The Bengaluru-based drone startup, Garuda Aerospace has raised $22 million (Rs 182 crore roughly) as Series A funding. On Monday, the company announced the funding led by a venture capital firm SphitiCap included participation from other global investors, angel investors, and high net-worth individuals (HNIs). SphitoCap invested $12 million whereas angel investors and HNIs $5 million. The company’s valuation was pegged at $250 million, as per reports.
Garuda Aerospace’s founder and chief executive officer, Agnishwar Jayaprakash said, “We aim to sell 25,000 drones in the next 18 months and are looking forward to exporting 10,000 drones to about 100 countries in the next 15 months.” The company said that the funds will be utilised to scale up and expand the company’s operations. A part of the funds will be used for research and development in drone solutions for the defence sector. The company will also train drone pilots in tier II and III cities.
SphitiCap managing partner, Pallav Kumar Singh added, “Garuda Aerospace has built various types of drones. Given the evolving preferences and horizontal expansion with the usage of drones in several sectors, there is a vision of growth for both companies.”
