Garuda Aerospace: Soaring High in India's Drone Industry

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 24th August 2023 - 12:09 pm

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Introduction

India's drone industry is witnessing unprecedented growth, with startups like Garuda Aerospace leading the way. Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace has emerged as a prominent player in the drone-as-a-service (DaaS) sector. 

Impressive Financial Performance

Garuda Aerospace experienced a remarkable 7.2-fold surge in operating revenue during FY22, amounting to Rs 15.31 crore. Building on this success, the company achieved a revenue milestone of Rs 46.8 crore in FY23, reflecting over 200% growth in its operating income. Garuda derives its revenue from surveillance charges, operating services, and the sale of drones and accessories.

Diverse Offerings and Clientele

Garuda Aerospace boasts an extensive portfolio of 30 drone models and provides 50 different services. The company caters to various sectors, including deliveries, disaster management, and agriculture. With an impressive list of over 750 clients, including renowned names such as TATA, Godrej, Adani, Reliance, Swiggy, and Flipkart, Garuda Aerospace has established itself as a trusted partner in the industry.

Sustainable Profitability

During FY23, the company recorded profits of Rs 3.9 crore, marking a 7.4% increase compared to the previous fiscal year. This sustained profitability showcases the company's ability to generate consistent returns while expanding its operations.

Promising Future Outlook

The company's long-term vision includes becoming the first drone unicorn in the industry, with a projected valuation of $300-400 million by 2024. To support its expansion plans, Garuda Aerospace aims to raise an additional $50-70 million in a Series B funding round.

Strong Backing and Partnerships

Garuda Aerospace has garnered substantial support from investors, raising a total of $24 million in funding. Notably, former Indian cricket team captain Mahendra Singh Dhoni has invested in the company and serves as its brand ambassador.

Conclusion

Garuda Aerospace's success story exemplifies the remarkable growth potential of India's drone industry. With its diverse offerings, impressive financial performance, and a strong order book, the company is well-positioned to continue its upward trajectory. As the Indian drone market flourishes, Garuda Aerospace stands out as a leading player, contributing to the nation's technological advancements and establishing itself as a key player in the global drone ecosystem.

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