Garuda Aerospace, a drone company backed by former Indian cricket captain Mahendra Singh Dhoni, has successfully raised INR 25 crore in a fresh bridge round of funding led by Venture Catalysts, India’s first integrated incubator and a leading investor for early-stage and WeFounderCircle. The funding round witnessed participation from other notable investors, including Hems Angels, San Angels, Peaceful progress funds, and several prominent angel investors, which collectively capped out the funding round.
“We are thrilled and honoured by the overwhelming support from our investors and the investment community. This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand. With the continued backing of esteemed investors and the endorsement of MS Dhoni, we are confident in our mission to revolutionise the drone technology sector in India,” said Agnishwar Jayaprakash, founder and CEO.
The funds secured through this bridge round will be primarily utilised to address the sudden demand for drone solutions. The company will allocate the funds towards working capital requirements, ensuring seamless execution of the IFFCO drone order and fulfilling the pre- booked orders from numerous dealers across the country.
“Garuda is disrupting the drone ecosystem by introducing the micro entrepreneur business model for rural India, after successfully establishing itself as a leader in the corporate and industrial segment. We believe in their vision to use drones for Bharat, and feel that they will unlock a very big value for agricultural use of drones, by involving young rural level entrepreneurs. We really liked the way founder Agni has led the company till now as one of top successful drone tech, and his vision and passion made our decision easy while backing them,” added Mr. Neeraj Tyagi, Co-Founder and CEO, We Founder Circle
Founded in 2015 by Agnishwar Jayaprakash, an alumnus of Harvard Business School and a former Asian gold medalist, Garuda Aerospace is revolutionising the drone industry with its asset-light, recession-proof, and unit-economic-focused business model. The company not only designs and manufactures precision agriculture drones but also empowers rural entrepreneurs through an uberized ecosystem, making a positive impact on the lives of farmers.
