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 company, backed by cricketer Mahendra Singh Dhoni, will benefit from the government’s allocation of Rs 1,261 crore to deploy 15,000 kisan drones across the country. Garuda has approvals from several state governments such as Tamil Nadu, Maharashtra and Kerala for subsidy for their agricultural drones.