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

EntrackrEntrackr · 7m 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.

Exclusive: Garuda Aerospace converts into public company

EntrackrEntrackr · 7d ago
Exclusive: Garuda Aerospace converts into public company
Medial

Exclusive: Garuda Aerospace converts into public company Drone technology startup Garuda Aerospace is set to convert into a public company after passing a resolution approving the move, a step that signals its preparation for a potential public listing. According to its filing with the Registrar of Companies (RoC), Garuda Aerospace’s board has passed a resolution to rename the entity as Garuda Aerospace Limited by removing the word “Private”. In line with regulatory requirements, the company has appointed Asha Vijayaraghavan, Mandakulathur Ramachandran Venkatesh, and Rithika Mohan as independent directors, while Vishnu Jayaprakash has been appointed as an additional director and Rithika Mohan has also been designated as a whole-time director. Founded in 2015, Garuda Aerospace is a drone-as-a-service startup that designs, manufactures, and customizes UAVs for uses such as deliveries, disaster management, and agriculture. The company operates India’s largest drone fleet with 400 drones and 500 pilots across 84 cities, offering 30 drone models and 50 related services. According to startup data intelligence platform TheKredible, Garuda Aerospace has raised approximately $44 million to date from investors such as Nagarajan Seyyadurai, Ocgrow Ventures, cricketer MS Dhoni and others. The company recently raised funding from the Narotam Sekhsaria Family Office to scale its manufacturing capacity from 8,000 drones a year to 12,000–15,000 units, and it plans to expand its export presence to 50 countries by year-end. For the fiscal year ended March 2025, the MS Dhoni-backed firm posted profit of Rs 17.5 crore while operating revenue grew 7.3% to Rs 118 crore from Rs 110 crore in FY24. Earlier this year, Garuda's CEO indicated the IPO would not occur in 2025 but the company is in the planning phase to expand manufacturing, research, and development.

Garuda Aerospace posts Rs 17.5 Cr profit in FY25, revenue at Rs 118 Cr

EntrackrEntrackr · 3m ago
Garuda Aerospace posts Rs 17.5 Cr profit in FY25, revenue at Rs 118 Cr
Medial

Garuda Aerospace posts Rs 17.5 Cr profit in FY25, revenue at Rs 118 Cr Drone technology startup Garuda Aerospace reported a modest growth in the last financial year ending March 31, 2025. The Bengaluru-based firm maintained profitability, supported by steady revenue growth and cost discipline. Garuda’s revenue from operations increased 7.3% to Rs 118 crore in FY25 from Rs 110 crore in FY24, as per its unaudited financial statements filed with the Registrar of Companies (RoC). Garuda Aerospace designs, manufactures and customizes Unmanned Aerial Vehicle (UAVs or drones) for various use cases such as deliveries, disaster management and agriculture. The company made additional Rs 7 crore from other income, which increased its total income to Rs 125 crore in FY25, from Rs 111 crore in FY24. Looking at the expenses, the cost of materials, which formed the largest expense, rose 14% to Rs 56 crore in FY25 from Rs 49 crore a year ago. Employee benefit expenses declined 12% to Rs 9.23 crore, while finance costs halved to Rs 1 crore during the same period. Depreciation, however, increased to Rs 3 crore in FY25 from Rs 2 crore in FY24. Overall, Garuda’s total expenses grew 13% to Rs 100.5 crore in FY25 as against Rs 89 crore in FY24. Despite higher spending, the company managed to expand its bottom line, with profit after tax (PAT) rising 9.4% to Rs 17.5 crore in FY25, from Rs 16 crore in FY24. Its ROCE and EBITDA margin stood at 14.37% and 22.4% respectively. On a unit level, Garuda spent Rs 0.85 to earn a rupee of revenue during the fiscal year. The company recorded current assets worth Rs 179 crore. According to startup data intelligence platform TheKredible, Garuda Aerospace has raised approximately $44 million to date from investors such as Nagarajan Seyyadurai, Ocgrow Ventures, cricketer MS Dhoni and others. Garuda operates a fleet of 400 drones and 500 pilots across 84 cities. The company recently raised funds from Narotam Sekhsaria Family Office to scale up manufacturing capacity from the current 8,000 drones annually to between 12,000 and 15,000 units. It will also expand its export presence to 50 countries by the year-end.

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