Garuda Aerospace founder and CEO, Agnishwar Jayaprakash, expressed optimism about India's potential to emerge as a significant global player in the rapidly expanding drone industry. He pointed to the surging drone usage across various sectors, bolstered by the government's Production Linked Incentive (PLI) scheme aimed at promoting the manufacturing of unmanned aerial vehicles (UAVs). While China has traditionally led in this domain, Jayaprakash believes India could challenge this dominance.

The company is gearing up for a pre-IPO funding round in 2024, targeting a substantial investment of $40-50 million. Having recently secured $22 million in funding and enlisted cricketer MS Dhoni as its ambassador, Garuda Aerospace is strategically positioned for growth. Presently, the company offers a diverse range of 30 drone models tailored for applications in agriculture, videography, project monitoring, and surveillance. With an ambitious goal of selling at least one lakh drones in the next two years within the agriculture and consumer segments, Garuda Aerospace commands a formidable 55% market share in the agriculture drone sector.

One of the company's key initiatives, Drone Yatra, which facilitates hourly drone rentals, has significantly contributed to its expansion. Garuda Aerospace reported revenues of Rs 47 crore in the last financial year and anticipates this figure to more than double, reaching Rs 120 crore in the current fiscal year, according to Jayaprakash.

The company has received dual certification from the Directorate General of Civil Aviation (DGCA) for both drone manufacturing and pilot training. Jayaprakash highlighted the recent Drone (Amendment) Rules 2023, which allows individuals with valid government-issued identification and address proof to become drone pilots, predicting a substantial increase in the number of registered drone pilots in India.

Garuda Aerospace has forged strategic alliances with industry giants such as Lockheed Martin, Cognizant, and Amazon Web Services. Additionally, it has entered agreements with Hindustan Aeronautics Ltd. and BEML Ltd. for joint drone manufacturing, adopting an asset-light model to enhance profitability.

Jayaprakash emphasised the transformative impact of a subsidy received under the Tamil Nadu Government's Agricultural Mechanisation Scheme, asserting that it would revolutionise India's agriculture sector by boosting crop productivity through the integration of drones.