Drone startup Garuda Aerospace all set to close $30 million Series A funding

Garuda Aerospace, a drone firm based in Chennai, is expected to close a $30 million series-A fundraising round by the end of July, according to CEO Agnishwar Jayaprakash.

Jayaprakash refused to reveal the identities of the investors. This comes only one day after the drone startup revealed that cricketer Mahendra Singh Dhoni had joined the company as a shareholder and brand ambassador.

Dhoni's shareholder investment, he explained, was part of a bridging round that included other angel investors. In this situation, too, Jayaprakash refused to put a figure on Dhoni's investment.

"By having one of the largest series A investment rounds, we intend to make history." "I believe that now that our aims are no longer limited to dominating the Indian industry, it is time to capture the global market, which has long been dominated by the Chinese," he stated.

Around ten countries have showed interest in enabling Garuda Aerospace's drones and assisting the company in setting up manufacturing facilities there, according to Agnishwar. With a current worth of $250 million, Jayaprakash also stated that the company had acquired $1.2 billion in exclusivity contracts.

Apart from that, he stated that the company has gotten orders for its drones from Malaysia, East Africa, and South America. "We're also considering expanding into the North American market." One of our partners is developing spray technology in collaboration with the Bill Gates Foundation. Moving into North America and catering to that market is a natural evolution for us," he continued.

He also revealed that MapMyIndia has placed a Rs 30 crore deal with Garuda Aerospace for mapping and surveying services. Garuda Aerospace was also one of four drone firms chosen by Swiggy, an online food delivery business, for a pilot project including supply runs for Instamart, Swiggy's grocery service.