CHENNAI: Drone startup Garuda Aerospace has raised USD 22 million in a Series A funding round, led by venture capital firm SphitiCap which invested USD 12 million along with other global investors, angel investors and high-net-worth individuals.
The startup had earlier secured another USD 5 million in funding from an infra-development company.
Apart from strengthening existing operations, the acquired funds will be utilised for R&D, building advanced drone solutions for the armed forces in collaboration with global companies for the defence and aerospace sectors.
Agnishwar Jayaprakash, founder and chief executive officer (CEO) of Garuda Aerospace said, “Garuda Aerospace aims to sell 25,000 drones in the next 18 months and is looking forward to exporting 10,000 drones to about 100 countries in 15 months.”