Chennai-based drone startup Garuda Aerospace has raised Rs 25 crore in a bridge round of funding as it aims to fulfil the order of 400 drones from Indian Farmers Fertiliser Cooperative Limited (IFFCO).
The funding comes after the startup received a confirmed order for 400 drones from Indian Farmers Fertiliser Cooperative Limited (IFFCO) and about 10,000 pre-bookings from various dealers.
Venture Catalysts and We Founder Circle (WFC) led the round with participation from other investors, including HEM Angels, SAN Angel Network, and Peaceful Progress.
The drone startup previously raised an undisclosed amount in funding from famous cricketer Mahindra Singh Dhoni in June 2022. Ocgrow Ventures and Sphiticap, are also investors in the startup.
The startup stated that the funds from this bridge round will be used to meet the growing demand for their drone solutions.
Founded in 2015 by Agnishwar Jayaprakash, an alumnus of Harvard Business School, Garuda Aerospace not only designs and manufactures precision agriculture drones to empowers rural entrepreneurs, making a positive impact on the lives of farmers.