- Garuda Aerospace, a drone startup, has raised approximately $3 million (Rs 25 crore) in a bridge funding round led by Venture Catalysts and WeFounderCircle. This comes after the company’s $22 million Series A funding round earlier in the same year.
- The funding will primarily be used to meet the growing demand for drone solutions. Garuda Aerospace will allocate the funds to cover working capital requirements and fulfill pre-booked orders.
- The company has entered into a significant partnership with IFFCO (Indian Farmers Fertiliser Cooperative Limited), securing an order for 400 drones and pre-bookings for 10,000 drones from 700 dealers across India.
- Garuda Aerospace operates as a drone-as-a-service (DaaS) startup and serves a diverse clientele, including prominent corporations like TATA, Godrej, Amazon, and Indian startups such as Swiggy and Flipkart.
- In FY22, the company experienced substantial growth, turning profitable with revenue from operations reaching Rs 15.31 crore and reporting a profit of Rs 3.63 crore