Drone Manufacturer AITMC Files for IPO
Drone manufacturer AITMC Ventures has filed updated papers for an initial public offering with India's securities regulator. The company plans a share issuance to fund its expansion and new projects.
Indian drone manufacturer AITMC Ventures has submitted its updated draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company is planning a new issuance of shares, with proceeds intended for significant expansion and new initiatives.
Founded in 2016, AITMC initially focused on vocational training. In 2023, it expanded into drone-related training and last year began manufacturing and assembling drones at its Gurugram facility. The company has developed and produced the type-certified VIRAJ agricultural drone and has been testing a Drone-as-a-Service (DaaS) model, which it is considering expanding to multiple sectors.
This marks AITMC's second attempt at a public listing, following a previous plan in 2023 that did not materialize. The company has since restructured and scaled its operations. Funds raised from the IPO are earmarked for several development projects, including a Future Tech Park in Haryana, upgrades to educational institutions in Uttar Pradesh, and the establishment of research and development laboratories.
AITMC's business model spans the entire drone value chain, from training to manufacturing. Revenue streams come from vocational education and the production and sale of drones to corporate and government clients. Financially, the company's revenue grew by 22% in FY26, but net profit decreased from the previous year as expenses outpaced revenue growth.
India's drone technology sector has seen recent activity. AITMC's listing efforts coincide with competitors like ideaForge Technology and DroneAcharya securing significant orders and expanding their operations domestically and internationally.