Latest news with #NSFO
Entrepreneur
3 days ago
- Business
- Entrepreneur
Garuda Aerospace Secures Strategic Investment Ahead of IPO
The company says the capital infusion will fuel an aggressive expansion in drone manufacturing, increasing output from the current 8,000 units per year to between 12,000 and 15,000 annually You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Garuda Aerospace, one of India's prominent drone manufacturers, has received fresh funding from the Narotam Sekhsaria Family Office (NSFO) in the lead-up to its anticipated Initial Public Offering (IPO), according to a press release issued by the company. The investment round also saw renewed backing from existing investor We Founder Circle (WFC), reinforcing confidence in the firm's growth trajectory in the country's defence-tech sector. This new funding arrives shortly after Garuda Aerospace closed a INR 100 crore Series B round led by Venture Catalysts. The company says the capital infusion will fuel an aggressive expansion in drone manufacturing, increasing output from the current 8,000 units per year to between 12,000 and 15,000 annually. Garuda's long-term production target is set at 50,000 drones per year. The move follows the high-visibility 'Operation Sindoor Defence Drone Surge' and comes amid heightened interest in indigenous drone capabilities after recent regional tensions along India's border. With defence preparedness back in national focus, Garuda aims to accelerate R&D initiatives geared toward full indigenization of both airborne and ground-based drone systems within the next three to five years. "This investment powers our next phase of growth, focused on innovation, national service, and global scale," said Agnishwar Jayaprakash, founder and CEO of Garuda Aerospace. "We are delighted to welcome the Narotam Sekhsaria Family Office as a strategic investor. Their belief in our journey reinforces our mission to build a global drone-tech champion from India." Garuda, once primarily associated with agricultural drones, has rapidly diversified into surveillance, logistics, and tactical drone systems designed for defence applications. The company has delivered over 4,000 drones and built a client base of more than 400, backed by collaborations with major international players including Thales, Elbit Systems, Lockheed Martin, and Cognizant. The firm's domestic ties are equally strong. Partnerships with Defence Public Sector Undertakings such as HAL and BEML, along with initiatives like "Namo Drone Didi," underscore its growing role in India's strategic ecosystem. With its eyes now on expanding exports to 50 countries by 2025 and a looming IPO, Garuda Aerospace is positioning itself as a central force in India's push for self-reliance in defence technology.
Time of India
4 days ago
- Business
- Time of India
Garuda Aerospace raises $1 million from Narotam Sekhsaria Family Office, others
Drone startup Garuda Aerospace , backed by former Indian cricket team captain Mahendra Singh Dhoni, has raised $1 million in a funding round from the Narotam Sekhsaria Family Office (NSFO). The round also saw participation from existing investors, including WFC (We Founder Circle). This comes after the $12 million funding round in April. The funds will be used for scaling up manufacturing capacity from the current 8,000 drones annually to between 12,000 and 15,000 units. It will also invest in accelerating research and development (R&D) efforts and expand its export presence to 50 countries by the year-end. According to founder and chief executive Agnishwar Jayaprakash, the company is currently generating revenue from India but plans to expand to the US and Africa, among other regions. 'We are also developing a lot of components that we are manufacturing in-house to reduce the reliance or dependencies on foreign imports. And more importantly, we've also focused a bit more on the software and the automation of the drones,' he told ET. Founded in 2015, the Chennai-based company manufactures more than 30 types of drones and offers various services, including drone-as-a-service ( DaaS ) and pilot training. The company operates a fleet of 400 drones and 500 pilots across 84 cities. It has served over 750 clients, including the Tatas, Adani, Reliance, Swiggy , Flipkart, Delhivery and L&T, as well as government agencies. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Garuda Aerospace generates revenue through two main streams: one, from the sale of its drone products and second, through drone services . It also provides training services. The company has sold over 4,000 drones. 'Almost 70% of our revenue comes from agriculture, as it represents the highest utilisation of drone services in the country. While agriculture will remain a major source, this year we'll also have defense orders and global industrial services contracts, which will contribute to our revenue,' he said. The startup has raised around $21 million in total to date. According to Jayaprakash, Garuda Aerospace posted a revenue of Rs 123 crore for the fiscal year ended March 2025, up from Rs 109 crore in FY24. The company has been profitable for the last four years, he added.
