scale globally.
SphitiCap believes drones will play a major role in nearly every sector in the future.
The company aims to help India become a drone hub of the world by 2030.

Garuda Aerospace operates PAN India.
It manufactures drones for fast delivery, cost reduction, and improved accessibility.
The company targets selling 25,000 drones in the next 18 months.
It also plans to export 10,000 drones to about 100 countries in the next 15 months.

Achieve significant dominance in rural areas.
Manufacture drones for fast delivery, cost reduction, and improved accessibility.
Become India's first drone unicorn startup.
Help India become a drone hub of the world by 2030.

SphitiCap (lead) — A venture capital firm whose managing partner is Pallav Kumar Singh.

Product: Manufacturing and development of autonomous drones for agriculture, defense, and material handling; proprietary drone OS and R&D capabilities
Customers: Government agencies, defense sector, agricultural stakeholders, logistics operators in India and international markets
How it makes money: Direct sales of drones, software licensing, and training services for government and enterprise customers
What sets it apart: Proprietary defense-grade drone technology with presence in 50 countries; demonstrated capabilities for flood relief and disaster management