Garuda Aerospace, a drone startup, announced on Monday that it has raised $22 million in Series A funding, the largest-ever in the drone sector.
SphitiCap, a venture capital firm, invested $12 million, with participation from other global investors, angel investors, and high net worth individuals (HNIs) totaling $5 million.
The drone startup previously secured $5 million from an infrastructure development company, a group of HNI and angel investors from India, the UAE, and Singapore.
"Garuda Aerospace aims to sell 25,000 drones in the next 18 months and is looking forward to exporting 10,000 drones to about 100 countries in the next 15 months," said Agnishwar Jayaprakash, Founder and CEO.
A portion of the funds will be used for R&D to accelerate the development of advanced drone solutions for the armed forces in collaboration with global defence and aerospace companies.
According to the startup, the funds will also be used for the skilling and training of drone pilots, as well as to help create jobs by expanding its footprints in Tier II and III cities.
"Our business model is asset light, tech driven, market agnostic and recession proof," said Jayaprakash.
Garuda Aerospace has a fleet of 400 drones and a team of over 500 pilots spread across 26 cities in Indonesia.
Former Indian cricket captain Mahendra Singh Dhoni has invested and serves as the company's brand ambassador.
"Garuda Aerospace has built various types of drones with an interesting segment and their developments in the drone sector are one to watch out for," said Pallav Kumar Singh, Managing Partner, SphitiCap.