Cricketer MS Dhoni has topped-up his investment in drone start-up Garuda Aerospace and rejoins the IPO-bound start-up as brand ambassador.
Sources told TNIE that he has invested Rs 3 crore now in the drone startup. Dhoni said he believes in the vision of Garuda to make India a Drone hub by 2030. With this fresh investment, Dhoni holds around 1.1 percent stake in the startup.
About his association with Garuda, the former Indian skipper said, “As Garuda spreads its wings across the world, I am proud to be associated with the team’s journey in positively impacting Agriculture, Defence, Industry 4.0 & consumer drone sector as their captain," in a Friday statement.
In 2022, Dhoni started his association with the start-up after 100 drones were flagged off by Prime Minister Narendra Modi in 100 locations. Since then, Garuda Aerospace has scaled up its revenue. According to market intelligence firm Tracxn, the startup has raised total equity funding of $33.4 million in eight rounds and its valuation as on August 24, 2024 stood at $255 million.
Agnishwar Jayaprakash, Founder CEO of Garuda Aerospace, said, "Mahi Bhai has been an inspiration for all of us at Garuda Aerospace. His encouragement and unwavering support enthuses each one of us to always deliver to the best of our ability.”
"His star power has helped Garuda reach the deepest pockets of India," added Jayaprakash.
Garuda Aerospace in the past has signed international partnerships with companies like Thales (France), Agrowing (Israel), and Spirit Aeronautics (Greece). These collaborations focus on technology transfer and local manufacturing, reducing costs while creating job opportunities for the people, the startup said in a release.
Garuda aims to expand its footprint in defence technology by transitioning into the defence drone sector. The company is working on developing drones for defence applications, and is aiming to become a market leader in the defence segment within the next two years.
Founded in 2015 with a team of 5, Garuda has scaled to a 200 member team having over 400 drones and 500 pilots operating in 84 cities. It manufactures 30 types of drones and has served over 750 clients including TATA, Godrej, Adani, Reliance, Swiggy, Flipkart, Delhivery, Amazon and Wipro, among others.
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