Space technology
- FromStartupStory | December 2, 2023
Chennai-based drone maker Garuda Aerospace is preparing to secure a pre-IPO round by January with the aim of listing its shares in June or July next year, the company said.
“The deployment of significant government investment in the agricultural sector has not only attracted national attention, but also attracted interest from venture capital funds looking to support agricultural drone companies,” the company said in a press release.
Garuda Aerospace is benefiting from significant government investment of Rs 1,261 crore for deployment of 15,000 Kisan drones across the country and is poised to capitalize on these developments with the support of cricketer Mahendra Singh Dhoni. The company has approvals from various state governments, including Tamil Nadu, Maharashtra and Kerala, which entitle it to subsidies of 40-50% for agricultural drones.
“These subsidies are part of the government’s broader initiative to promote the use of drones in agriculture and assist farmers with tasks such as plant health assessment, soil analysis, disease monitoring and pesticide application to address labor shortages,” emphasized founder and CEO Agnishwar Jayaprakash.
Garuda is accelerating its IPO plans and aims to expand its operations, increase research and development and better serve the agriculture sector, the CEO added.
Garuda Aerospace claims a dominant 55% market share in the agricultural drone industry. Additionally, in addition to agricultural drones, the company also manufactures drones for various applications such as food delivery, defense infrastructure, solar panel cleaning and surveillance. With a valuation of $250 million, Garuda has successfully raised $27.3 million in six funding rounds since its inception in 2021, according to Tracxn data.
Earlier this year, the company secured a major order for 400 Agri-Kisan drones from Indian Farmers Fertilizer Cooperative Limited.
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