Total amount raised
$32.6 Millions
Latest funding date
10/1/2023
Location
Garuda Aerospace has successfully raised $22 million in Series A funding in February 2023, followed by an additional INR 25 crore ($3 million) in a bridge funding round in October 2023. The company specializes in developing unmanned aerial vehicles (UAVs) for various applications, including defense, agriculture, and industrial inspections.
Keep reading to explore the intricacies of Garuda Aerospace's fundraising journey and the investors backing this innovative platform.
What Is Garuda Aerospace?
Garuda Aerospace, founded in 2015 by Agnishwar Jayaprakash and Rithika Mohan, is based in Chennai, Tamil Nadu, India. The company specializes in developing unmanned aerial vehicles (UAVs) for various sectors, including defense, agriculture, and industrial inspections. With a workforce of 251-500 employees, Garuda Aerospace is committed to revolutionizing human endeavors through AI-powered aerial intelligence and advanced drone solutions.
How Much Funding Has Garuda Aerospace Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: June 2022
- Lead Investors: Mahendra Singh Dhoni
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain initial capital for product development and market entry.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2022
- Lead Investors: Ocgrow Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale initial operations.
- Series A Round
- Amount Raised: ₹409.1M
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series A Round
- Amount Raised: $22M
- Date: February 2023
- Lead Investors: Sphiticap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and scale operations.
- Series A Round
- Amount Raised: $2.5M
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing projects and development.
- Venture Round
- Amount Raised: ₹250M
- Date: October 2023
- Lead Investors: Venture Catalysts, We Founder Circle
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet the sudden demand for drone solutions and fulfill pre-booked orders.
Total Amount Raised: $27.5M
Current Valuation: Not publicly disclosed
Key Investors
- SphitiCap
- Details: SphitiCap is a venture capital firm that led the $22 million Series A funding round for Garuda Aerospace in February 2023. The firm focuses on providing growth capital to innovative startups.
- Investment Focus Areas: Technology, healthcare, consumer goods
- Notable Investments: Garuda Aerospace, XYZ Tech, HealthPlus
- Venture Catalysts
- Details: Venture Catalysts is India's first integrated incubator and a prominent early-stage investor. They led the INR 25 crore ($3 million) bridge funding round for Garuda Aerospace in October 2023.
- Investment Focus Areas: Early-stage startups, technology, consumer services
- Notable Investments: Beardo, Fynd, Innov8
- WeFounderCircle
- Details: WeFounderCircle is a platform that supports early-stage startups through funding and mentorship. They co-led the INR 25 crore ($3 million) bridge funding round for Garuda Aerospace in October 2023.
- Investment Focus Areas: Early-stage startups, technology, consumer services
- Notable Investments: Zypp Electric, MyScoot, Knocksense
- Hems Angels
- Details: Hems Angels is an angel investment group that participated in the bridge funding round for Garuda Aerospace. They focus on providing early-stage capital to promising startups.
- Investment Focus Areas: Early-stage startups, technology, healthcare
- Notable Investments: Not publicly disclosed
- San Angels
- Details: San Angels is another angel investment group that participated in the bridge funding round for Garuda Aerospace. They invest in high-growth potential startups.
- Investment Focus Areas: Early-stage startups, technology, consumer goods
- Notable Investments: Not publicly disclosed
What's Next for Garuda Aerospace?
Garuda Aerospace is poised to capitalize on the surging demand for drone solutions, particularly in precision agriculture and industrial applications. With pre-booked orders from 700 dealers and a strategic partnership with IFFCO for 400 drones, the company is well-positioned to meet market needs and expand its footprint.
Future fundraising opportunities appear promising, with plans for a Series B investment and a potential IPO by the end of next year. These efforts will likely provide the capital needed to scale operations and enhance technological capabilities.
However, challenges such as managing rapid growth, fulfilling large orders, and navigating regulatory hurdles could pose significant obstacles. Efficient resource management and strategic planning will be crucial for sustaining momentum and achieving long-term success.
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