Garuda Aerospace raises RS 25 cr

Chennai: Drone manufacturer Garuda Aerospace has received Rs 25 crore funding from a fresh bridge round led by integrated incubator Venture Catalysts, WeFounderCircle to meet its working capital requirements, the company said on Wednesday. The fresh round of capital raising also witnessed commitments from other investors, including Hems Angels, San Angels, Peaceful progress funds and several angel investors. “This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand,” said Garuda Aerospace Founder-CEO Agnishwar Jayaprakash. “With the continued backing of esteemed investors and the endorsement of (cricket legend) MS Dhoni, we are confident in our mission to revolutionise the drone technology sector in India,” he said in a statement.