Chennai-based drone startup Garuda Aerospace has raised $5 million in funding from infrastructure development major HNI Group and angel investors from India, UAE and Singapore.
With the new capital, Garuda Aerospace plans to focus on building advanced drone solutions for the Indian Armed Forces in collaboration with global giants in the defence and aerospace sectors.
Jyotiraditya Scindia, the Union Minister of Civil Aviation of India recently tweeted and applauded Garuda Aerospace for their development and the importance of drones used in the agriculture sector.
The company, which operates in the agro-drones and Industry 4.0 services segment, demonstrated the use of drones for crop monitoring, soil mapping, crop health and crop yield reduction to farmers. It said it continues to create awareness about the importance of using drones across India.
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, said, “Since the prime minister called off the Kisan drones yatra, Garuda Aerospace has been consistent in garnering orders and expanding the team, which has contributed to our overall growth and revenue. We are motivated by the recognition that Shri Jyotiraditya Scindia’s tweet has received for creating an impact in the agro-drone sector. Garuda Aerospace is an asset-light, recession-proof and market-agnostic company supported by its consumers.”
He added, “At a time when other unicorn startups are downsizing, Garuda is hiring because growth is based on profitability, sustainability and revenue. We have a stellar order book on three-year exclusivity contracts, so it’s cash. We have a 24% net profit margin. Our ESG footprint has caught the attention of several high-impact investment firms. Considering all this, Garuda Aerospace is currently India’s most valuable drone company at $250 million.”
Garuda Aerospace claims to have established long-term partnerships with Lockheed Martin, Elbit Systems, the Indian Institute of Science, IIT-M and MIT Boston. It currently boasts a drone fleet of 400 drones and a growing team of over 500 pilots in 26 different cities.
Former Indian cricket team captain Mahendra Singh Dhoni has invested and is also the brand ambassador of the company. It recently launched a drone called Droni made by Garuda Aerospace.