Drone start-up Garuda Aerospace raises $5 million
The Hindu
Using the funds, Garuda Aerospace will focus on building advanced drone solutions for the armed forces
Chennai-based drone start-up, Garuda Aerospace, has secured $5 million (₹40.91 crore) in funding from an infra development company, a group of HNI and angel investors from India, UAE and Singapore.
With the acquired funds, Garuda Aerospace will focus on building advanced drone solutions for the armed forces in collaboration with global giants from the defence and aerospace sectors.
Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace said: “At a time when other Unicorn start-ups are downsizing, Garuda is hiring because growth is based on profitability, sustainability and revenues. We have a stellar order book in contracts with three years of exclusivity, thus being cash positive. We have a 24% net profit margin. Garuda Aerospace is currently the most valuable Indian drone company at $250 million.”
Garuda Aerospace has inked long-term partnerships with Lockheed Martin, Elbit Systems, Indian Institute of Science, IIT-M, and MIT Boston.
Garuda Aerospace currently has a fleet of 400 drones and a team of more than 500 pilots across 26 different cities, which continues to grow.
Former Indian cricket team captain Mahendra Singh Dhoni has invested in the company and is also its brand ambassador. Mr. Dhoni recently launched a drone named Droni.
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