Garuda Aerospace, a drone start-up based in Chennai, has managed to secure a significant amount of Rs 25 crore in a recent bridge funding round. This achievement was made possible with the valuable support of former Indian cricket captain Mahendra Singh Dhoni. The funding round, led by Venture Catalysts and WeFounderCircle, also attracted commitments from esteemed investors such as Hems Angels, San Angels, Peaceful Progress Funds, and several angel investors, successfully concluding the fundraising process.
The Founder-CEO of Garuda Aerospace, Agnishwar Jayaprakash, has kindly expressed that this new capital infusion will play a crucial role in driving our growth and enhancing our capabilities to cater to the increasing market demands. We are immensely grateful for the unwavering support from esteemed investors and the endorsement of MS Dhoni, which reinforces our determination to revolutionize the drone technology industry in India.
Apoorva Ranjan Sharma, Founder-MD at Venture Catalysts ++, expressed his belief that this investment not only strengthens Garuda's leadership in the market but also brings about a transformative impact on the utilization of drones across various sectors.
Neeraj Tyagi, co-founder and CEO of We Founder Circle, highlighted the remarkable impact Garuda has made in the drone ecosystem. They have introduced a micro-entrepreneur business model for rural India, building on their strong presence as a leader in the corporate and industrial sectors.
The funds obtained through this bridge round will mainly be used to address the recent increase in demand for drone solutions. This includes allocating funds for working capital needs, ensuring the smooth execution of the IFFCO drone order, and fulfilling previously reserved orders.
In conclusion, with generous funding, esteemed investors' support, and the endorsement of MS Dhoni, Garuda Aerospace is poised to play a leading role in transforming drone technology in India.
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