Garuda Aerospace IPO Plans

Garuda Aerospace, a leading drone technology startup, has submitted confidential draft documents to the Securities and Exchange Board of India to secure funding through an initial public offering (IPO), as reported by various media outlets. This step follows the company’s transformation into a public entity as part of its IPO preparations just four months earlier. Startup Superb had previously reported this news exclusively in December of the last year.

Fundraising Details

The firm aims to raise Rs 1,000 crore via its IPO, which includes a fresh issue of equity shares amounting to Rs 750 crore and an offer for sale (OFS) valued at Rs 250 crore. The confidential pre-filing process enables the company to postpone the release of crucial information such as financial details, valuation, and the overall issue structure. An updated Draft Red Herring Prospectus (DRHP) is anticipated to be submitted at a later date.

Investment Bankers for the IPO

Garuda Aerospace has reportedly enlisted several prominent bankers for the issue, including SBI Capital, Axis Capital, ICICI Securities, and IIFL.

About Garuda Aerospace

Founded in 2015, Garuda Aerospace is recognised as a drone-as-a-service startup, focusing on the design, manufacturing, and customisation of UAVs for a variety of purposes such as deliveries, disaster management, and agricultural applications. The company operates one of India’s most extensive drone fleets, boasting 400 drones and 500 pilots across 84 cities, and provides 30 different drone models along with over 50 associated services.

Funding and Financial Performance

To date, the Chennai-based company has raised approximately $44 million from a variety of investors, including Nagarajan Seyyadurai, Ocgrow Ventures, and cricketer MS Dhoni, among others. In April of the previous year, Garuda secured Rs 100 crore through a Series B funding round that was led by Venture Catalysts. For the fiscal year that concluded in March 2025, Garuda Aerospace reported a profit of Rs 17.5 crore, while its operating revenue saw a growth of 7.3%, rising to Rs 118 crore from Rs 110 crore in FY24.

Trends in Confidential Filing

Recently, several prominent firms have chosen the confidential filing strategy for their IPOs, including Rediff, Prism (OYO), Zetwerk, PhonePe, Zepto, PhysicsWallah, InCred, and Infra.Market, among others.