Garuda Aerospace, the homegrown drone startup supported by cricket legend Mahendra Singh Dhoni, has raised ₹100 crore in a Series B funding round led by early-stage investor Venture Catalysts. The round pegs the company’s valuation at $250 million, marking a significant leap forward for one of India’s most prominent drone tech players.
The Chennai-based company plans to use the fresh capital to ramp up its manufacturing capabilities—particularly focusing on subsystem- and component-level production—to reduce reliance on imports. It will also complete a new 35,000 sq ft facility adjacent to its current 25,000 sq ft unit in Chennai, aimed at accelerating R&D and testing of advanced defense drones.
“Today, nearly half of the critical components for drones in India are sourced from abroad. Our goal is to make our drones 85–88% indigenous. This funding will enable us to deepen in-house manufacturing at a component level and move significantly toward that goal,” said Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, in an interview.
Founded in 2015, Garuda Aerospace has quickly become a frontrunner in the Indian drone space, producing over 30 types of drones and offering services ranging from Drone-as-a-Service (DaaS) to pilot training. The company currently operates a fleet of 400 drones across 84 cities and has worked with over 750 clients—including major corporates like Tata, Adani, HUL, Reliance, and L&T, as well as various government departments.
In addition to enhancing its manufacturing infrastructure, Garuda is also focused on expanding its intellectual property portfolio, which already includes more than 20 patents. The startup plans to further strengthen its footprint in defense applications, aligning with India’s larger mission of self-reliance in high-tech defense production.
With a workforce of over 200 employees, Garuda Aerospace is also preparing to launch a drone aggregation platform within the next two months. The platform will function as a marketplace, connecting drone service providers with customers seeking solutions like aerial photography, surveillance, and videography.
In FY 2023–24, Garuda reported revenues of ₹110.8 crore and a net profit of ₹15.8 crore, according to data from Tracxn—reflecting its strong financial performance in a rapidly growing market.
The fresh infusion of capital builds on Garuda’s momentum from earlier rounds, including a ₹25 crore bridge round in October 2023 and a $22 million Series A round in February 2023, which was touted as the largest Series A raise in India’s drone sector.
“This investment reflects our commitment to backing startups that are driving technological advancement while contributing to national priorities. Garuda’s focus on building an indigenous defense drone ecosystem is particularly compelling,” said Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts.
As demand for drones surges across agriculture, infrastructure, logistics, and surveillance, fueled by policy reforms and production-linked incentives, Garuda Aerospace is positioning itself as a pivotal player in India’s drone revolution.
