Startup Drone Garuda Aerospace aims to raise $30 million to meet its CapEx requirements
Start-up, Drone Garuda Aerospace Private Ltd has announced its aiming to raise more than $30 million to cover its capital expenditure requirements for manufacturing high-quality agricultural drones.
‘We want to spend ₹ 250 crore in drone technology, R&D, and production operations to successfully compete with overseas businesses,’ said Agnishwar Jayaprakash, Founder and CEO. ‘We will invest in artificial intelligence and data analytics to improve agricultural output through drone applications.’The goal is to improve crop protection skills in order to quadruple farmers’ revenue.
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‘We’ve had multiple investor conversations in the last few weeks and are talking about raising more than $30 million soon to satisfy our investment ambitions,’ he continued.
‘This area was a regulated business until August of last year, and investors were not exhibiting much interest.’ ‘However, with the PLI programme and the openness of the sector, the scenario has altered,’ he added.
The company has previously raised $1 million in pre-A-series financing. He stated that the business intends to produce six lakh drones by the end of 2025 as part of its Kisan Drone programme, which would be used in agricultural applications. These will be used for both renting and selling drones.
‘By early 2024, we will produce two lakh drones, and by the end of 2025, we will produce six lakh units,’ he stated. The drones would be constructed at the company’s facilities in Gurugram and Chennai, he added. It has introduced Drone as a Service (DAAS) to assist Indian farmers and the agriculture sector in increasing profits.
The drones will be used to spray insecticides, pesticides, and fertiliser, among other things.
According to the company, its DAAS model will help farmers save up to 80% of their water and use 90% fewer pesticides.
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Kisan Drones will be outfitted with Artificial Intelligence, Machine Learning, and GPS sensors to provide farmers with precise and real-time data on their fields and crops. According to the company, it can also assist farmers with monitoring and mapping systems.
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