Chennai-based dronetech startup Garuda Aerospace has pre-filed its draft red herring prospectus (DRHP) with the SEBI
While the exact size of the IPO is yet to be determined, the company’s board, via an extraordinary general meeting (EGM) on March 19, approved an IPO that can comprise a fresh issue of up to ₹750 Cr along with an undisclosed offer for sale (OFS) component
The board also approved a stock split as part of its pre-IPO restructuring, reducing the face value of its equity shares from ₹10 to ₹2 each
Chennai-based dronetech startup Garuda Aerospace has pre-filed its draft red herring prospectus (DRHP) with the SEBI.
While the exact size of the IPO is yet to be determined, the company’s board, via an extraordinary general meeting (EGM) on March 19, approved an IPO that can comprise a fresh issue of up to ₹750 Cr along with an undisclosed offer for sale (OFS) component.
“With respect to the Offer, the Company will be required to file a pre-filed draft red herring prospectus with the SEBI and the Stock Exchanges, and subsequently file the updated draft red herring prospectus I, the updated draft red herring prospectus-II, the red herring prospectus, with the RoC and thereafter with SEBI, and the stock exchanges where the Equity Shares are proposed to be listed,” the company’s board proposed.
The board also approved a stock split as part of its pre-IPO restructuring, reducing the face value of its equity shares from ₹10 to ₹2 each.
The company had signalled intent to go public first in 2023. In January 2023, Garuda’s founder and CEO Agnishwar Jayaprakash told Inc42 that the company intended to go public within two years.
On the financial front, Garuda Aerospace reported a net profit of ₹11 Cr on an operating revenue of ₹41.2 Cr in the first six months of FY26. In FY25, its operating revenue jumped 12% YoY to ₹123.5 Cr while its net profit zoomed 41% YoY to ₹18.4 Cr.
Founded in 2015 by Jayaprakash and Rithika Mohann, Garuda Aerospace manufactures drones catering to defence, agriculture, surveillance, and logistics use cases, while also offering drone-as-a-service (DaaS) solutions.
The startup claims to have trained over 1 Lakh drone pilots, serving more than 100 government agencies along with over 500 private enterprises. It also holds approvals from the directorate general of civil aviation (DGCA) for type certification and operates a remote pilot training organisation (RPTO) for small and medium-class drones.
It manufactures over 30 types of drones and offers more than 50 services across sectors such as precision agriculture, industrial inspection, mapping, and defence. It operates a fleet of over 400 drones and has a growing manufacturing capacity of up to 15,000 units annually.
Garuda Aerospace has raised a total of $37.1 Mn to date. It last raised $11 Mn in its Series B round led by Venture Catalysts at a post-money valuation of $250 Mn.
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