Dronetech Startup AITMC Files UDRHP For A Fresh Issue IPO

Dronetech and skill development startup AITMC Ventures has filed its UDRHP with SEBI for an IPO comprising a fresh issue of up to 3.5 Cr shares, with no OFS component.

The UDRHP follows SEBI’s observation letter issued on January 30, 2026.

AITMC filed its confidential draft papers in October 2025 after its board approved an IPO comprising a fresh issue of ₹200 Cr. 

The startup has earmarked ₹155.03 Cr of the net proceeds for five specified purposes, with deployment scheduled for FY27:

• ₹14.50 Cr to upgrade Global Incubation and Skill Hubs (GISH) at 50 AICTE-approved colleges.
• ₹40.5 Cr to upgrade infrastructure at 17 ITIs and three polytechnic colleges in Uttar Pradesh under its World Incubation and Skill Hubs (WISH) initiative.
• ₹10.40 Cr to set up R&D laboratories at IIT Ropar and upgrade laboratories at IIT Kanpur and its Gurugram facility.
• ₹69.67 Cr to establish a Future Tech Park at Sisai in Haryana’s Hisar district.
• ₹20 Cr to repay or prepay certain borrowings.

A portion of the proceeds will also be used for general corporate purposes, with the allocation to be finalised after the issue price is determined.

Founded in 2016 by Deep Sihag Sisai, AITMC operates across vocational education, drone training, manufacturing and assembly, R&D, and drone-as-a-service (DaaS). 

The startup initially focused on vocational training under government-backed programmes and claims to have trained more than 1 Lakh candidates since 2016. From 2023, it expanded into drone-focused skilling, including pilot, technician, assembly, and precision agriculture courses.

It operates DGCA-recognised Remote Pilot Training Organisations in Haryana. Its GISH and WISH initiatives offer training in drones and emerging technologies, including robotics, AI, battery systems, and additive manufacturing.

The startup began in-house drone manufacturing and assembly at its Gurugram facility in FY25. Its flagship VIRAJ agricultural drone has a 10-litre payload capacity and DGCA type certification.

By FY26, AITMC had manufactured and deployed 162 VIRAJ drones and sold 28 other drones. It is developing additional models for agriculture, surveillance, firefighting, logistics, and solar panel cleaning.

Its proposed Future Tech Park will house a non-defence drone manufacturing unit and 23 vendor-operated drone component units. Its R&D activities span agriculture, industrial inspection, surveillance, defence, and infrastructure monitoring, including collaborations with IIT Kanpur and IIT Ropar.

AITMC’s DaaS initiative remains at the pilot stage and initially focuses on agricultural spraying, connecting trained operators with drone-based service opportunities. It has also entered into an arrangement with Telecommunications Consultants India Limited to develop and supply indigenous drone and anti-drone technologies.

On the financial front, AITMC reported a net profit of ₹13.4 Cr in FY26 as against a profit of ₹16.1 Cr in FY25. Operating revenue rose to ₹106.8Cr from ₹87.5 Cr, according to the UDRHP.

However, FY26 figures are standalone and FY25 figures are consolidated as AITMC lost control of its subsidiary SPH Aviation in June 2025 after its shareholding fell from 76% to 19%.

AITMC acquired a 76% stake in SPH Aviation in January 2023, making it a subsidiary. However, in June 2025, the company renounced its entitlement in SPH Aviation’s rights issue in favour of promoter Preet Sandhuu. 

This diluted AITMC Ventures’ holding to 19%, resulting in the loss of control over SPH Aviation.

The post Dronetech Startup AITMC Files UDRHP For A Fresh Issue IPO appeared first on Inc42 Media.