With the growing Drone as a Solution (DaaS) ecosystem in India, the homegrown drone startup company Garuda Aerospace received an investment of an undisclosed sum in a Pre-Series A funding round led by Ocgrow Ventures. The funding also included a few prominent super angels from the global investment banking circles.
Sources close to the company stated that this investment round would serve more so as a primer before the startup's larger USD 30 million Series A Round scheduled in June 2022.
"After Prime Minister Narendra Modi launched our Make in India Drone Manufacturing Facilities in February, our team has been flooded with orders and we forecast to manufacture at least 50,000 drones in the next year," Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace told ANI.
"We have also received signed confirmation orders now of over 8,000 drones from countries like Malaysia, Panama, and UAE and bringing onboard investors with a global growth agenda at this juncture is the most strategic decision for Garuda's aggressive plan of dominating the Indian drone market," he added.
Notably, Food tech Unicorn SWIGGY recently partnered with Garuda Aerospace for Drone Delivery trials in Bangalore and Delhi NCR areas after evaluating 345 other Drone startups.
Canada-based Ocgrow Ventures is enthusiastic about the growth potential of Garuda Aerospace.
"Garuda has quickly established itself as the innovative market leader dominating the Indian drone ecosystem. With a potential demand of incoming orders exceeding over USD 50 million in near future, we firmly believe Garuda will undoubtedly 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 of Ocgrow Ventures.
Garuda is rapidly growing as a prominent player in the DaaS space to increase efficiency and reduce the cost of production in organizations across India.
Garuda Aerospace shot to prominence in 2020 having perfected the Drones as a Service model and is currently engaged in long-term contracts with Survey of India, NHAI, NTPC, IOCL, Godrej, Vedanta, ICAR, etc.
( With inputs from ANI )
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