Garuda Aerospace raises ₹100 cr, hits $250 mn valuation
In a significant development in the Indian startup ecosystem, MS Dhoni-backed drone startup Garuda Aerospace has raised ₹100 crore in Series B funding from Venture Catalysts, valuing the company at $250 million. This latest round of funding will enable Garuda to enhance its drone manufacturing capabilities, support an R&D centre focused on defence drones, and expand its intellectual property.
With this latest injection of capital, Garuda Aerospace is well-positioned to further strengthen its position in the Indian defence manufacturing sector and contribute to the government’s ambitious Atmanirbhar Bharat (Self-Reliant India) mission.
Garuda Aerospace, founded in 2017, is a pioneer in the Indian drone industry, with a focus on designing and manufacturing high-performance drones for various applications, including defence, agriculture, and surveillance. The company’s innovative approach has enabled it to develop drones that are capable of carrying heavy payloads, flying long distances, and withstanding harsh weather conditions.
The ₹100 crore funding round led by Venture Catalysts, a leading venture capital firm, will enable Garuda Aerospace to accelerate its growth plans and expand its operations. The funds will be utilised to establish an R&D centre dedicated to defence drones, which will focus on developing cutting-edge technologies and solutions for the Indian defence sector.
The R&D centre will be equipped with state-of-the-art facilities and will employ a team of experts in aerodynamics, materials science, and software engineering. This centre will enable Garuda Aerospace to design and develop drones that meet the specific requirements of the Indian defence forces, including the Indian Air Force, Indian Navy, and Indian Army.
In addition to the R&D centre, the funds will also be used to enhance Garuda Aerospace’s drone manufacturing capabilities. The company plans to increase its production capacity to meet the growing demand for its drones from various industries, including defence, agriculture, and surveillance.
Another key area of focus will be the expansion of Garuda Aerospace’s intellectual property portfolio. The company has already filed several patents for its drone designs and technologies, and the funds will enable it to further develop and protect its intellectual property.
Garuda Aerospace’s Series B funding round comes at a time when the Indian drone industry is witnessing rapid growth, driven by the government’s initiatives to promote the use of drones in various sectors. The Indian government has relaxed regulations governing the use of drones, and several industries, including defence, agriculture, and surveillance, are increasingly adopting drones for their operations.
The defence sector, in particular, is expected to drive growth in the Indian drone industry, with the Indian defence forces seeking to upgrade their capabilities and enhance their surveillance and reconnaissance capabilities. Garuda Aerospace’s focus on defence drones and its plans to establish an R&D centre dedicated to this sector make it well-positioned to benefit from this growth.
In conclusion, Garuda Aerospace’s ₹100 crore funding round is a significant development in the Indian startup ecosystem, and the company’s plans to enhance its drone manufacturing capabilities, support an R&D centre for defence drones, and expand its intellectual property make it an attractive investment opportunity.
As MS Dhoni-backed drone startup Garuda Aerospace continues to grow and expand its operations, it is likely to play a key role in strengthening India’s defence manufacturing sector and contributing to the Atmanirbhar Bharat mission.
News Source:
https://startuptalky.com/news/garuda-aerospace-secures-100-crore-funding/
