A portion of the funds will be used for R&D to accelerate the development of advanced drone solutions for the armed forces, in collaboration with global defence and aerospace companies.
Garuda Aerospace, a drone startup, announced on Monday that it had raised USD 22 million in Series A funding, the largest ever in the drone sector.
SphitiCap, a venture capital firm, invested USD 12 million, with participation from other global investors, angel investors, and high net worth individuals (HNIs) totalling USD 5 million.
The drone startup previously secured USD 5 million from an infrastructure development company, a group of HNI and angel investors from India, the UAE, and Singapore.
“Garuda Aerospace aims to sell 25,000 drones in the next 18 months and export 10,000 drones to approximately 100 countries in the next 15 months,” said Agnishwar Jayaprakash, Founder and CEO.
A portion of the funds will be used for R&D to accelerate the development of advanced drone solutions for the armed forces in collaboration with global defence and aerospace companies.
According to the startup, the funds will also be used for the skilling and training of drone pilots and to help create jobs by expanding its footprints in Tier II and III cities.
“Our business model is asset-light, technology-driven, market agnostic, and recession-proof,” Jayaprakash explained.
Garuda Aerospace has a fleet of 400 drones and a team of over 500 pilots spread across 26 cities in Indonesia.
Former Indian cricket captain Mahendra Singh Dhoni has invested and serves as the company’s brand ambassador.
“Garuda Aerospace has built various types of drones with an interesting segment, and their developments in the drone sector are one to watch,” said Pallav Kumar Singh, Managing Partner, SphitiCap.
