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

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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.