Narotam Sekhsaria Family Office invests in IPO-bound Garuda Aerospace

MS Dhoni-backed drone company Garuda Aerospace has received investment from the Narotam Sekhsaria Family Office ahead of its upcoming IPO. Existing backer We Founder Circle also participated in the round. 

The funding follows Garuda’s Rs 100 crore Series B led by Venture Catalysts in April this year. 

The proceeds will support scaling its operations and production capabilities. It also plans to increase its manufacturing output from 8,000 to up to 15,000 drones per year, targeting a long-term goal of 50,000 annually. 

Founded in 2015, the company operates the largest drone fleet in India with 400 drones and 500 pilots across 84 cities. Its product line includes 30 types of drones and 50 drone-related services. Garuda holds DGCA certifications for both drone type and pilot training.

Garuda Aerospace, which claims to have sold over 4,000 drones to more than 400 clients, has moved beyond agriculture to defence, logistics, and surveillance use cases. The firm works with major PSUs including HAL and BEML and partners globally with Thales, Elbit Systems, Lockheed Martin, and Cognizant.

As per TheKredible, Garuda Aerospace’s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23. Its net profit reached Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year.

Garuda is also looking to expand its export network to 50 countries by the end of 2025.