IPO-bound Garuda Aerospace raises Rs 100 crore

CHENNAI: MS Dhoni-backed drone startup Garuda Aerospace has raised Rs 100 crore in Series B round from Venture Catalysts (VCAT) and others. The company, preparing for an initial public offering (IPO), has so far raised Rs 160 crore and is currently valued at $250 million.

With the funds, the startup plans to scale up its current production facility and build a research, development and testing centre for advanced defence drones. It plans to build a 35,000 sq ft facility for making drone components and subsystems in addition to the existing 24,000 sq ft. It also plans to establish a new design facility and build on its IP portfolio.

The startup has remained profitable and registered Rs 120 crore revenue in 2024-25, according to its founder and chief executive Agnishwar Jayaprakash.

“This fundraising not only strengthens our capacity to scale manufacturing and innovation but also positions us to accelerate the development of next-generation drones technology. As we prepare for a global growth expansion journey, this investment reinforces our commitment to building world-class, indigenous drone technologies that contribute to India’s economic progress,” he said.

Apart from selling drones, Garuda provides drone-as-a-service (DaaS) for various applications such as mining, pipeline inspection, electricity and offers pilot training. The company expects to sell more than 8,000 drones in 2025-26 (FY26), significantly higher than around 4,000 units in the last two years. The company caters to a wide array of clients, including government agencies, agricultural enterprises, infrastructure companies, and defence establishments.


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