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Exclusive: Garuda Aerospace converts into public company

Entrackr · 1h ago

Medial

Exclusive: Garuda Aerospace converts into public company Drone technology startup Garuda Aerospace is set to convert into a public company after passing a resolution approving the move, a step that signals its preparation for a potential public listing. According to its filing with the Registrar of Companies (RoC), Garuda Aerospace’s board has passed a resolution to rename the entity as Garuda Aerospace Limited by removing the word “Private”. In line with regulatory requirements, the company has appointed Asha Vijayaraghavan, Mandakulathur Ramachandran Venkatesh, and Rithika Mohan as independent directors, while Vishnu Jayaprakash has been appointed as an additional director and Rithika Mohan has also been designated as a whole-time director. Founded in 2015, Garuda Aerospace is a drone-as-a-service startup that designs, manufactures, and customizes UAVs for uses such as deliveries, disaster management, and agriculture. The company operates India’s largest drone fleet with 400 drones and 500 pilots across 84 cities, offering 30 drone models and 50 related services. According to startup data intelligence platform TheKredible, Garuda Aerospace has raised approximately $44 million to date from investors such as Nagarajan Seyyadurai, Ocgrow Ventures, cricketer MS Dhoni and others. The company recently raised funding from the Narotam Sekhsaria Family Office to scale its manufacturing capacity from 8,000 drones a year to 12,000–15,000 units, and it plans to expand its export presence to 50 countries by year-end. For the fiscal year ended March 2025, the MS Dhoni-backed firm posted profit of Rs 17.5 crore while operating revenue grew 7.3% to Rs 118 crore from Rs 110 crore in FY24. Earlier this year, Garuda's CEO indicated the IPO would not occur in 2025 but the company is in the planning phase to expand manufacturing, research, and development.