Chennai entrepreneur’s Drone Startup Raises $22 Mn; Largest Funding in Indian Drone Sector

Chennai-based entrepreneur Agnishwar Jayaprakash’s drone startup Garuda Aerospace, announced today that the company has raised $22 million which is touted as the largest-ever Series A funding in the drone sector.

Agnishwar, who holds a number of international records in swimming, has been creating waves in the fledgling drone industry and roped in cricketer M S Dhoni as their brand ambassador last year.

The 31-year-old entrepreneur had started swimming from the age of three. He was reportedly born with a lung ailment and was trained in swimming to improve his breathing.

Dhoni invested an undisclosed sum in the startup last year and had said, “I’m happy to be a part of Garuda Aerospace and look forward to witness their growth story with the unique drone solutions they have to offer.”

In the latest round of funding, Venture capital firm SphitiCap invested $12 mn along with participation from other global investors, angel investors and high networth individuals (HNIs) at $5 million.

Another $5 million from an infra-development company, a group of HNI and angel investors from India, the UAE and Singapore was earlier secured by the drone startup.


"Garuda Aerospace aims to sell 25,000 drones in the next 18 months and is looking forward to exporting 10,000 drones to about 100 countries in the next 15 months," said Agnishwar.

A part of the funds will be used for R&D to accelerate the development of building advanced drone solutions for the armed forces, in collaboration with global companies for the defence and aerospace sector.

The funds will also be used for the skilling and training of drone pilots and help create employment with deepening its footprints in Tier II and III cities, said the startup.


"Our business model is asset light, tech driven, market agnostic and recession proof," said Agnishwar.

Garuda Aerospace has a fleet of 400 drones and a team of over 500 pilots across 26 different cities across the country.

"Garuda Aerospace has built various types of drones with an interesting segment and their developments in the drone sector are one to watch out for," said Pallav Kumar Singh, Managing Partner, SphitiCap.


In January, the company launched its digital brand film #KhetonKeKaptan. Conceptualised by Garuda Aerospace's brand team and jointly produced with Dhoni Entertainment Private Limited, the film #KhetonKeKaptan illustrates the need of farmers in their daily lives and how Garuda drones can help farmers with pesticide spraying, surveillance, and mapping while saving water and time as well as loans and subsidies for drones.

Speaking on the launch of the brand film, Agnishwar said: "Mahendra Singh Dhoni, the brand ambassador of Garuda Aerospace and former Captain of the Indian Cricket team salutes the farmers as they are the future. The brand film #KhetonKeKaptan highlights how farmers can enhance their quality of living and farming by using Garuda Kisan Drones. He urges that every farmer is the captain of their farm."

Garuda Aerospace became the first-ever drone company to get dual DGCA approvals for both Drone Manufacturing Type Certificate and Remote Pilot Training Organisation (RPTO)

Garuda drones have been pressed into the rescue mission in the quake-hit Turkey by the National Disaster Response Force (NDRF).

"Garuda Aerospace has always stepped up during crises and has created massive impact by deploying drones for various emergency situations. Given the current situation in Turkey, Garuda Aerospace is deploying drones to support the ongoing rescue and relief operations," Agnishwar said. - TWL Bureau with inputs from IANS