Funding · Mobility & Logistics

Garuda Aerospace raises Rs 25 crore bridge round

By Startup Enthusiast · 25 October 2023

What they do

Garuda Aerospace designs, manufactures and customises drones for deliveries, disaster management and agriculture

It raised Rs 25 crore in a bridge round led by Venture Catalysts and We Founder Circle

The funds will be used for working capital and to execute a 400-drone order from IFFCO

Garuda Aerospace raised Rs 25 crore (about $3 million) in a bridge round (short-term funding before a larger round).
The round was led by Venture Catalysts and We Founder Circle.
Other participants included HEM Angels, SAN Angel Network, and Peaceful Progress.
Existing investors Ocgrow Ventures and SphitiCap also took part.
The startup is also backed by cricketer MS Dhoni, who invested an undisclosed amount in June 2022.
The funds will be used for working capital and to execute a confirmed order of 400 drones from IFFCO.
Garuda Aerospace also has pre-bookings of 10,000 drones from 700 dealers across India.

The bridge round comes after a $22 million Series A in February 2023 led by SphitiCap, which valued the startup at $250 million.
As of September 2023, nine drone tech startups had collectively raised about $63 million.
The company aims to dominate rural areas by manufacturing drones for fast delivery at lower cost.

Garuda Aerospace is a drone-as-a-service (DaaS) startup that designs, manufactures and customises drones.
Its drones are used for deliveries, disaster management, and agriculture (especially precision agriculture).
It has a fleet of 400 drones and a network of 500 pilots serving 26 cities in India.
The startup has served over 750 clients including TATA, Godrej, Adani, Reliance, L&T, Amazon, Wipro, NHAI, Swiggy, Flipkart and Delhivery.
In FY22, its revenue from operations was Rs 15.31 crore, a seven-fold increase from Rs 2.13 crore the previous year.
It posted a profit of Rs 3.63 crore in FY22, turning around from a loss of Rs 53 lakh in the prior fiscal.
The company has a team of over 200 professionals.

Use the funds for working capital and to execute the IFFCO order of 400 drones.
Fulfil pre-booked orders from 700 dealers across India.
Achieve significant dominance in rural areas by manufacturing drones for fast delivery at lower cost.

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

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