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AIF sanctions agri drone loan for Garuda Aerospace Kisan Drones

Garuda Aerospace has pre-booked over 2500 drones and firmly is on the path to manufacture one lakh Made in India Kisan Drones by 2024
AIF sanctions agri drone loan for Garuda Aerospace Kisan Drones
AIF sanctions agri drone loans for Garuda Aerospace Kisan Drones

Union Ministry of Agriculture and Farmer Welfare, Government of India under Agriculture Infrastructure Fund, has given in-principle sanction to an agri drone loan amounting Rs 9.37 lakh to Ram Kumar, an agricultural drone service provider, for buying Kisan drones made by Garuda Aerospace. This is an in-principle sanction subject to all clearances and approvals, only to pave way for more sanctions by banks for financing Kisan drones under AIF. This was facilitated by Union Agriculture Minister, Narendra Singh Tomar in New Delhi on Saturday.

Expressing gratitude, Ram Kumar said, “My dream has come true and we will now be able to use the loan to buy Garuda Aerospace Kisan Drones which are the most advanced and affordable in the market”. He added by saying “Kisan drones cover 25 acres per day for precision spraying operations, save pesticide usage by 70 per cent, save water usage by 80 per cent and I’m generating Rs.1 lakh a month in revenue.”

The Agriculture Infra Fund has spearheaded many funding schemes. Speaking on the occasion, Joint Secretary, MoAFW, Samuel Praveen Kumar highlighted that agri drone loans could be a massive game changer for the farming community. “AIF has a target to facilitate loans upto Rs.1 lakh crore into the Agri Infra ecosystem and recently we crossed Rs.10,000 crore. The advanced agri drone manufactured by Garuda Aerospace has a unique affordable service model which will motivate thousands of drone service providers like Ram Kumar to avail these Kisan drone loans in quick time” Kumar added.

“Ever since Prime Minister Narendra Modi Ji flagged off the Garuda Kisan Drone Yatra in February this year, where the PM flew 100 drones simultaneously in 100 villages across the country, our goal has been to get loan approval sanctioned for our Type Certified Kisan Drones. Garuda Aerospace has already pre-booked over 2500 drones and firmly is on the path to manufacture one lakh Made in India Kisan Drones by 2024,” said Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace. Garuda Aerospace has commenced its $30 million Series A Funding Round at $250 million valuation making the company India’s most valuable drone startup and is aiming to achieve Unicorn status by 2023. Mahendra Singh Dhoni recently invested in Garuda Aerospace and has become the Brand Ambassador.

Demand for Garuda Aerospace Kisan Drones has been fuelled by the government policies such as 40-100 per cent subsidy schemes on Kisan Drones, ban on the import of foreign drones and the production-linked incentive scheme.

Read more: Dhanuka Agritech bets big on drone applications in agriculture

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