StopDownOpen the app

IPO · Government, Defense & Space

Garuda Aerospace gets SEBI nod for ₹750 Cr IPO

By ·

Date
Company
Garuda Aerospace
What it does
dronetech startup
Kind
IPO
Amount
₹750 Cr
Founded
2015
Sector
Government, Defense & Space

What they do

Garuda Aerospace is a dronetech startup based in Chennai that builds drones for defence, agriculture, surveillance, and logistics, and offers…

What happened

The company has received SEBI’s final observation for its proposed IPO, which includes a fresh issue of equity shares worth ₹750 Cr and an undisclosed…

Why it matters

Garuda Aerospace has trained over 1 Lakh drone pilots and serves more than 100 government agencies and 500 private enterprises, with a reported net profit…

The details

  • Garuda Aerospace, a Chennai-based dronetech startup, has received SEBI’s final observation for its proposed IPO, which includes a fresh issue of equity shares worth ₹750 Cr.
  • The company had pre-filed its DRHP with SEBI in April 2026 through the confidential route, allowing it to keep financials and valuation details private until the IPO launch.
  • The board approved the IPO in March 2026, with the OFS component possibly worth ₹250 Cr, though this is not included in the IPO amount.
  • Garuda Aerospace also approved a stock split, reducing the face value of its equity shares from ₹10 to ₹2 as part of its pre-IPO restructuring.
  • The startup plans to file its updated draft red herring prospectus (UDRHP) soon after receiving SEBI’s approval.

The bigger picture

  • The SEBI approval comes amid a revival in IPOs for new-age tech companies, even as some big names like Zepto, PhonePe, and Flipkart have deferred their IPOs.
  • LEAP India’s ₹2,480 Cr IPO will open for subscription on 6 August 2026, while Shiprocket filed its RHP to raise ₹1,617 Cr through its public issue, which will open on 12 August 2026.
  • Edtech startup Klassroom, which closed its ₹39 Cr IPO on 4 August 2026, will list on the BSE SME platform on 5 August 2026.

About the business

  • Garuda Aerospace builds drones for defence, agriculture, surveillance, and logistics applications, and offers drone-as-a-service (DaaS) solutions and remote pilot training.
  • The company claims to have trained over 1 Lakh drone pilots and serves more than 100 government agencies and 500 private enterprises.
  • It has developed over 30 drone models and offers more than 50 drone services across various sectors.
  • 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.

What happens next

  • Garuda Aerospace plans to file its updated draft red herring prospectus (UDRHP) soon after receiving SEBI’s approval.

The deal

Type
ipo

Investors

  • Venture Catalysts (investor) — Venture Catalysts led Garuda Aerospace’s Series B round, which raised $11 Mn and attained a post-money valuation of $250 Mn.
  • We Founder Circle (investor) — We Founder Circle is one of the investors in Garuda Aerospace.
  • Mahendra Singh Dhoni (investor) — Cricketer Mahendra Singh Dhoni is an investor in Garuda Aerospace.

Founders

  • Agnishwar Jayaprakash, co-founder
  • Rithika Mohan, co-founder

About Garuda Aerospace

Product
Manufacturing and development of autonomous drones for agriculture, defense, and material handling; proprietary drone OS and R&D capabilities
Customers
Government agencies, defense sector, agricultural stakeholders, logistics operators in India and international markets
How it makes money
Direct sales of drones, software licensing, and training services for government and enterprise customers
What sets it apart
Proprietary defense-grade drone technology with presence in 50 countries; demonstrated capabilities for flood relief and disaster management

Read it as a card in the app

More on Garuda Aerospace

Everything on Garuda Aerospace →

Same day

All startup news on 6 August 2026 →