Just about two weeks after a?Sachin Tendulkar-backed?startup?made its stock market debut in late December,?another startup backed by another cricket legend?is eyeing a similar move.
MS Dhoni-backed drone startup?Garuda Aerospace is planning for an?IPO?in mid-2024. The company's CEO had earlier said they are accelerating IPO plans to expand operations and will likely launch the offer in the second half of this year.
The Chennai-based drone start-up Garuda Aerospace plans to expedite its IPO following the ¡®Namo Drone Didi¡¯ initiative launched by Prime Minister Narendra Modi, as per TheHinduBusinessLine report. This programme allocates a sum of ?1,261 crores to deploy 15,000 Kisan Drones, which will revolutionise the agricultural landscape and empower rural communities, particularly women entrepreneurs, according to a company release.
Significant funding for Kisan Drones is a testament to the government's unwavering support of innovation and significant social impact in the agriculture sector. According to the release, the company is dedicated to providing these business owners with Kisan drones and training so they can support Women Self-Help Groups over the next two years.
Agnishwar Jayprakash, founder and CEO of Garuda Aerospace, said in the release that the company is?accelerating the?IPO?plans?to expand operations, intensify our research and development efforts, and better serve the agricultural community.
Also Read:?This IPO Can Earn?Sachin?Tendulkar More Money Than Mitchell Starc's IPL Deal
Former Indian cricket captain Mahendra Singh Dhoni had invested in Chennai-based drone startup Garuda Aerospace in March 2022. He was also roped in as the brand ambassador of the startup that has about 400 drones and 500 pilots.
¡°I¡¯m happy to be a part of Garuda Aerospace and look forward to witness their growth story with the unique drone solutions they have to offer,¡± Dhoni had reportedly said, as quoted in the startup¡¯s statement.
Also Read:?Turning Runs Into?Returns: List Of Startups In Which Virat?Kohli?Has Invested
In December 2023, Sachin Tendulkar backed?Azad Engineering?went for its IPO and then got listed on stock exchanges on December 28th.?On March 6 last year,?Tendulkar picked up equity worth about Rs 5 crore in the company, which makes precision forged and machined components for global OEMs in energy, aerospace & defence and oil & gas industries.
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