Drone startup Garuda Aerospace posts significant growth and prepares for further expansion

  • Garuda Aerospace reports over 200% growth in operating income for FY23, reaching Rs 46.8 crore.
  • The company also plans to reach Rs 400 crore in revenue in FY24 and aims to pull in $50-70 million in a Series B funding round.
  • Garuda has capitalized on the burgeoning drone business, accumulating a healthy order book and pre-bookings of over 9000 drones, contributing to a potential Rs 300 crore in incoming revenue with 26% profit margins.
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