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MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round

EntrackrEntrackr · 3m ago
MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round
Medial

MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round Drone technology startup Garuda Aerospace has raised Rs 100 crore ($11.6 million) in its Series B funding round led by Venture Catalysts (VCAT) at a post-money valuation of $250 million. Previously, the firm had raised $22 million in its Series A round led by Venture Capital firm SphitiCap in February 2023. The fresh proceeds will be used to scale up drone manufacturing, enhance production capabilities, and complete an R&D and testing center focused on defense drone technology. Founded in 2015 by Agnishwar Jayaprakash, Garuda has grown to a team of over 200 members and manufactures 30 drone types while offering 50 services. Garuda currently holds over 20 patents and operates a fleet of over 400 drones with 500 trained pilots across 84 cities. It serves clients including government agencies and major corporations such as TATA, Reliance, and Adani. It has also partnered with global companies like Lockheed Martin and Elbit Systems. As per TheKredible, Garuda Aerospace’s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23. Its net profit reached Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year. Garuda competes with the likes of ideaForge, Aarav Unmanned Systems, Throttle Aerospace Systems, General Aeronautics, and Omnipresent Robot Tech in the drone manufacturing and drone-as-a-service (DaaS) segment across defense, agriculture, and industrial applications.

Garuda Aerospace revenue and profit soar over 2X in FY24

EntrackrEntrackr · 3m ago
Garuda Aerospace revenue and profit soar over 2X in FY24
Medial

Garuda Aerospace revenue and profit soar over 2X in FY24 Drone technology startup Garuda Aerospace had a strong performance in the last fiscal year, with its operating scale more than doubling and profits surging nearly 3X, despite a two-fold increase in expenses. Garuda Aerospace’s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Garuda Aerospace designs, manufactures, and customizes Unmanned Aerial Vehicles (UAVs or Drones) for various use cases such as deliveries, disaster management, agriculture, etc. The firm makes money from surveillance charges and related operating services which saw a jump of 143% to Rs 68 crore in FY24 while the rest came via sale of drones and accessories which generated Rs 42 crore. On the expense side, the biggest cost component, material expenses, saw a massive 5.4X jump to Rs 49 crore in FY24 from Rs 9 crore in FY24. Employee benefit expenses also climbed 22% to Rs 11 crore. Other major costs included legal charges of Rs 8 crore and travel expenses of Rs 7 crore. Overall, the total expense bill for Garuda Aerospace increased by 128% to Rs 89 crore in FY24 from Rs 39 crore in FY23. Despite the increase in expenses, the company’s strong revenue growth allowed it to expand its net earnings. Garuda Aerospace’s profit margin saw notable improvement, with net profit reaching Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year. On a unit economics basis, the firm spent Rs 0.81 to earn a rupee in FY24. Its ROCE and EBITDA margin stood at 20.72% and 22.52%, respectively. At the end of FY24, Garuda Aerospace recorded current assets worth Rs 130 crore, which includes Rs 16 crore of cash and bank balance. According to TheKredible, the firm has raised a total of $31 million in funding to date, having Ocgrow Ventures and Silver Swan Investments as its lead investors. Its founder and CEO, Agnishwar Jayaprakash, owns 77% of the company.

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