India’s aerospace and defence landscape is undergoing a silent revolution, led not just by traditional giants like HAL or BEL, but by nimble, innovation-first startups. Fuelled by liberalised drone policies, rising defence budgets, and the push for Atmanirbhar Bharat, the Indian drone market is projected to more than double from ~$654 million in 2024 to $1.43 billion by 2029.
At the heart of this shift are two standout players, Asteria Aerospace and Garuda Aerospace.
- Asteria is building high-precision drones with AI and analytics for defence and critical infrastructure.
- Garuda is scaling rapidly with a Drone-as-a-Service model across agriculture, inspection, and public sector deployments.
While one bets on deep-tech, the other thrives on reach and utility. This report breaks down how they compare across performance, products, and potential. This comparative report was built using PrivateCircle unified company data platform, combining verified financials, MCA filings, funding intelligence, certifications, and sector-specific borrower data.
🏢 Company Snapshot
| Company | Asteria Aerospace | Garuda Aerospace |
| Founded | 2011 | 2015 |
| HQ | Bengaluru, Karnataka | Chennai, Tamil Nadu |
| Founder(s) | Neel Mehta, Nihar Vartak | Agnishwar Jayaprakash, Rithika Mohan |
| Backed By | Jio Platforms (Reliance) | MS Dhoni, Venture Catalysts, ZNL, Ocgrow |
| Core Focus | AI-powered defence & industrial drones | Drone-as-a-Service for agriculture & infra |
| Employees | 274+ | 135+ |
🧾 FY24 Financial Insight: Asteria vs Garuda
| Metric | Asteria (₹ Mn) | Garuda (₹ Mn) |
| Revenue | 415.7 | 1107.6 |
| EBITDA | 43.1 | 253.4 |
| PAT | -19.9 | 158.2 |
Garuda outperformed Asteria across all key metrics, with over 2.5x revenue and 6x higher EBITDA. While Garuda is scaling profitably with mass-market drone services, Asteria remains in a deep-tech phase, posting operational gains but still incurring net losses due to high R&D and defence-focused investments.
🚁 Product & Service Portfolio
| Category | Asteria Aerospace | Garuda Aerospace |
| UAV Platforms | Micro to 25 kg UAVs (DGCA certified) | 30+ drone types incl. Kisan Drone |
| Software | SkyDeck cloud platform | DaaS & planning dashboards |
| Defence Applications | ISR for Army, BSF, CRPF, Police | Law enforcement, NDRF, border surveillance |
| Industrial Services | Asset mapping, tower inspection, and GIS | Mapping, solar/wind panel inspection |
| Agriculture | Precision data, plantation analytics | Kisan Drone spraying, livestock monitoring |
| Pilot Training | Not core | DGCA-approved RPTO training for pilots |
| Compliance | DGCA type cert (A200, A410), NPNT-enabled | DGCA cert + RPTO + AS9100 |
🎯 Key Clients & Market Applications
| Sector | Asteria Aerospace | Garuda Aerospace |
| Defence & Security | Indian Army, CRPF, BSF, State Police | NDRF, Local Police, Border Ops |
| Telecom | Reliance Jio | Infrastructure surveillance |
| Energy & Utilities | Oil/Gas pipeline & power inspections | Solar/Wind site audits |
| Agriculture | Survey, Mapping, AI-based advisory | Crop spraying, Kisan Drone outreach |
| Industrial Clients | GIS for infrastructure & assets | ITC, Tata, Godrej, HUL, Vedanta, Adani |
| Government Bodies | Central & state defence-led projects | Municipal & Agri departments |
| Emerging Segments | AI via SkyDeck | Drone delivery pilots (Swiggy, Flipkart, Dunzo) |
💸 Funding & Ownership Structure
🔹 Asteria Aerospace
- Investor: Jio Platforms (Reliance Industries)
- Ownership: ~74.6% stake held by Reliance
- Funding: Strategic acquisition model
- Funds Raised: ₹1.7 Bn (~$21 Mn)
- Valuation: ₹1.4 Bn
- Notes: No external VC involvement; vertically integrated into Reliance’s defence-tech vision
🔹 Garuda Aerospace
- Major Investors: Venture Catalysts, MS Dhoni, ZNL Growth Fund, Ocgrow Ventures
- Funding Rounds:
- Pre-Series A (2022)
- Series A (2023) led by We Founder Circle, ZNL & other angel investors
- Series B (2024-2025) led by Venture Catalysts & Other Angels (Ongoing)
- Pre-Series A (2022)
- Funds Raised: ₹2.4 Bn (~$30 Mn)
- Valuation: ₹21.4 Bn
🧠 Innovation Edge
Asteria Aerospace
- 1st DGCA-certified micro drone (A200)
- Advanced AI analytics via SkyDeck
- R&D-heavy team (60+)
- Military-grade build quality
- Mission autonomy & visual intelligence
Garuda Aerospace
- 20+ drone tech patents
- 85% localisation in hardware components
- India’s first dual-cert (DGCA + RPTO) startup
- Drone Park (35,000 sq ft R&D facility)
- Global tie-ups: Lockheed Martin, Thales, Agrowing
✅ Certifications
| Certification | Asteria Aerospace | Garuda Aerospace |
| DGCA Drone Type Certification | ✅ (A200, A410) | ✅ (Kisan Drone) |
| RPTO License (Pilot Training) | ❌ | ✅ |
| AS9100 Aerospace QMS | Implied via defence ops | ✅ |
| ISO 9001:2015 | ✅ | ✅ |
The Strategic Outlook
🚀 Asteria Aerospace is well-positioned to become India’s deep-tech drone defense partner, riding on Jio’s backing and autonomous IP. The path is capital-heavy, but strategically critical.
🌾 Garuda Aerospace is scaling like a drone-first FMCG company, capitalizing on the agri revolution, grassroots visibility, and India’s need for scalable drone solutions
🧩 Conclusion
Two visions, one sky.
- Asteria represents India’s leap in precision, AI-based defence drones, trusted by the CRPF, BSF, and the Indian Army.
- Garuda symbolises scale and service, with deep rural penetration, municipal deployment, and commercial versatility.Together, they capture India’s dual approach to self-reliant aerospace: Elite tech meets democratic reach.
India’s skies are no longer outsourced. They’re innovative at home.
📊 For verified financials, funding insights, and company intelligence on India’s top drone startups, explore PrivateCircle , the go-to platform for private market data.