Garuda Aerospace, a drone start-up based in Chennai, has received $5 million (40.91 crores) in finance from an infrastructure development firm, a group of HNI, and angel investors from India, the United Arab Emirates, and Singapore.
More About Garuda Aerospace
Garuda Aerospace, a city-based provider of drone-as-a-service, announced that it had raised $5 million from a significant infrastructure development firm, high-net-worth individuals, and angel investors.
In conjunction with international behemoths from the aerospace and defense industries, Garuda Drone Aerospace will use the cash collected to concentrate on developing cutting-edge drone solutions for the armed services.
According to Garuda Aerospace, among other things, the cash would be utilized to collaborate with international behemoths in the aerospace and defense industries to develop cutting-edge drone solutions for the armed services. The business has previously shown how its drones may be used in the agricultural sector for crop surveillance, land mapping, crop health monitoring, and crop yield mitigation. It also works on industrial 4.0 use cases.
Agnishwar Jayaprakash’s Words on These Fundraise
The company Garuda Aerospace is supported by its customers and is asset-light, recession-proof, and market-neutral. Because growth is dependent on profitability, sustainability, and revenues, Garuda is hiring at a time when other unicorn firms are cutting staff, according to Agnishwar Jayaprakash, founder and CEO of Garuda Aerospace.
Founded on October 6, 2015, Garuda Aerospace Private Limited is an unlisted private corporation. It is based in Chennai, Tamil Nadu, and is categorized as a private limited business. Its entire paid-up capital is INR 10.68 lac. Garuda Aerospace’s share price is also surging high.
According to Jayaprakash, Garuda Aerospace has an order book of contracts with three years of exclusivity, is cash positive, and posts a 24% net profit margin. The business has long-standing collaborations with MIT Boston, Elbit Systems, the Indian Institute of Science, Lockheed Martin, and IIT-M. It boasts a 400-drone drone fleet and more than 500 qualified pilots across 26 cities.