Garuda Aerospace has raised $11.6 million in its Series B funding round; Jewelbox has raised $3.2 million in its pre-Series A funding round; and Ofbusiness has raised Rs 100 crore from Cornerstone Ventures.
Drone startup Garuda Aerospace snags funds
India’s drone startup Garuda Aerospace on Wednesday said it has raised Rs 100 crore ($11.6 million) in its Series B funding round from Venture Catalysts (VCAT), valued at $250 million.
The funds will also be allocated to scaling up its current production facility and fast-tracking the completion of a cutting-edge R&D and testing centre dedicated to advanced defence drone design.
In 2023, Garuda Aerospace raised $3 million in a fresh bridge round led by Venture Catalysts and WeFounderCircle.
Other drone startups in India include ideaForge, Marut Drones, and Dhaksha, among others.
Lab-grown diamond jewellery brand Jewelbox raises $3.2m
Jewelbox has raised $3.2 million in its pre-Series A funding round led by V3 Ventures.
Other co-investors joining the round included Atrium Angels, Dexter Ventures, Infinyte Club, and Samarthya Capital, among others. Existing investor JIIF also participated in the round.
Funding activity in the sector has accelerated sharply. From just two rounds totalling $1.27 million in 2023, at least 10 LGD startups raised $12 million in 2024. So far in 2025, $14 million has already been raised between just two companies—Firefly Diamonds and Limelight.
Cornerstone Ventures backs IPO-bound Ofbusiness
SoftBank-backed B2B commerce platform Ofbusiness has raised Rs 100 crore from Cornerstone Ventures in a fresh funding round.
OfBusiness has raised about $800 million from investors, including SoftBank, Tiger Global, and Norwest Venture Partners and is now preparing for an IPO of up to $1 billion this year.
Earlier this year, Indian SaaS-focused venture capital firm Cornerstone Ventures hit the first close of its $200-million second investment vehicle at around $40 million.
