Private Equity VC Fund Investments
Drone-tech startup Garuda Aerospace raises Rs.100-Cr led by Venture Catalysts
Source Garuda (opens in a new tab)Entrackr (opens in a new tab)
Chennai-based drone technology startup Garuda Aerospace has raised INR 100 crore (USD 11.6 million) in its Series B funding round led by Venture Catalysts at a post-money valuation of USD 250 million.The new funds will be used to scale up drone manufacturing, enhance production capabilities, and complete a research & development (R&D) and testing center focused on the defence segment.Founded in 2015 by Agnishwar Jayaprakash, Garuda is involved in drone manufacturing, drone-as-a-service (DaaS), and pilot training and claims to operate a fleet of over 400 drones across 84 cities. It serves clients including government agencies and corporations such as TATA, Reliance, and Adani.
Company website ↗ (opens in a new tab)
For FY24, Garuda Aerospace had reported about INR 110 Cr in Operating Income and about INR 16 Cr in PAT.