Chennai-based startup Garuda Aerospace, which manufactures drones for industrial use, plans to double its manufacturing capacity to 25,000 drones by FY26 end as it sets eyes on exporting drones to more than 40 countries over the next two years, Agnishwar Jayaprakash, founder and CEO told FE.
The company, which specialises in precision agriculture and defence drones, currently has a manufacturing capacity of 12,000 annually. It has earmarked $10 million for its global expansion ambitions and will use a mix of revenue generated from operations and external fund raises. Jayaprakash, however, did not give a break up for the same.
“We are setting up a new facility in the same campus which will focus on production of drones for defence and export mainly. We already export to countries like Nepal, Bhutan, and Saudi Arabia, and the second facility will help us double our current production capacity,” he said.
The firm also has presence in the US through a subsidiary and offices in parts of Africa. Earlier this year, Garuda entered the Sri Lankan market, setting up operations with a local partner.
For its global expansion too, Garuda will initially focus on precision agriculture and defence drones. Currently, the company has around 2,500 drones in the Indian agriculture market being used for precision farming.
Precision farming is the science of improving crop yields and farm management using high technology sensor and analysis tools. Drones can be used in this process to access the state of the crop, detect diseases and measure atmospheric factors like humidity.
“We undertook internal research and identified as many as 52 countries where we can have the first mover advantage and where regulation is conducive to scaling up drone usage in agriculture,” Jayaprakash said. Some of the other markets that Garuda has identified include Australia, Brazil, South Africa, Zimbabwe and Mauritius.
He added that agriculture was the logical segment to explore when it came to global expansion since India’s varied topography and climatic conditions helped train the drones’ AI to solve for multiple conditions.
Garuda currently produces and operates nearly 30 drone models. While the focus for global expansion is on agriculture and defence, the company also makes drones to be used in other areas.
Media reports also suggest that the company has ambitions for an IPO to further raise funds for scaling up production and global footprint. Jayaprakash did not divulge details on the same but did not deny the possibility of an initial public offering in the future.
The company clocked Rs 110 crore revenue in FY24, up from Rs 47 crore a year ago, he added.