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
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.