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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

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

Pexels

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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Business News

Airbnb Renter Discovers Hidden Door, Says Police Confirm There's a Secret Unit Upstairs With 'Surveillance': 'A Terrifying Experience'

One bride-to-be was in for a not-so-welcome surprise when she discovered a secret door in her Airbnb rental.

News and Trends

How 5G Is Helping Enterprises Scale Their B2B Ventures

Enterprises are coming up with 5G solutions partnering with other companies, which provide fast and more dependable connectivity, proving advantageous for sectors, such as financial services, technology, life sciences, healthcare, telecom, media and entertainment

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Cryptographic Security Startup Silence Laboratories Secures USD 4.1 Mn Led by Pi Ventures and Others

Silence Laboratories aims to use the funding in scaling the technology and business teams to lead global market penetration and establish a robust R&D pipeline.

Business News

Klarna Says Its AI Assistant Does the Work of 700 People. The Company Laid Off the Same Number of Employees 2 Years Ago.

The AI bot has taken on 75% of Klarna's customer service chats, or about 2.3 million conversations, within a month of launch.