Garuda Aerospace, a drone manufacturer, has secured Rs 25 crore funding through a bridge round led by Venture Catalysts and WeFounderCircle. The funding will be used to meet the company’s working capital requirements.
Other investors, including Hems Angels, San Angels, Peaceful progress funds, and various angel investors, also participated in the funding round.
“This capital infusion will accelerate our growth and enable us to meet the increasing market demand,” said Agnishwar Jayaprakash, Founder-CEO of Garuda Aerospace. “With the support of our investors and the endorsement of MS Dhoni, we are confident in our mission to revolutionize the drone technology sector in India.”
The funds raised will primarily be used to address the demand for drones, including fulfilling the IFFCO drone order and pre-booked orders. Garuda Aerospace has received orders for 400 units from IFFCO and a total of 10,000 drones from 700 dealers across the country.
“Garuda Aerospace is disrupting the drone ecosystem by introducing the micro-entrepreneur business model for rural India,” said Neeraj Tyagi, Co-founder and CEO of WeFounderCircle. “We believe in their vision and the value they will unlock for agriculture use of drones.”
