Funding Round Secures $250 Million Valuation
The Chennai-based drone start-up, Garuda Aerospace, has secured a significant funding round worth ₹100 crore from Venture Catalysts (VCAT), a well-known venture capital firm. This funding round marks a significant milestone for the company, which has garnered a valuation of $250 million. The investment will be used to enhance the company’s capabilities in producing drone systems, scale up its current production facility, and fast-track the completion of an R&D and testing centre for advanced defence drone design. The fresh funds will be utilized to augment the company’s drone manufacturing capabilities, enabling it to cater to an increasing demand for high-tech defence solutions in the Indian aerospace ecosystem. The investment also underscores the company’s commitment to innovation, with a focus on developing cutting-edge drone technology that will enable the nation to achieve self-reliance in high-tech defence manufacture.
Stronger Position in the Indian Aerospace Ecosystem
The funding round not only reinforces Garuda Aerospace’s position in the Indian aerospace ecosystem but also aligns the company with the nation’s broader vision of achieving self-reliance in high-tech defence manufacture. The company’s role in strengthening India’s indigenous defence manufacturing ecosystem, while also creating a global footprint, is a testament to its commitment to innovation and growth.
Key Highlights of the Funding Round
- ₹100 crore investment from Venture Catalysts (VCAT)
- $250 million valuation
- Enhanced capabilities in producing drone systems
- Scaling up current production facility
- Fast-tracking completion of R&D and testing centre for advanced defence drone design
Awards and Partnerships
Garuda Aerospace has been recognized for its innovative approach to drone technology and has partnered with several global giants, including Lockheed Martin, Cognizant, and Elbit Systems. The company has also served over 750 clients, including major players such as Tata, Godrej, Adani, Reliance, Swiggy, Flipkart, Delhivery, L&T, Survey of India, SAIL, NTPC, IOCL, Smart cities, Intel, Amazon, Wipro, IISC, MIT Boston, and NHAI. The company’s diverse portfolio of services, including 50 types of drone-based solutions, has enabled it to cater to a wide range of industries, from agriculture to infrastructure development. Having successfully completed numerous projects, Garuda Aerospace has established itself as a trusted partner in the Indian aerospace ecosystem.
Quotes from Key Stakeholders
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, stated:
“This funding not only strengthens our capacity to scale manufacturing and innovation but also positions us to accelerate the development of next-generation drone technology.”
Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of VCAT, added:
“Garuda’s role in strengthening India’s indigenous defence manufacturing ecosystem, while also creating a global footprint, is exciting. We are proud to be a part of this journey.”
Conclusion
The ₹100 crore funding round secured by Garuda Aerospace marks a significant milestone for the company, underscoring its commitment to innovation and growth. With this investment, the company is poised to accelerate the development of next-generation drone technology, further solidifying its position in the Indian aerospace ecosystem. As the Indian government continues to push for self-reliance in high-tech defence manufacture, Garuda Aerospace is well-positioned to play a critical role in driving this vision forward.
