Garuda Aerospace Eyes Pre-IPO Round in January, Targets Public Listing in June

• ByStartupStory     |    December 2, 2023

Chennai-based drone manufacturer Garuda Aerospace is gearing up to secure a pre-IPO round by January, aiming to publicly list its shares in June or July of the upcoming year, the company announced.

“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,” the company stated in a release.

Benefiting from significant government investment amounting to Rs 1,261 crore to deploy 15,000 kisan drones nationwide, Garuda Aerospace, supported by cricketer Mahendra Singh Dhoni, is positioned to take advantage of these developments. The company holds approvals from various state governments, including Tamil Nadu, Maharashtra, and Kerala, entitling them to agricultural drone subsidies ranging from 40-50%.

“These subsidies are part of the government’s broader initiative to encourage the utilization of drones in agriculture, aiding farmers in tasks like crop health assessment, soil analysis, disease monitoring, and pesticide application, thereby compensating for labor shortages,” highlighted founder and CEO Agnishwar Jayaprakash.

Accelerating their IPO plans, Garuda aims to expand operations, intensify research and development, and better serve the agricultural community, the CEO added.

Garuda Aerospace claims a dominant 55% market share in the agricultural drone industry. Additionally, apart from agricultural drones, the company also manufactures drones for diverse applications like food delivery, defense infrastructure, solar panel cleaning, and surveillance. With a valuation of $250 million, Garuda has successfully raised $27.3 million across six funding rounds since its inception in 2021, according to Tracxn data.

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

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