Garuda Aerospace, a dronetech startup based in Chennai, has officially pre-filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The exact size of the upcoming IPO is still under consideration. However, during an extraordinary general meeting (EGM) held on March 19, the company’s board approved a plan for an IPO that may include a fresh issue of up to ₹750 crore, alongside an undisclosed offer for sale (OFS) component.
As part of the IPO process, the board detailed that the company must submit a series of documents including the pre-filed DRHP, followed by updated versions and the final red herring prospectus to the Registrar of Companies (RoC) and SEBI.
Additionally, the board approved a stock split to facilitate pre-IPO restructuring, reducing the face value of its equity shares from ₹10 to ₹2.
Garuda first expressed its intention to go public in 2023. In January, founder and CEO Agnishwar Jayaprakash indicated that the company aims to complete its IPO within two years.
Financially, Garuda Aerospace reported a net profit of ₹11 crore on an operating revenue of ₹41.2 crore in the first half of FY26. For FY25, the company saw a 12% year-on-year increase in operating revenue, totaling ₹123.5 crore, and a 41% rise in net profit to ₹18.4 crore.
Founded in 2015 by Jayaprakash and Rithika Mohann, Garuda specializes in manufacturing drones for various applications, including defense, agriculture, surveillance, and logistics. The company also provides drone-as-a-service (DaaS) solutions.
Garuda claims to have trained over 100,000 drone pilots and serves more than 100 government agencies and 500 private enterprises. It holds necessary approvals from the Directorate General of Civil Aviation (DGCA) for type certification and operates a remote pilot training organization (RPTO) for small and medium-class drones.
With a portfolio of over 30 drone models and more than 50 services across sectors like precision agriculture and industrial inspection, Garuda operates a fleet of over 400 drones and has an annual manufacturing capacity of 15,000 units.
To date, Garuda Aerospace has raised a total of $37.1 million, with its most recent funding round being $11 million in Series B financing led by Venture Catalysts, valuing the company at $250 million.
