VC Fund Investments
Drone-tech startup Garuda Aerospace raises Rs.100-Cr led by Venture Catalysts
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.
For FY24, Garuda Aerospace had reported about INR 110 Cr in Operating Income and about INR 16 Cr in PAT.
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