India’s drone ecosystem keeps evolving, and one company stands out for its ambition and rapid growth — AITMC Ventures, also known as AVPL International. The drone-tech startup has taken a major step toward expansion by pre-filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) worth INR 200 crore.
The move signals AITMC’s strong confidence in its business model, financial performance, and future market potential. Over the last two years, the company has built an extensive network across the country, trained thousands of professionals in drone technology, and pushed deeper into India’s agriculture technology space. Now, AITMC wants to take that growth story to the capital markets.
From Training to Technology: The AITMC Journey
AITMC began its journey with a vision to bridge the skill gap in India’s drone and agri-tech industries. The founders believed that drone technology could revolutionize the agricultural sector, improve productivity, and create employment in rural areas. To achieve this, the company established drone training academies that teach drone operations, maintenance, data processing, and regulatory compliance.
Over time, AITMC expanded from being just a training-focused company to a full-fledged drone-tech and agri-solutions enterprise. It now offers a range of services including drone manufacturing, drone-as-a-service operations, and data-driven agricultural support. Farmers, government agencies, and private clients hire the company for spraying, mapping, and surveying services.
AITMC currently operates over 70 drone training centers across 16 states in India. This footprint gives it one of the widest drone education networks in the country. The company also collaborates with agricultural universities, government departments, and technology institutions to strengthen its ecosystem and deliver skilled manpower for India’s growing drone industry.
The IPO Plan: A Second Attempt with Bigger Goals
AITMC’s current IPO filing marks its second attempt to go public. The company first submitted a DRHP in December 2023 to list on NSE Emerge, but that plan didn’t materialize. Since then, the company has restructured its business, scaled operations, and improved its financial position, which encouraged it to make another attempt — this time with a larger issue size.
In July 2025, AITMC’s board approved a proposal to increase the size of the public issue from INR 125 crore to INR 200 crore. The board also voted to raise the company’s authorized share capital from INR 22 crore to INR 25 crore, signaling its intent to support future growth and expansion.
The company appointed Kamal Jeet Dahiya as a non-executive independent director to strengthen its governance structure and prepare for public listing requirements. This appointment reflects AITMC’s effort to enhance its corporate transparency and board independence — both essential components for investor confidence in an IPO.
Financial Growth: A Strong Foundation for Market Entry
AITMC’s financial performance over the last two years tells a story of steady growth and operational efficiency. In FY25, the company recorded a net profit of INR 14 crore, a 59% increase from INR 8.8 crore in FY24. Its operating revenue jumped from INR 46.8 crore to INR 87.5 crore, representing an impressive 87% growth year-on-year. The total income, including other revenues, reached INR 88.8 crore.
Such growth reflects the company’s expanding reach, successful business model, and effective market execution. AITMC continues to attract new clients, especially in the agriculture and government sectors, while maintaining strong training enrollment numbers across its centers.
The leadership team attributes this performance to the company’s commitment to innovation, its skilled workforce, and the rapid adoption of drone technology in multiple industries. The Indian government’s push for local drone manufacturing and training programs under its “Drone Shakti” and “Make in India” initiatives has also provided a favorable environment for AITMC’s growth.
The Business Model: Skill, Service, and Scale
AITMC operates on a three-pronged business model: training, drone services, and technology solutions.
- Training and Skilling – AITMC trains thousands of young professionals, farmers, and entrepreneurs in drone operation, safety, and maintenance. Its training programs align with government skill development missions, ensuring that students receive certified education that meets industry standards. The company generates revenue through course fees, partnerships, and certification programs.
- Drone-as-a-Service (DaaS) – The company provides drone-based services for agriculture, mapping, and surveillance. It deploys trained pilots and advanced drone fleets to conduct crop spraying, irrigation monitoring, soil analysis, and yield estimation. These services save time and resources for farmers while improving productivity and sustainability.
- Technology and Manufacturing – AITMC designs and assembles drones tailored for specific industries, especially agriculture. The company also integrates data analytics and AI to offer precision agriculture insights. These solutions help farmers make informed decisions about crop health, irrigation, and pest control.
This integrated model allows AITMC to generate revenue from multiple streams while maintaining a strong connection between training, deployment, and technology innovation.
The Market Context: Why the Timing Looks Right
India’s drone industry stands at an inflection point. Analysts expect the domestic drone market to cross USD 1.5 billion by 2030, driven by applications in agriculture, logistics, defense, and surveillance. Government policy reforms have simplified licensing and encouraged private players to innovate and scale.
AITMC has positioned itself to capture this momentum. The company’s deep rural reach and focus on agriculture give it a competitive edge in one of the largest drone application areas in India. With 70 training centers and hundreds of trained operators, AITMC already controls a significant share of India’s drone education market.
As the government pushes for self-reliance in drone manufacturing, AITMC’s hybrid model of training and in-house production could attract both institutional investors and strategic partners during its IPO.
Challenges and Risks Ahead
Despite its strong growth, AITMC faces several challenges that could influence its market journey.
- Execution pressure: The company plans to expand aggressively, and that requires consistent operational discipline, robust logistics, and strong leadership. Managing 70 training centers across 16 states brings logistical challenges that need tight coordination.
- Capital efficiency: Drones and related infrastructure demand significant upfront investment. The company must manage working capital carefully to avoid liquidity constraints during its expansion phase.
- Regulatory dynamics: Drone regulations evolve frequently as the technology develops. AITMC must stay compliant with aviation, safety, and data regulations to maintain its operational integrity.
- Competition: The Indian drone sector includes emerging startups and global players entering through partnerships. AITMC must continue innovating to stay ahead.
- Valuation expectations: The company reportedly values itself between INR 1,400 crore and INR 1,500 crore, which may appear ambitious compared to its current revenue scale. Market perception and investor confidence will determine if the IPO pricing aligns with these expectations.
The Road Ahead
AITMC aims to use the IPO proceeds to expand manufacturing capacity, launch more training centers, and invest in R&D for drone innovation. The company also plans to enhance its data analytics and AI capabilities, which will strengthen its position in precision agriculture and industrial applications.
The leadership team believes that the IPO will provide not just capital, but also credibility and visibility in the global drone market. A successful listing could position AITMC as one of India’s most recognized drone-tech companies and open doors to international collaborations.
Conclusion
AITMC’s decision to pre-file its DRHP for a ₹200 crore IPO reflects a confident stride toward growth and market leadership. The company has built a solid foundation through training, innovation, and execution. Its consistent financial performance, expansion across India, and alignment with government policies make it one of the most promising players in India’s drone-tech sector.
As AITMC prepares to go public, it carries the hopes of India’s emerging drone industry — an industry that combines technology, agriculture, and innovation to create a more efficient and sustainable future. The coming months will reveal how AITMC navigates the regulatory process, investor sentiment, and market challenges. But one thing is clear — the company intends not just to fly drones, but to soar high in India’s capital markets.
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