Upcoming IPO: Garuda Aerospace Filed DRHP with SEBI via Confidential Route

Drone technology startup Garuda Aerospace has reportedly filed confidential draft papers with the capital market regulator, the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). This step comes just four months after the company converted into a public entity, aligning with its listing ambitions as mentioned in the news reports.

Garuda Aerospace IPO Details

As per media reports, the Chennai-based company is looking to raise around ₹1,000 crore through the IPO. The offering is expected to include a fresh issue of equity shares worth ₹750 crore, along with an offer for sale (OFS) of ₹250 crore by existing investors. The company has reportedly appointed SBI Capital, Axis Capital, ICICI Securities, and IIFL as the lead managers for the IPO process.

Garuda Aerospace joins a wave of companies opting for the confidential IPO filing route in India. Other notable names include Rediff, OYO (via Prism), Zetwerk, PhonePe, Zepto, PhysicsWallah, InCred, and Infra.Market.

About Garuda Aerospace

Founded in 2015, Garuda Aerospace is a drone-as-a-service company that designs, manufactures, and customises unmanned aerial vehicles (UAVs). Its drones are used across sectors such as agriculture, logistics, and disaster management. The company operates a large network of over 400 drones and 500 pilots, with a presence in 84 cities. Its portfolio includes more than 30 drone models and over 50 related services.

Also Read: SLCM Files Confidential Draft Papers with SEBI for IPO

Garuda Aerospace has raised around $44 million so far from investors, including Nagarajan Seyyadurai, Ocgrow Ventures, and cricketer MS Dhoni. In April last year, the company secured ₹100 crore in a Series B funding round led by Venture Catalysts. For FY25, the company reported a profit of ₹17.5 crore. Its operating revenue grew by 7.3% to ₹118 crore, up from ₹110 crore in the previous fiscal year.

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