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Garuda Aerospace secures Series B funding from Venture Catalysts

VCCircle

VCCircle · 3m ago

Garuda Aerospace secures Series B funding from Venture Catalysts

Garuda Aerospace has secured Rs 100 crore in Series B funding from Venture Catalysts, valuing the company at $270 million. Founded in 2015 by Agnishwar Jayaprakash and Rithika Agnishwar, the drone manufacturer aims to scale production and expedite its Chennai-based R&D facility. The company, backed by MS Dhoni, plans to leverage the funds to enhance manufacturing and innovation. Garuda operates India's largest drone fleet, serving clients like TATA Elxsi and Godrej Agrovate.

Related News

MSD backed Garuda Aerospace raises ₹100 cr, hits $250 mn valuation

Inshorts · 3m ago

MSD backed Garuda Aerospace raises ₹100 cr, hits $250 mn valuation

Chennai-based Garuda Aerospace secured ₹100 crore in Series B funding led by Venture Catalysts, boosting its valuation to $250 million. Founded by Agnishwar Jayaprakash, the drone innovator plans to expand IP assets, launch a new design hub, and strengthen indigenous UAV capabilities. With MS Dhoni as brand ambassador, Garuda aims to impact one billion lives through drone technology.

Drone maker Garuda Aerospace raises Rs 25 crore from Venture Catalysts, others

Economic Times

Economic Times · 1y ago

Drone maker Garuda Aerospace raises Rs 25 crore from Venture Catalysts, others

Garuda Aerospace, a drone maker based in India, has raised Rs 25 crore ($3.4 million) in funding from venture capital firms including Venture Catalysts. The company plans to use the funding to expand its manufacturing capabilities and launch new products in the market. With the increasing demand for drones in various sectors such as agriculture, surveillance, and delivery, Garuda Aerospace aims to capitalize on the growing market opportunities.

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

Entrackr

Entrackr · 3m ago

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

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.

MS Dhoni Tops Up Bet On Drone Startup Garuda Aerospace

Inc42 · 10m ago

MS Dhoni Tops Up Bet On Drone Startup Garuda Aerospace

- MS Dhoni has invested in Chennai-based drone startup Garuda Aerospace - Dhoni is the brand ambassador for Garuda Aerospace - Garuda Aerospace has a vision to make India a global drone hub by 2030 - The startup secured $22 million in Series A funding recently - Garuda Aerospace aims to sell 25,000 drones in the next 18 months - The company plans to export 10,000 drones to about 100 countries

Startup news and updates: Daily roundup (October 4, 2024)

YourStory

YourStory · 10m ago

Startup news and updates: Daily roundup (October 4, 2024)

- Turbostart invests $1 million in AI Health Highway as part of its pre-Series A funding round. - Takuro Takeuchi appointed as the new Chief Representative of JICA India. - MS Dhoni continues as the brand ambassador for Garuda Aerospace. - Groww Creditserv receives a stable A/A1 rating from ICRA. - Garuda Aerospace forms international partnerships with Thales, Agrowing, and Spirit Aeronautics.

Garuda Aerospace secures orders for 500 Kisan drones under NaMo Drone Didi initiative

Thehindubusinessline

Thehindubusinessline · 1y ago

Garuda Aerospace secures orders for 500 Kisan drones under NaMo Drone Didi initiative

Chennai-based drone company Garuda Aerospace has received an order worth ₹20 crore for 500 Garuda Kisan Drones from ten major fertiliser companies participating in the NaMo Drone Didi scheme. The drones will be provided to self-help groups to aid in the spraying of fertilisers and pesticides. The Garuda Kisan Drones are equipped with advanced technologies such as AI, ML, and GPS sensors, providing farmers with accurate and real-time information about their crops. The drones can increase crop yield by 60% and reduce crop loss by 20%. Garuda Aerospace has trained over 185 rural women under the NaMo Drone Didi scheme and is preparing for an IPO in 2024.

Nautical Wings Aerospace raises funding from Venture Catalysts

Inshorts · 11m ago

Nautical Wings Aerospace raises funding from Venture Catalysts

Bengaluru-based Nautical Wings Aerospace has raised an undisclosed amount in a pre-Series A funding round led by Venture Catalysts and 1Crowd. Founded in 2020, Nautical Wings Aerospace specializes in delivering state-of-the-art, tailored propulsion solutions to OEMs on a global scale. The startup is developing its flagship product, the Integrated Electric Propulsion Unit (iEPU).

Venture Catalysts partially exits Insurance Samadhan with returns up to 3.65x

IndianStartupNews

IndianStartupNews · 1y ago

Venture Catalysts partially exits Insurance Samadhan with returns up to 3.65x

Indian venture capital firm Venture Catalysts has announced a partial exit from Insurance Samadhan, yielding up to 3.65x returns on its initial investment. The tech-based platform specializes in resolving insurance complaints. Venture Catalysts had invested in Insurance Samadhan in a Seed and pre-Series A funding round. Insurance Samadhan has also raised $2 million in a Series A funding round, showcasing significant growth and becoming a trusted platform for resolving insurance grievances. Venture Catalysts typically invests $250,000 - $2 million in early-stage startups.

Sugar.fit secures additional $5M in Series A

Inshorts · 1y ago

Sugar.fit secures additional $5M in Series A

Healthtech startup Sugar.fit has secured an additional $5 million in Series A funding led by B Capital, bringing the total funding raised in the round to $16 million. Existing investors MassMutual Ventures, Tanglin Venture Partners, Endiya Partners, and Cure.Fit also participated in the round.

Chennai-based Garuda Aerospace launches border patrol surveillance drone named 'Trishul'

IndianStartupNews

IndianStartupNews · 1y ago

Chennai-based Garuda Aerospace launches border patrol surveillance drone named 'Trishul'

Chennai-based drone maker Garuda Aerospace has launched Trishul, a border patrol surveillance drone equipped with advanced sensors including high-definition cameras, infra-red, and radar technologies. The drone offers comprehensive monitoring capabilities for sectors such as people movement, natural disasters, and traffic management. Garuda Aerospace aims to build a sustainable drone ecosystem and has raised around $30 million in funding, including an investment from cricket legend Mahendra Singh Dhoni. Trishul provides uninterrupted access to real-time information for efficient decision-making in various scenarios.

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