The drone manufacturer and drone-as-a-service provider will ship out about 4,000 drones to African countries and is also the lowest bidder in the RITES Ltd’s tender for LiDAR-based survey
Garuda Aerospace has raised an undisclosed sum as Pre-series A funding from investors led by Ocgrow Ventures. The investors include prominent super angels from the global Investment banking circles, a top company official said.
This investment round would serve more so as a primer before the startup’s larger $30 million Series A Round scheduled in June 2022.
The drone manufacturer and drone-as-a-service provider will ship out about 4,000 drones to African countries and is also the lowest bidder in the RITES Ltd’s tender for LiDAR-based survey.
“We are entering the African market. We have signed an agreement with a distributor there to source about 4,000 drones. We have also received signed confirmation orders now of over 8,000 drones from countries like Malaysia, Panama and UAE,” Agnishwar Jayaprakash, Founder & CEO, told a news agency.
He also said Garuda Aerospace has emerged the lowest bidder in the RITES Ltd’s tender for LiDAR (light detection and ranging) survey tender.
“With a potential demand of incoming orders exceeding over $50 million in near future, we firmly believe Garuda will undoubtedly create immense value which will be difficult to ignore from an impact investment and additional global VC (venture capital) funds going forward,” Harish Consul, Founder & CEO of Ocgrow Ventures was quoted as saying in a statement from Garuda Aerospace.
In February this year, Prime Minister Narendra Modi had virtually inaugurated the drone manufacturing facilities of Garuda Aerospace at Manesar in Gurugram and in Chennai.
