Garuda Aerospace, India’s pioneering drone technology startup, has officially transitioned into a public company, marking a significant milestone in its journey from a homegrown innovation enterprise to a global drone powerhouse. The transformation, approved by a company board resolution, involves renaming the firm to Garuda Aerospace Limited—removing “Private” from its name.
Governance Realignment and Structural Strengthening
As part of its compliance with corporate governance standards under the Companies Act, Garuda Aerospace has appointed Asha Vijayaraghavan, Mandakulathur Ramachandran Venkatesh, and Rithika Mohan as independent directors. Vishnu Jayaprakash joins the board as an additional director, while Rithika Mohan assumes dual responsibility as a whole-time director. These appointments underscore Garuda’s commitment to enhancing board diversity and governance as it aligns itself for public market scrutiny.
Founded in 2015 by Agnishwar Jayaprakash, Garuda Aerospace has evolved from a modest five-member team into a 200-member organization commanding India’s largest drone fleet. With 400 drones and 500 trained pilots operating across 84 cities, the company offers over 30 drone models and 50 services across sectors such as agriculture, disaster management, logistics, and surveillance.
Garuda Aerospace: Funding Milestones and Valuation Growth
Garuda Aerospace’s conversion comes on the heels of a successful Series B funding round in April 2025, where it raised INR 100 crore (approximately USD 11.6 million) led by Venture Catalysts and several undisclosed investors. The funding round propelled the company’s valuation to about INR 2,136.56 crore (USD 250 million).
Celebrity cricketer MS Dhoni, who has been associated with the company as an early-stage investor and brand ambassador, continues to play a pivotal role in the firm’s brand positioning. Other key investors include Nagarajan Seyyadurai, Ocgrow Ventures, and the Narotam Sekhsaria Family Office, the latter contributing to a recent capacity expansion initiative.
In total, Garuda has raised approximately USD 44 million (~INR 395 crore) since inception, and the latest capital infusion is earmarked for scaling up manufacturing, enhancing R&D capabilities, and expanding its export presence to 50 countries by the end of 2025.
Manufacturing Expansion and Atmanirbhar Bharat Push
A cornerstone of Garuda Aerospace’s self-reliance drive is the establishment of its Agri-Drone Indigenisation Facility near Thalambur, Chennai. The 35,000 sq. ft. state-of-the-art plant, inaugurated by Union Minister of State for Rural Development Kamlesh Paswan, is designed to manufacture 33 parts and 7 subsystems of unmanned aerial vehicles (UAVs).
This new facility complements Garuda’s existing 24,000 sq. ft. unit, effectively doubling its production footprint. To reduce dependency on imported components from 40–45% to 15% by mid-2025, Garuda Aerospace is reinforcing its alignment with the ‘Atmanirbhar Bharat’ (self-reliant India) initiative.
The company also launched 300 Centres of Excellence in collaboration with educational and industrial institutions to drive drone innovation, skill development, and R&D. A Train-the-Trainer program has been introduced to upskill drone operators and create a robust workforce capable of supporting the company’s scaling ambitions.
Strong Financial Performance
Garuda Aerospace’s financial trajectory has been remarkable. The company’s revenue grew 2.3x from INR 47 crore in FY23 to INR 110 crore in FY24, with net profits rising from INR 6 crore to INR 16 crore. For the fiscal year ending March 2025, the company reported INR 118 crore in revenue and a profit of INR 17.5 crore, signaling continued profitability in a capital-intensive sector.
The firm’s expanding order book includes partnerships with domestic conglomerates like TATA, Reliance, Adani, Godrej, L&T, NTPC, IOCL, and the Survey of India. International collaborations with Lockheed Martin, Elbit Systems, and Cognizant further position Garuda as a global drone technology contender.
Outlook
India’s drone industry, supported by progressive policies such as Drone Rules 2021 and the PLI scheme, is projected to reach INR 1.28 lakh crore (USD 15 billion) by 2030, according to NITI Aayog. Amid this dynamic environment, Garuda Aerospace stands out as a profitable, innovation-driven enterprise championing indigenous drone production.
Its conversion into a public company not only marks a corporate milestone but also reflects the maturation of India’s drone ecosystem. From agritech to aerospace, Garuda’s ascent embodies the spirit of technological self-reliance and national ambition—flying high on the wings of innovation and vision. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.