Garuda Aerospace Soars to New Heights with $22 Million Series A Funding from SphitiCap
With $22 Million Series A Investment: Drone-as-a-Service Pioneer Gears Up for Expansion and Advancements set to revolutionize the drone sector and make India a global hub
13 February 2023
Garuda Aerospace, an Indian drone producer, raised $22 million in a Series A funding round.
The funds will be used to expand operations, build advanced drone solutions, and develop employment opportunities in Tier II and III cities.
The Made in India drones of Garuda Aerospace are disrupting various multi-billion dollar sectors globally.
Garuda Aerospace, a drone producer based totally in India, has raised $22 million in a Series A funding round, reportedly the greatest-ever funding in the drone sector. The spherical was once led by using venture capital firm SphitiCap, which invested $12 million, along with different global investors, angel investors, and high-net-worth individuals. The business enterprise had earlier secured $5 million from an infra-development organization and a crew of HNI and angel investors from India, UAE, and Singapore.
The money raised will be used to scale up and amplify operations, as nicely as for lookup and development to construct advanced drone solutions for the armed forces in collaboration with international organizations for the defense and aerospace sector. A part of the funds will additionally be used for skilling and education of drone pilots, and for developing employment possibilities in Tier II and III cities.
Garuda Aerospace currently boasts a fleet of four hundred drones and a team of over five hundred pilots throughout 26 cities in India. The corporation aims to promote 25,000 drones in the next 18 months and to export 10,000 drones to around 100 international locations in the subsequent 15 months. The founder and CEO, Agnishwar Jayaprakash, sees superb achievable for Garuda Aerospace to scale globally, with the aim of making India the drone hub of the world by way of 2030.
Apply to Xartup Fellowship Program
Get ₹1.5 Crore Technical Funding
Former Indian cricket crew captain, Mahendra Singh Dhoni, has invested in the employer and is also serving as a manufacturer ambassador. The DGCA-approved Made in India drones of Garuda Aerospace are disrupting countless multi-billion dollar sectors such as agriculture, infrastructure, industry 4.0, defense, mining, and assignment inspections, now not just in India, but throughout the world.
Pallav Kumar Singh, Managing Partner at SphitiCap, located that the developments in the drone zone by using Garuda Aerospace are "one to watch out for." He also sees a vision of promising increase with the utilization of drones expanding throughout a number of sectors and believes that drones will play a predominant function in almost each and every zone in the future.
In conclusion, the Internet of Things (IoT) is a swiftly growing field that has the workable to alternate the way we live and work. With the integration of interconnected devices, the IoT is capable to accumulate and analyze data in actual time, presenting precious insights into a range of components of our lives. From clever houses to wearable devices, the IoT has already made a considerable influence on the way we engage with technology. Despite some challenges such as privateness concerns and compatibility issues, the future of the IoT is vivid and promising. As science continues to advance, the potential for the IoT to improve our lives and solve complicated problems is clearly limitless.