MS Dhoni: In a recent bridge funding round, Garuda Aerospace, a well-known drone business in India with the support of former Indian cricket captain Mahendra Singh Dhoni, raised Rs 25 crore. This funding represents a significant turning point in the company’s growth trajectory and was led by Venture Catalysts, a renowned incubator and early-stage investor, in partnership with WeFounderCircle.
Angel Investors and Prominent Backers
Notably, a number of famous angel investors as well as investors including Hems Angels, San Angels, Peaceful Progress Funds, and others made large commitments to this round. Agnishwar Jayaprakash, the founder and CEO of Garuda Aerospace, expressed his heartfelt gratitude and added that this cash infusion will enable them expand more quickly and improve their capacity to meet the rising demand in the market.
Agnishwar Jayaprakash’s Vision for Garuda Aerospace
Agnishwar Jayaprakash stated, “Garuda Aerospace is resolute in its mission to revolutionise the drone technology sector in India with the continued trust of prominent investors and the endorsement of MS Dhoni.” The managing director and founder of Venture Catalysts, Apoorva Ranjan Sharma, praised Garuda Aerospace for their creative approach to changing the drone technology market in India.
Neeraj Tyagi’s Praise for Garuda Aerospace
Neeraj Tyagi, co-founder and CEO of WeFounderCircle, acknowledged Garuda’s disruption of the drone market and joined the chorus of applause. He applauded the introduction of the micro-entrepreneur business model for rural India, as well as Agni’s founder’s inspiring vision and leadership, which made it simple to support Garuda Aerospace.
Funding Allocation for Meeting Growing Demand
The primary purpose of the money obtained in this bridge fundraising round is to meet the growing demand for drone solutions. These will go towards meeting working capital needs, guaranteeing the smooth completion of the IFFCO drone order, and completing dealer reservations across the country. Recently, Garuda Aerospace reached a significant milestone, forming a strategic alliance with IFFCO (Indian Farmers Fertiliser Cooperative Limited) in exchange for a sizeable 400-unit drone order. They also managed to get impressive pre-orders from 700 retailers around the country for 10,000 drones.