Drone manufacturer Garuda Aerospace said it has raised $22 million out of targeted fund raise of $30 million, in Series A funding to fuel growth.
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The round was led by Venture Capital firm SphitiCap which has invested $12 million. Other global investors, angel investors and HNIs have invested $5 million, the start-up said. Another $5 million funding was raised in a bridge-round from an infra-development company, a group of HNI and angel investors from India, UAE and Singapore, it added.
The funds will be utilised to scale up and expand the company’s operation, its founder & CEO said.
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A part of the funds will be used for R&D thus accelerating the development of building smart-drones with AI and ML technology, for the armed forces in collaboration with global companies for the defence and aerospace sector.
The funds will also be used to manufacture and export Made in India Garuda Kisan drones to several countries and expanding in the international market.
Garuda Aerospace is also planning to increase the number of dealers and expand the distribution network in rural areas for fast delivery, and to improve accessibility.
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Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace said “We are on the path to becoming the 1st ever Drone unicorn start-up in India with receiving great validation from the venture capital firms and Investment communities. We aim to sell 25,000 drones in the next 18 months and are looking forward to exporting 10,000 drones to about 100 countries in the next 15 months.”
“After my experience at Davos 2023, it was clear that Garuda Aerospace has the potential to scale globally, by manufacturing more Make in India drones and will help India to become the drone hub of the world by 2030,“ he added.
Garuda Aerospace said it has a fleet of 400 drones and over 500 pilots across 26 different cities across India to support its operations.