In 2020, he was about to close his drone start-up Garuda Aerospace - now valued at about Rs.2,000 crore - when Coronavirus infected the global populace. Agnishwar believed that his Garuda - Garuda is the vehicle for Lord Vishnu - could not be downed. His business was saved by the Coronavirus by sanitizing the buildings to prevent the spread of the virus.
In 2020, Agnishwar was on the brink of shutting down his drone start-up Garuda Aerospace, valued at about Rs.2,000 crore, when the coronavirus pandemic hit the global economy. However, he believed his company, named after the Hindu God Lord Vishnu's vehicle, could not be defeated.
Surprisingly, the pandemic proved to be a boon for his business as the need for building sanitization increased to prevent the spread of the virus. Agnishwar proposed using drones to spray pesticides for sanitization, inspired by a TV show he had produced earlier.
Despite facing challenges like obtaining permission for drone pilots to travel inter-state during the lockdown, Garuda Aerospace received orders from various state governments to sanitize their buildings.
Agnishwar, a former international swimmer, took on the challenge just as he had faced strong headwinds in his swimming career. With the help of Air India, his company airlifted drones and pilots to carry out sanitization operations in different cities, proving that innovation and determination can lead to success even in times of crisis.
Sanitization orders poured in for Garuda from Smart Cities and other regions, with MPs and MLAs requesting drone-based services in their constituencies, leading to pan-India recognition.
The 2020 locust attack in Uttar Pradesh and Rajasthan provided Garuda with a new business opportunity, showcasing the effectiveness of its agricultural drones and increasing revenues.
A like from Elon Musk on a tweet by Agnishwar attracted UK investor Silver Swan Investments, resulting in a $1 million investment. Agnishwar, who chose not to join his father's business, saw a turnaround from bankruptcy in February 2020 to Rs.15 crore in FY22, attributing it to divine intervention.
His marriage to BJP MP P.C. Mohan's daughter, Rithika, led to a meeting with Prime Minister Modi, who was later invited to inaugurate Garuda's factory. The company's flagging off of the Garuda Kisan Drone Yatra in 2022, with 100 drones in 100 villages simultaneously, garnered significant attention. Agnishwar clarified that he did not use his family connections for business, as evidenced by the lack of orders from the Karnataka and Tamil Nadu governments.
The central government began liberalizing the drone sector, making finance for agricultural drone purchases easier. Garuda signed agreements with global companies, and Indian cricketer M.S. Dhoni became a brand ambassador and investor.
In FY23, Garuda raised Rs.20 crore and had a turnover of Rs.47 crore. The next fiscal year, the turnover grew to Rs.110 crore. They plan to have an IPO next year. Agnishwar declined a medical seat for swimming and founded Ignite-India before starting Garuda Aerospace.
His wife, Rithika, oversees administration. Agnishwar's father praises him for building a successful business. His mother is a Doctorate in Algal Biology and runs Agni College of Technology, while his brother founded AgZen Technologies in the US. Despite his success, Agnishwar regrets not spending enough time with his son.
correspondent by:
Comments
Post a Comment