Garuda Aerospace Files for ₹750 Cr IPO
Garuda Aerospace team in a meeting discussing their upcoming IPO.
Key Highlights
Garuda Aerospace, a Chennai-based dronetech startup, pre-files DRHP with SEBI for a ₹750 Cr IPO. Includes fresh issue & OFS. Stock split approved. Details here.
Chennai-based dronetech startup Garuda Aerospace has pre-filed its draft red herring prospectus (DRHP) with the SEBI.
The company’s board approved an during an extraordinary general meeting (EGM) on March 19. The IPO may include a fresh issue of up to ₹750 Cr, along with an undisclosed offer for sale () component. The exact size of the IPO is yet to be determined.
According to the company’s board, the next steps involve filing a pre-filed draft red herring prospectus with the SEBI and the Stock Exchanges. Subsequently, the company will file updated draft red herring prospectuses, a red herring prospectus with the RoC, and then with SEBI and the stock exchanges where the Equity Shares are proposed to be listed.
As part of its pre-IPO restructuring, the board has also approved a stock split, reducing the face value of its equity shares from ₹10 to ₹2 each.
Garuda Aerospace initially signaled its intent to go public in 2023. In January 2023, founder and CEO Agnishwar Jayaprakash stated the company intended to go public within two years.
In the first six months of FY26, Garuda Aerospace reported a net profit of ₹11 Cr on an operating revenue of ₹41.2 Cr. In FY25, the company’s operating revenue increased by 12% to ₹123.5 Cr, while its net profit increased by 41% YoY to ₹18.4 Cr.
Founded in 2015 by Jayaprakash and Rithika Mohann, Garuda Aerospace manufactures drones for use in defence, agriculture, surveillance, and logistics. The company also offers drone-as-a-service (DaaS) solutions.
The startup reports it has trained over 1 Lakh drone pilots and serves more than 100 government agencies and 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.
Garuda Aerospace manufactures over 30 types of drones and offers more than 50 services across sectors such as precision agriculture, industrial inspection, mapping, and defence. The company operates a fleet of over 400 drones and has a manufacturing capacity of up to 15,000 units annually.
To date, Garuda Aerospace has raised a total of $37.1 Mn. The company last raised $11 Mn in its Series B round, led by Venture Catalysts, at a post-money valuation of $250 Mn.