MS Dhoni-backed drone start-up raises ₹100cr at ₹2,125cr valuation
What's the story
Drone technology start-up Garuda Aerospace has raised ₹100 crore in its Series B funding round.
The investment, led by Venture Catalysts, values the company at a post-money valuation of ₹2,125 crore.
The financial boost will be used to scale up drone manufacturing and enhance production capabilities.
Former Indian cricket team captain MS Dhoni is also a backer of Garuda Aerospace. He made his first investment in the company in 2022, and has since invested over ₹5 crore in total.
Expansion plans
Focus on defense drone technology
The funds raised will also be used to complete a dedicated R&D and testing center for defense drone technology. This move is expected to give a major boost to Garuda's capabilities in the defense sector.
The start-up has been making waves in the drone manufacturing industry since its inception in 2015 by Agnishwar Jayaprakash.
It is known for its diverse business model including drone manufacturing, pilot training, and DaaS (drone-as-a-service).
Expansion
Garuda Aerospace's impressive growth trajectory
Garuda Aerospace has expanded its team to over 200 and provides a wide array of services with 30 types of drones.
The company operates a fleet of over 400 drones in 84 cities across India, with a team of 500 trained pilots.
It has over 20 patents to its name and caters to a wide range of clients from government agencies to giants like Tata, Reliance, and Adani.
Financial growth
Garuda Aerospace's revenue and net profit soar in FY24
Garuda Aerospace's operational revenue jumped 2.3 times to ₹110 crore in FY24 from ₹47 crore in FY23, according to TheKredible.
The company's net profit also grew significantly, hitting ₹16 crore in FY24—a 2.7 times increase from last year's ₹6 crore.
These numbers underscore the start-up's strong financial performance and its growing footprint in the drone technology space.