Second public market attempt as agri-drone player taps India’s startup IPO wave
Dronetech startup AVPL International (AITMC Ventures) has received approval from markets regulator Securities and Exchange Board of India to proceed with its INR 200 Cr initial public offering (IPO), marking a key milestone in its second bid to go public.
SEBI issued an observation letter this week, which in regulatory terms clears the company to move ahead with the public issue.
Second Shot at Dalal Street
Why is this IPO different from the last attempt?
AITMC filed a confidential draft red herring prospectus (DRHP) in October last year, after its board approved increasing the proposed fresh issue size to INR 200 Cr from INR 125 Cr. It also raised its authorised share capital to INR 25 Cr.
This is the company’s second attempt at listing, after an earlier plan to go public via NSE Emerge in 2023 did not materialise.
Use of Proceeds
Where will the IPO money go?
The startup said funds raised will be deployed toward:
- Business expansion
- Working capital requirements
- General corporate purposes
The focus suggests scaling operations rather than providing an exit to existing shareholders, as the IPO is a pure fresh issue.
What AITMC Does
Why drones, why agriculture?
Founded in 2016 by Preet Sandhuu and Deep Sisai, AITMC operates at the intersection of dronetech and agri-skilling.
- It runs 70+ drone training centres across 16 states.
- Offerings include drone training, drone-as-a-service, sale of drones, and agriculture-focused solutions.
The model aligns with India’s push for precision agriculture and rural skilling, where drones are increasingly used for spraying, surveying and monitoring.
Financial Momentum Builds
Are the fundamentals improving?
AITMC’s financials show sharp growth:
- Net profit: Up 59% YoY to INR 14 Cr in FY25, from INR 8.8 Cr
- Operating revenue: Jumped 87% YoY to INR 87.5 Cr, from INR 46.8 Cr in FY24
The strong topline expansion likely strengthened its IPO case this time around.
Past Merger Plans Fell Through
What happened with DroneAcharya?
Last year, AITMC signed a term sheet for a strategic merger with listed rival DroneAcharya. The deal, however, did not go through.
- AITMC said it was exploring other options.
- DroneAcharya later confirmed its board had rescinded the offer.
With the SEBI nod now in hand, the IPO route appears firmly back on track.
Riding the Startup IPO Wave
Why now?
The approval comes amid a renewed startup IPO boom in India.
- 18 new-age tech companies listed last year.
- Amagi and Shadowfax have already debuted in January 2026.
- Over 40 startups are reportedly preparing to tap public markets.
Recently, SEBI also cleared Infra.Market and Purple Style Labs for IPOs, while PhonePe and Turtlemint filed updated DRHPs.
TL;DR
AITMC Ventures, operating as AVPL International, has received SEBI approval for its INR 200 Cr IPO. The agri-dronetech startup is making a second attempt at listing after earlier plans fell through, backed by strong revenue and profit growth.
AI summary
- SEBI clears AITMC’s INR 200 Cr IPO via observation letter
- Startup filed confidential DRHP in Oct last year
- Second IPO attempt after NSE Emerge plan stalled
- FY25 profit rose 59%; revenue jumped 87%
- Approval comes amid strong startup IPO momentum
