Drone Startup Garuda’s Revenue Soars 7X In FY22

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Garuda Aerospace, a Chennai-based drone-as-a-service (DaaS) startup, experienced rapid growth during FY21 and FY22, with revenue ballooning 17-fold to Rs 15.31 crore from Rs 89 lakh in FY20. The company turned profitable in FY22, posting a profit of Rs 3.63 crore, compared to a loss of Rs 53 lakh in FY21. Garuda Aerospace collected over 80% of its operating revenue from surveillance charges and related operating services, amounting to Rs 12.6 crore, while the rest came from the sale of drones and accessories. The company manufactures 30 types of drones and offers 50 types of services, with a fleet of 400 drones and over 500 pilots across 84 cities in India. Garuda Aerospace is aiming to sell 25,000 drones and export 10,000 drones to around 100 countries in the next 18 months. Cost of materials and employee benefits expenses were the largest expenses for the company, accounting for 36% and 31% of the total expenses, respectively. The company spent Re 0.69 to earn a rupee from operations. Garuda Aerospace has raised $24 million in funding, including a Series A round of $22 million in January 2023. The company is aiming to go public in the next couple of years with Rs 1,000 crore revenue.

 Garuda Aerospace is reportedly aiming to go public in the next couple of years with a target revenue of Rs 1,000 crore. The company has raised $24 million in funding to date, including a Series A round of $22 million in January 2023. Garuda Aerospace is backed by SphitiCap and other global investors, angels, and HNIs, including former Indian cricket captain Mahendra Singh Dhoni. Going public could provide the company with additional capital to fuel its growth and expansion plans, including the sale of 25,000 drones and exports of 10,000 drones to around 100 countries over the next 18 months.