Drone startup Garuda Aerospace plans for IPO in June-July

Chennai-based drone manufacturing start-up Garuda Aerospace is planning to raise a pre-IPO round by January and list its shares in the public market in June or July next year, the company said.

“The infusion of substantial government investment into the agriculture sector has not only garnered national attention but has also piqued the interest of venture capital funds keen to support agri-drone companies,” it said in a release.

The subsidies are between 40-50% and a part of the government’s larger efforts to promote the use of drones in agriculture. These drones help farmers in identifying crop health, soil analysis, disease monitoring and spraying pesticides, often compensating for manpower shortages.

“We are accelerating our IPO plans to expand our operations, intensify our research and development efforts, and better serve the agricultural community,” said founder and CEO Agnishwar Jayaprakash.

Garuda said it enjoys a 55% market share in the agricultural drone industry and also manufactures drones for use in food delivery, defense infrastructure, solar panel cleaning and surveillance. Valued at $250 million, the company has so far raised $27.3 million over six funding rounds since its inception in 2021, as per Tracxn data.

In October, the company received Rs 25 crore funding in a fresh bridge round led by Venture Catalysts and WeFounderCircle to meet its working capital requirements. Its other investors include Ocgrow Group of Companies, Silver Swan Capital and Claris Capital.

Earlier this year, the company also secured an order of 400 Agri Kisan Drones from Indian Farmers Fertilizer Cooperative Limited.