A dedicated portion of newly safer money will also support for the production of a new design feature along with the expansion of its intellectual property portfolio.Ace cricketer Mahindra Singh Dhoni -backed aerospace startup Garuda Aerospace said on Wednesday that he had raised Rs 100 crore from venture catalyst in his series B funding round. Garuda Aerospace said that fresh funds, raised in the evaluation of US $ 250 million, would significantly increase the company’s capabilities in the production of drone systems.
Money will also be allocated to increase the current production facility of the platform and the completion of an R&D and testing center dedicated to advanced defense drone design.
“This series B funding not only strengthens our ability to score manufacturing and innovation, but also gives us positions to accelerate the development of drone technology,” said Jayaprakash, founder and CEO of Garuda Aerospace and CEO, CEO Agnashvwar.
Garuda Aerospace said that this development not only strengthens the status of Garuda Aerospace in the Indian Aerospace ecosystem, but also aligns the country’s comprehensive vision to achieve self -sufficiency in high -tech defense manufacturing.
A dedicated portion of newly safer money will also support for the production of a new design feature along with the expansion of its intellectual property portfolio.
Garuda Aerospace currently holds a strong portfolio of more than 20 patents.
“This investment is closely associated with our strategy to support the homegron champion,” co-founder and managing director of Venture Catalyst, Apoorva Ranjan Sharma, which has the ability to change India’s technical landscape and create significant socio-economic effects. ”
According to Garuda Aerospace, the market presents a sufficient opportunity, according to the government, according to the Garuda Aerospace, with the strong emphasis on the adoption of drones and promoting indigenous manufacturing through initiatives like Drone Rules 2021 and Production-Link Incentive (PLI) scheme.
With drone manufacturing, Drone-e-Service (DAAS) Prasad, and pilot training as a business model, the company fulfills a wide array of customers, including government agencies, agricultural enterprises, infrastructure companies and defense installations, providing an analogous drone solution for diverse requirements.
