Garuda Aerospace raises USD 22 million, to sell 25,000 drones in 18 months

The startup had earlier secured another $5 million in funding from an infra-development company.

For representational purposes

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.

We've created history by securing $22 million #funding in Series A which is the largest funding ever in the Indian Drone Sector

Read more here: https://t.co/6z3Y8MgNdi@AgnishwarJ pic.twitter.com/vEbZ6f0uJO

— Garuda Aerospace Pvt Ltd (@garuda_india) February 13, 2023

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.”