New Delhi [India], May 5 (ANI): The Indian capital, New Delhi, has been declared a UNESCO World Heritage Site. The homegrown drone startup company Garuda Aerospace obtained an unknown amount of cash in a Pre-Series A funding round headed by Ocgrow Ventures, which coincides with the expansion of the Drone as a Solution (DaaS) ecosystem in India. In addition, a few well-known super angels from the world of international investment banking contributed to the finance.
It has been reported by sources close to the company that this investment round will act more as a warm-up for the startup’s larger USD 30 million Series A Round, which is slated to take place in June 2022.
Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, told ANI that the company has received a flurry of orders since Prime Minister Narendra Modi launched his Make in India Drone Manufacturing Facilities in February. “We expect to manufacture at least 50,000 drones in the next year,” Jayaprakash said.
Bringing on board investors with a global growth agenda at this juncture is the most strategic decision for Garuda’s aggressive plan to dominate the Indian drone market, he continued. “We have also received signed confirmation orders for over 8,000 drones from countries such as Malaysia, Panama, and the United Arab Emirates,” he said.
Particularly noteworthy is the recent partnership between food tech unicorn SWIGGY and aerospace company Garuda Aerospace for Drone Delivery experiments in the Bangalore and Delhi NCR areas, following an evaluation of 345 other drone businesses.
The expansion potential of Garuda Aerospace has piqued the interest of Ocgrow Ventures, a Canadian investment firm.
“Garuda has quickly established itself as the inventive market leader that dominates the Indian drone ecosystem,” says the company’s founder. In light of an expected increase in demand for incoming orders of over USD 50 million in the near future, we are confident that Garuda will unquestionably create immense value that will be difficult to ignore from an impact investment and additional global VC funds in the future,” said Harish Consul, Founder, and CEO of Ocgrow Ventures.
Garuda is rapidly establishing itself as a leading player in the DaaS arena, with the goal of increasing efficiency and lowering the cost of manufacturing in enterprises throughout India.
Garuda Aerospace rose to prominence in 2020 after perfecting the Drones as a Service model. The company is currently engaged in long-term contracts with organizations such as the Survey of India, the National Highways Authority of India, the Indian Oil Corporation, Godrej, Vedanta, and the Indian Council of Agricultural Research (ANI)
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Source: The Print