Garuda Aerospace Raises Capital In Pre-Series A Funding

As per a close source to the company, this investment would serve as a primer before the startup's $30 million Series A round scheduled in June 2022

learn more about Teena Jose

By Teena Jose

Pexels

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Garuda Aerospace, a drone startup, secured an undisclosed capital in pre-Series A funding round led by Ocgrow Ventures. The round also witnessed participation of some super angels from global investment banking circles. Instarto acted as the investment bankers and advisors to Garuda. This investment round would serve more as a primer before the startup's $30 million Series A round scheduled in June 2022, as per the close source to the company.

"After the Prime Minister launched our "make in India' drone manufacturing facility in February, our team has been flooded with orders and we forecast to manufacture at least 50,000 drones in the next year," said Agnishwar Jayaprakash, founder and CEO, Garuda Aerospace.

Garuda received confirmed orders of over 8000 drones from countries like Malaysia, Panama and UAE. It currently manufactures over 30 different types of drones in several industry verticals, claimed by the company in a statement.

"With a potential demand of incoming demands exceeding over $50 million in near future, we firmly believe Garuda will create immense value which will be difficult to ignore from an impact investment and additional global VC funds going forward," said Harish Consul, founder and CEO, Ocgrow Ventures.

Garuda Aerospace currently engaged in long term contracts with Survey of India, NHAI, NTPC, IOCL, Godrej, ICAR etc. It has also built sizable technology moats in AI and ML WITH SaaS-based model, as per the company.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Related Topics

Living

21 Productive Things to Do During Your Commute

How to use this frustrating "wasted time" to get smarter, more focused and re-energized.

Lifestyle

4 Ways To Negotiate For A Good Salary

Negotiating a salary can be an intimidating task for many, especially for those who are just starting their careers. However, with the right approach and mindset, this can become a smooth and successful process.

News and Trends

Student Run Startup Plutus Raises $280,000 Pre-Seed Funding

The fund raised will help Plutus build new tools to expand the monetisation potential for content creators

Leadership

5 Winning Habits That Will Transform Your Leadership Skills

Ready to take your leadership skills to the next level? Discover the five winning habits that will transform you into an exceptional leader!

Culture

50 Work-From-Home Jobs that Pay As Much or More than Average Salary

If you're tired of driving to an office and would love to work at home, there are plenty of high-quality full-time work-from-home jobs for you.

Marketing

For Product Placement Marketing, It's All About the Moolah

Marketers are finding new places beyond film and television to promote their products.