Dronetech Startup Garuda Aerospace Gets SEBI Nod For ₹750 Cr+ IPO

Chennai-based Garuda Aerospace has received SEBI’s final observation for its proposed IPO, paving the way for the dronetech startup to launch its public issue.

According to SEBI’s latest update on offer documents, the capital markets regulator issued its final observation yesterday, following the startup’s confidential pre-filing earlier this year.

Garuda Aerospace pre-filed its DRHP with SEBI in April through the confidential route. In March, the startup’s board had approved an IPO comprising a fresh issue of equity shares worth up to ₹750 Cr along with an undisclosed offer-for-sale (OFS) component. As per reports, the OFS component could include share sale worth ₹250 Cr. 

With this, the company is expected to soon file its updated draft red herring prospectus (UDRHP) The confidential filing route allows companies to keep key details such as financials, valuation, and issue structure private until they decide to proceed with the offering.  

As part of its pre-IPO restructuring, the startup had also approved a stock split, reducing the face value of its equity shares from ₹10 to ₹2. 

Founded in 2015 by Agnishwar Jayaprakash and Rithika Mohan, Garuda Aerospace manufactures drones for defence, agriculture, surveillance and logistics applications, while also offering drone-as-a-service (DaaS) solutions and remote pilot training. 

The startup claims to have trained more than 1 Lakh drone pilots, serves over 100 government agencies and 500 private enterprises, and manufactures more than 30 drone models while offering over 50 drone services across sectors. 

It has raised a total funding of over $37 Mn to date from investors like Venture Catalysts, We Founder Circle, cricketer Mahendra Singh Dhoni, among others. It last announced the raise of $11 Mn in its Series B round led by Venture Catalysts, attaining a post-money valuation of $250 Mn. 

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 rose 12% YoY to ₹123.5 Cr, while net profit jumped 41% to ₹18.4 Cr. 

The SEBI approval comes amid a revival in the IPOs of new-age tech companies, even as some big names like Zepto, PhonePe, and Flipkart have deferred their IPOs. 

While LEAP India’s ₹2,480 Cr IPO will open for subscription tomorrow, Shiprocket filed its RHP today to raise ₹1,617 Cr through its public issue that will open on August 12. Besides, edtech startup Klassroom, which closed its ₹39 Cr IPO on August 4, will list on the BSE SME platform tomorrow. 

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