Garuda Aerospace raises USD 5 million

Garuda Aerospace is currently the most valuable Indian drone company at USD 250 million, he said in a company statement.

Drone manufacturer Garuda Aerospace has raised USD 5 million from a ''large infrastructure development company'', a group of 'high net-worth individuals' (HNIs) and angel investors from United Arab Emirates, India and Singapore, the company said on Friday.

With the acquired funds, Garuda Aerospace would focus on building advanced drone solutions for the armed forces in collaboration with various companies engaged in defence and aerospace sectors.

''Garuda Aerospace is an asset-light, recession proof, and market agnostic company that is backed by its consumers. At a time when other unicorn startups are downsizing, Garuda is hiring because growth is based on profitability, sustainability and revenues,'' Garuda Aerospace founder-CEO Agnishwar Jayaprakash said.

''We have a stellar order book in contracts with three years of exclusivity, thus being cash positive. We have a 24 per cent net profit margin... Garuda Aerospace is currently the most valuable Indian drone company at USD 250 million,'' he said in a company statement.