In order to meet its working capital needs, drone maker Garuda Aerospace announced on Wednesday that it has secured Rs 25 crore in funding from a new bridge round headed by integrated incubator Venture Catalysts, WeFounderCircle. Other investors, such as Hems Angels, San Angels, Peaceful Progress Funds, and a few angel investors, also pledged to participate in the new capital raising round.
Garuda Aerospace founder and CEO Agnishwar Jayaprakash stated, “This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand.”
“With the continued backing of esteemed investors and the endorsement of (cricket legend) MS Dhoni, we are confident in our mission to revolutionise the drone technology sector in India,” he stated in a statement.
The primary purpose of the funds obtained from this bridge round is to meet the demand for drones.
The money would be used by the business to pay for working capital needs, drone orders from IFFCO (Indian Farmers Fertiliser Cooperative Ltd.), and pre-booked orders.
“We are thrilled to spearhead Garuda Aerospace’s Series A extension. “Garuda has the potential to grow significantly due to their impressive market share in the precision agri-drone industry and their strong commitment to delivering cutting-edge drone solutions,” stated Apoorva Ranjan Sharma, founder and managing director of Venture Catalysts.
“Garuda is disrupting the drone ecosystem by introducing the micro-entrepreneur business model for rural India, after successfully establishing itself as a leader in the corporate and industrial segment,” stated Neeraj Tyagi, co-founder and CEO of WeFounderCircle. We think they will unleash a huge value for drone use in agriculture and support their aim to use drones for Bharat.”
According to the announcement, Garuda Aerospace has orders for 400 drones from IFFCO and has received pre-bookings for 10,000 drones from 700 dealers nationwide.
Previously, as part of an endeavour to increase the use of drones in this industry, drone manufacturer Garuda Aerospace would work with the Department of Agriculture in Goa to conduct a drone yatra this year.
The company released a statement stating that they had received an invitation from the Goa Agriculture Department to work together on the Drone Yatra program, which aims to raise awareness and encourage the use of drone technology in agriculture.