Dronetech Startup AITMC Pre-Files DRHP For INR 200 Cr IPO

Taking its second stab at a public listing, AVPL International (AITMC Ventures) has pre-filed DRHP for INR 200 Cr initial public offering (IPO).

The startup filed its confidential DRHP with SEBI on October 6. While details about the company’s public issue are not clear, the company’s board, on July 17, approved increasing the size of the fresh issue in the IPO to INR 200 Cr from INR 125 Cr earlier.

The funds raised through the IPO will be utilised for business expansion, working capital requirements, and other general corporate purposes.

Besides, the board also approved an increase in the startup’s authorised share capital to INR 25 Cr from INR 22 Cr.

AITMC also approved the appointment of Kamal Jeet Dahiya as a non-executive, independent director on its board. Dahiya has been practicing law for more than 15 years, appearing for clients like NHAI, FCI, HRERA, among others.

Founded in 2016 by Preet Sandhuu and Deep Sisai, AITMC offers drone training and other skill development programmes for the agriculture sector. As per its website, the company operates over 70 drone training centres across 16 states. It also offers drones, drone-as-a-service, and other agri solutions.

On the financial front, the startup saw a 59% increase in its net profit to INR 14 Cr in FY25 from INR 8.8 Cr in the previous fiscal. Operating revenue for the fiscal surged 87% to INR 87.5 Cr from INR 46.8 Cr in FY24.

Including other income of INR 1.3 Cr, its total income for the fiscal year stood at INR 88.8 Cr.

This is AITMC’s second attempt at IPO. In December 2023, the startup filed its DRHP with SEBI for a listing on NSE Emerge. At the time, the startup was eyeing a fresh issue of up to 2.1 Cr shares, with no offer-for-sale component. However, its IPO didn’t materialise.

Earlier this year, AITMC signed a term sheet for a “strategic company merger” with BSE SME-listed DroneAcharya in January 2025. However, the merger didn’t go through. While DroneAcharya said that its board “rescinded” the merger resolution, AITMC cofounder Sandhuu told Inc42 that the company was pursuing other options.

Referring to Operation Sindoor, she said, “After the recent border tensions, there has been a huge jump in our valuation. Today we are valued anywhere between INR 1,400 to 1,500 Cr.”

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