Drone technology startup AITMC Ventures has filed its updated draft red herring prospectus (UDRHP) with SEBI for an IPO consisting entirely of a fresh issue of up to 3.5 crore shares, nearly ten months after receiving SEBI's nod to proceed with its listing.
Founded in 2016, AITMC manufactures drones and runs training courses for drone pilots and technicians. The company reported a profit of ₹13.4 crore in FY26 against revenue of ₹106.8 crore — a rare profitable profile among drone startups heading to the public markets. It claims to have trained 1 lakh candidates and sold 190 drones so far.
The IPO filing lands amid a boom in Indian drone listings, with ideaForge already public and Garuda Aerospace reportedly preparing for a Q1 2027 listing after a $10 million pre-IPO round. Defence and enterprise drone demand — plus the government's production-linked incentives — have made the sector one of India's most listing-friendly deeptech categories.
AITMC's training-heavy business model sets it apart: the 1-lakh trained pilot pipeline creates a distribution network for its hardware while generating services revenue, a dual-engine structure public-market investors tend to reward.
Why it matters for founders
Profitability before listing is no longer optional in Indian deeptech — AITMC's ₹13.4 crore FY26 profit underpins its IPO case. If you're building hardware, pair the device with a services or training flywheel: recurring revenue de-risks the story for public investors.
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