Dhoni backed Garuda Aerospace raises ₹25 crore from Venture Catalysts and WeFounderCircle
- The company says that it enjoys a 55% market share in the $3 billion precision agri drone industry.
- Fresh capital infusion to help accelerate its growth plans as demand for these drones in the agri sector is increasing.
- The overall drone industry, estimated at $7 billion, continues to experience healthy growth.
The Founder CEO of Garuda Aerospace,
Apoorva Ranjan Sharma, Founder and Managing Director at Venture Catalysts, said that the company's commitment to delivering cutting-edge drone solutions and its impressive market share in the Precision Agri Drone industry make it an important player in the sector. The investment will help the startup come up with new use cases for unmanned aerial vehicles in different sectors. This will benefit India's tech ecosystem and agriculture industry.
The funds raised in this bridge round will primarily be used to address the sudden demand for drone solutions. Garuda Aerospace plans to allocate the funds towards working capital requirements, ensuring the execution of the IFFCO drone order, and fulfilling pre-booked orders from numerous dealers across the country.
The company recently achieved remarkable milestones, including a strategic partnership with IFFCO for a drone order of 400 units and an impressive pre-booking of 10,000 drones from 700 dealers nationwide. These developments have led to a surge in demand for Garuda Aerospace's innovative drone solutions.
Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace is making a name in the drone industry with its asset-light, recession-proof, and unit-economic-focused business model. The company designs and manufactures precision agriculture drones. With a solid order book and a first-mover advantage in the agricultural drone segment, the company says that it enjoys a 55% market share in the $3 billion precision agri drone space. It is noteworthy that the overall drone industry, estimated at $7 billion, continues to experience remarkable growth.
The successful capital raise in this latest round of funding positions Garuda Aerospace for further growth and expansion in the drone technology sector. With the support of investors and the endorsement of MS Dhoni, the company is well-positioned to continue its mission of revolutionising the drone industry in India.
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