Drone manufacturer Garuda Aerospace has received Rs 25 crore funding from a fresh bridge round led by integrated incubator Venture Catalysts, WeFounderCircle to meet its working capital requirements, the company said on Wednesday. The fresh round of capital raising also witnessed commitments from other investors, including Hems Angels, San Angels, Peaceful progress funds and several angel investors.<\/p>\n
\u201cThis fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand,\u201d said Garuda Aerospace Founder-CEO Agnishwar Jayaprakash. \u201cWith the continued backing of esteemed investors and the endorsement of (cricket legend) MS Dhoni, we are confident in our mission to revolutionise the drone technology sector in India,\u201d he said in a statement.<\/p>\n
The funds secured through this bridge round would be primarily utilised to address the demand for drones. The company would allocate the funds towards working capital requirements, execution of the IFFCO (Indian Farmers Fertilisers Cooperative Ltd) drone order and fulfilling the pre-booked orders.
\n\u201cWe are excited to lead this Series A extension for Garuda Aerospace. Garuda\u2019s strong commitment to delivering cutting-edge drone solutions, combined with their impressive market share in the precision agri-drone industry, demonstrates their potential for significant growth,\u201d said Venture Catalysts founder and managing director Apoorva Ranjan Sharma.<\/p>\n
WeFounderCircle Co-founder and CEO Neeraj Tyagi said, \u201cGaruda is disrupting the drone ecosystem by introducing the micro-entrepreneur business model for rural India, after successfully establishing itself as a leader in corporate and industrial segment. We believe in their vision to use drone for Bharat, and feel that they will unlock a very big value for agriculture use of drone.\u201d Garuda Aerospace has received orders for 400 units from IFFCO and also a pre-booking of a total 10,000 drones from 700 dealers across the country, the statement added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Drone manufacturer Garuda Aerospace has received Rs 25 crore funding from a fresh bridge round led by integrated incubator Venture Catalysts, WeFounderCircle to meet its working capital requirements, the company said on Wednesday. The fresh round of capital raising also witnessed commitments from other investors, including Hems Angels, San Angels, Peaceful progress funds and several angel investors. \u201cThis fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand,\u201d said Garuda Aerospace Founder-CEO Agnishwar Jayaprakash. \u201cWith the continued backing of esteemed investors and the endorsement of (cricket legend) MS […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-612407","post","type-post","status-publish","format-standard","hentry","category-civil-aviation"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/612407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=612407"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/612407\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=612407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=612407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=612407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}