Dronetech Startup Garuda Aerospace Secures SEBI Approval for IPO
Indian dronetech startup Garuda Aerospace has received final observation from SEBI, clearing the path for its proposed Initial Public Offering (IPO) of over ₹750 crore (approximately $90 million).
Chennai-based Garuda Aerospace has secured the final observation from India's Securities and Exchange Board of India (SEBI), allowing the company to proceed with its Initial Public Offering (IPO). The proposed IPO is expected to raise over ₹750 crore (approximately $90 million).
The drone manufacturing and services company had confidentially filed its draft red herring prospectus (DRHP) with SEBI earlier this year. The board had approved an IPO comprising a fresh issue of equity shares worth up to ₹750 crore, along with an undisclosed offer-for-sale (OFS) component, which reports suggest could be around ₹250 crore.
Founded in 2015 by Agnishwar Jayaprakash and Rithika Mohan, Garuda Aerospace specializes in manufacturing drones for defense, agriculture, surveillance, and logistics. The company also provides drone-as-a-service (DaaS) solutions and remote pilot training.
Garuda Aerospace claims to have trained over 100,000 drone pilots and serves more than 100 government agencies and 500 private enterprises. It manufactures over 30 drone models and offers more than 50 drone services across various sectors.
To date, the startup has raised over $37 million in funding from investors including Venture Catalysts and cricketer Mahendra Singh Dhoni. Its last announced funding round was an $11 million Series B, which valued the company at $250 million post-money.