Drone Startup Garuda Aerospace Converts to Public Company Ahead of IPO

Garuda Aerospace, a leading drone technology startup, has transitioned into a public company, as per Entrackr.  

This strategic move, marked by the removal of "Private" from its name, positions the company for a potential initial public offering (IPO) in the future. 

Garuda Aerospace's Strategic Transition 

Garuda Aerospace has officially become Garuda Aerospace Limited following a board resolution. This change aligns with the company's broader strategy to prepare for a public listing.  

The transition involves appointing Asha Vijayaraghavan, Mandakulathur Ramachandran Venkatesh, and Rithika Mohan as independent directors. Vishnu Jayaprakash joins as an additional director, while Rithika Mohan also takes on the role of a whole-time director. 

Company Overview and Growth Trajectory 

Founded in 2015, Garuda Aerospace specialises in drone-as-a-service solutions, offering 30 drone models and 50 services across sectors like agriculture and disaster management. The company boasts India's largest drone fleet, with 400 drones and 500 pilots operating in 84 cities. 

Garuda Aerospace has raised approximately $44 million, with notable investors including Nagarajan Seyyadurai, Ocgrow Ventures, and cricketer MS Dhoni. The recent funding from the Narotam Sekhsaria Family Office aims to boost manufacturing capacity from 8,000 to 12,000–15,000 drones annually and expand exports to 50 countries by year-end. 

Financial Performance and Future Plans 

For the fiscal year ending March 2025, Garuda Aerospace reported a profit of ₹17.5 crore, with operating revenue increasing by 7.3% to ₹118 crore from ₹110 crore in FY24.  

The company is focusing on expanding its manufacturing, research, and development capabilities as it plans for an IPO, although the CEO has indicated that the public offering will not occur in 2025. 

Read More: Upcoming IPO: MV Electrosystems Files DRHP With SEBI to Raise Funds! 

Conclusion 

Garuda Aerospace's transition to a public company marks a significant milestone in its growth journey. With strategic appointments and increased manufacturing capacity, the company is well-positioned for future expansion and a potential IPO, reflecting its commitment to innovation and market leadership in the drone industry. 

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