Chennai, March 4 2025: Garuda Aerospace, India’s leading drone manufacturer, has signed a Memorandum of Understanding (MoU) with Bank of India, one of the country’s premier public sector banks, to provide financial assistance for farmers purchasing agricultural drones. This partnership aims to enhance farming practices by offering easy access to advanced drone technology through low-interest, zero-collateral loans.
Under this initiative, the Bank of India will offer customized financial solutions, making it easier for farmers, corporate entities, and partnership firms to secure loans for agri-drones. Additionally, Garuda Aerospace leverages the Agriculture Infrastructure Fund Drone Loan scheme to ensure streamlined access to financing and facilitate the adoption of cost-effective drone solutions. Building on its existing collaborations with major financial institutions such as SBI and Union Bank of India, this alliance with the Bank of India will further strengthen Garuda Aerospace’s commitment to leveraging drone technology in agriculture.
Bank of India Agri-Drone Loans
Speaking on this collaboration, Agnishwar Jayaprakash, Founder & CEO of Garuda Aerospace, said, “At Garuda Aerospace, our mission is to enhance agricultural productivity through smart drone technology. This partnership with Bank of India is a major step toward making indigenous drone solutions more accessible and affordable for farmers, supporting their transition to precision agriculture and contributing to an Aatmanirbhar and Viksit Bharat.”
Shri Kiran Pathak, Assistant General Manager, Bank of India, emphasized the bank’s commitment to supporting the agricultural sector, said, “Financing drone technology aligns with our goal of driving digital transformation in farming. By supporting this initiative, we aim to help farmers to increase crop yields, and efficiently apply fertilizers, pesticides, and growth promoters.”
Founded in 2015, Garuda Aerospace has rapidly emerged as a leader in drone technology, deploying over 2,500 drones across India. As the first company to successfully facilitate drone loans and subsidies, it has played a pivotal role in accelerating agricultural modernization.
About Garuda Aerospace
Garuda Aerospace is India’s leading Drone tech start-up focused on disrupting two major multi-billion-dollar sectors, Precision Agri Tech and Industry 4.0 upgradation. Garuda Aerospace is asset-light, recession-proof, and agnostic and focuses on eliminating labourers in the agricultural field with drones focusing on designing, building, and customisation of Unmanned Aerial Vehicles (UAVs). Founded in 2015 with a team of 5, Garuda has scaled to a 200+ member team, having the largest drone fleet in India with over 400 drones and 500 pilots operating in 84 cities. Garuda Aerospace manufactures 30 types of drones and offers 50 types of services. Having served over 750 clients, including TATA, Godrej, Adani, Reliance, Swiggy, Flipkart, Delhivery, L&T, Survey of India, SAIL, NTPC, IOCL, Smart cities, Intel, Amazon, Wipro, IISC, MIT Boston, NHAI for various projects, the company recently partnered with global giants such as Lockheed Martin, Cognizant and Elbit Systems. Hon’ble Prime Minister Shri Narendra Modi Ji launched the drone yatra, where 100 drones were flagged off simultaneously across 100 villages in India. Garuda Aerospace is the first drone company to get DGCA approvals for Type Certification and Remote Pilot Training Organisation. Garuda is on a mission to impact 1 billion lives positively using affordable precision Drone Technology. Mahendra Singh Dhoni has invested in the company and is the Brand Ambassador.
