Garuda Aerospace files for Rs 1,000cr IPO

Chennai: Chennai: Capitalising on rising interest in drone warfare amid the recent Iran conflict, Chennai-based Garuda Aerospace has filed for an initial public offering (IPO). The company has taken the confidential route and aims to raise around Rs 1,000 crore, including Rs 750 crore through a fresh issue, according to people aware of the development. The startup manufactures drone systems for surveillance, monitoring and logistics payload delivery for the defence sector, and is developing a dedicated park at Cheyyur for defence applications. Backed by MS Dhoni, Garuda currently produces around 15 defence drones and has partnered with Bharat Electronics to jointly design and develop unmanned aerial systems for the armed forces. It also has partnerships with Thales, Airbus and Lockheed Martin. Following the Russia-Ukraine war, the US-Iran conflict has further underscored the importance of drone warfare, with Iran's reported $30,000 Shahed drones altering the economics of modern combat. Founded in 2015 by Agnishwar Jayaprakash and Rithika Mohan, the company began with agricultural drones driven by government demand before expanding into defence through investments in Zuppa and partnerships with domestic and global players. The company reported revenue of Rs 118 crore and a profit of Rs 17.5 crore in FY25, and has raised $49.5 million across nine funding rounds, according to Tracxn.In August 2025, Garuda Aerospaces launched five UAV platforms, including swarm drones, a canister-dropping drone for battlefield and a high-altitude rescue drone. The 76-acre defence park at Cheyyur, which is under development, is expected to focus on research, testing and development of precision strike drone systems.