The Business Bytes
THEBUSINESSBYTES BUREAU
CHENNAI, MARCH 4, 2025
In a significant move to modernize Indian agriculture, Garuda Aerospace, the country’s leading drone manufacturer, has signed a Memorandum of Understanding (MoU) with the Bank of India to provide financial assistance to farmers purchasing agricultural drones. This strategic partnership aims to accelerate the adoption of drone technology in farming by offering low-interest, zero-collateral loans.
Under this initiative, the Bank of India will provide customized financial solutions, enabling farmers, corporate entities, and partnership firms to secure loans for acquiring agri-drones. The initiative also leverages the Agriculture Infrastructure Fund Drone Loan scheme, ensuring seamless financing access for farmers looking to adopt cost-effective drone solutions. This collaboration further strengthens Garuda Aerospace’s presence in the agricultural sector, building on its existing partnerships with financial institutions such as the State Bank of India and Union Bank of India.
Commenting on the partnership, 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.”
Kiran Pathak, Assistant General Manager, Bank of India, reaffirmed the bank’s commitment to supporting the agricultural sector, stating, “Financing drone technology aligns with our goal of driving digital transformation in farming. By supporting this initiative, we aim to help farmers increase crop yields and efficiently apply fertilizers, pesticides, and growth promoters.”
Founded in 2015, Garuda Aerospace has 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, Garuda Aerospace continues to play a pivotal role in accelerating agricultural modernization, empowering farmers with cutting-edge drone solutions that enhance efficiency and productivity.
