A part of the funds will be utilised for research and development in drone solutions for the defence sector.
Chennai-based drone start-up Garuda Aerospace announced that it has raised $22 million in Series A funding from a clutch of investors, including venture capital firm SphitiCap. SphitiCap invested $12 million along with participation from other global investors, angel investors and HNIs at $5 million. Earlier the start-up had secured another $5 million in funding from an infra-development company, a group of HNI and angel investors from India, UAE and Singapore.
In a statement, Garuda Aerospace mentioned that the funds will be utilised to scale up and expand the company’s operations. 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 in tier II and III cities.
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.
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.
