Drone technology startup Garuda Aerospace has filed confidential draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), according to media reports. The move signals the company’s formal entry into the public markets, months after converting into a public entity.
Garuda Aerospace is reportedly planning to raise ₹ 1,000 crore through the IPO. The issue is expected to include a fresh equity issue of ₹ 750 crore and an offer for sale (OFS) worth Rs 250 crore.
The confidential pre-filing route allows the company to delay disclosure of key details such as financials, valuation, and issue structure. These details will be shared later through an updated draft red herring prospectus (DRHP).
The company has appointed SBI Capital, Axis Capital, ICICI Securities, and IIFL as bankers for the issue.
Growth plans and business scale
Founded in 2015, Garuda Aerospace operates as a drone-as-a-service company. It designs, manufactures, and customises unmanned aerial vehicles (UAVs) for sectors such as agriculture, disaster management, and deliveries.
The Chennai-based startup runs one of India’s largest drone fleets. It has around 400 drones and 500 pilots across 84 cities. The company offers over 30 drone models and more than 50 drone-based services.
Garuda Aerospace has raised about 44 million dollars so far. Its investors include 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 the financial year ending March 2025, the startup reported a profit of ₹ 17.5 crore. Its operating revenue grew 7.3% to ₹ 118 crore from ₹ 110 crore in the previous year.
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Rising trend of confidential filings
Garuda Aerospace joins a growing list of companies choosing the confidential filing route for IPOs. This approach is gaining traction among startups looking for flexibility and strategic timing.
Companies such as Rediff, OYO’s parent firm Oravel Stays, Zetwerk, PhonePe, Zepto, PhysicsWallah, InCred, and Infra. Markets have also opted for similar filings in recent months.
The trend highlights increasing maturity in India’s startup ecosystem as more companies prepare for public market listings while managing disclosure risks.
