MS Dhoni-backed Garuda Aerospace scores Rs 100 Cr in Series B funding
Garuda Aerospace’s fresh capital puts the startup firmly on the front foot as it aims to boost its drone system production capabilities, scale up its facility, and fast-track the development of an R&D and testing centre focused on designing the next generation of defence drones.
MS Dhoni-backed drone startup on Wednesday said it secured Rs 100 crore in a Series B funding round led by Venture Catalysts at a valuation of $250 million, as it gears up to accelerate its run rate in indigenous drone manufacturing and innovation.
The fresh capital puts the startup firmly on the front foot, boosting its capabilities in drone system production. The funds will also help scale up its production facility and fast-track the development of a state-of-the-art R&D and testing centre to design the next generation of defence drones.
The Chennai-based startup, holding over 20 patents, will allocate a dedicated portion of the newly secured funds to expanding its intellectual property portfolio and establishing a new design facility.
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, highlighted that the fresh capital not only strengthens the firm’s capacity to scale manufacturing and innovation but also positions it to accelerate the development of next-generation drone technology as it prepares for global expansion.
Founded in 2015, Garuda Aerospace focuses on areas such as precision agritech and Industry 4.0 applications. It develops and customises unmanned aerial vehicles, focusing on reducing manual labour in agricultural processes.
A report by NITI Aayog notes the unmanned aerial vehicle market in India is projected to reach $15 billion by 2030.
The Chennai-based startup operates a fleet of over 400 drones with 500 pilots across 84 cities, manufactures 30 types of drones, offers 50 different services, and claims to have served more than 750 clients.
“The role Garuda is playing in strengthening India's indigenous defence manufacturing ecosystem, while also creating a global footprint, is something that truly excites us,” said Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts.
“We firmly believe that in the years to come, Garuda Aerospace will emerge as a global leader in drone technology, making India the drone hub of the world by 2030,” Sharma added.
Garuda Aerospace operates a business model that includes drone manufacturing, drone-as-a-service offerings, and pilot training. It serves a range of clients, such as government agencies, agricultural businesses, infrastructure firms, and defence organisations, providing customised drone solutions.
The startup collaborates with local partners, including Tata, HUL, and Reliance, to support the indigenisation of drone technology.
The Indian drone market is experiencing growth, driven by increasing demand in agriculture, infrastructure, logistics, surveillance, and defence sectors. The market presents significant opportunities, with government initiatives like the Drone Rules 2021 and the Production-Linked Incentive scheme encouraging drone adoption and indigenous manufacturing.
The Indian drone market is expected to grow significantly, with drone volumes increasing to 61,393 units by 2029 from 10,803 units in 2024, according to projections by Markets and Marke
Edited by Suman Singh