AITMC Ventures Files UDRHP for IPO to Expand Drone Business and Skill Development

Drone technology and skill development startup AITMC Ventures has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI for a proposed IPO.

The IPO will include a fresh issue of up to 3.5 Cr equity shares, with no offer-for-sale (OFS) component. The filing follows SEBI’s observation letter issued on January 30, 2026.

AITMC had earlier filed its draft papers confidentially in October 2025 after its board approved a Rs 200 Cr IPO.

Where AITMC Plans to Use IPO Money

The company has earmarked around Rs 155.03 Cr from the IPO proceeds for five major purposes, with the planned spending scheduled for FY27.

Around Rs 14.5 Cr will be used to upgrade its Global Incubation and Skill Hubs (GISH) across 50 AICTE-approved colleges.

Another Rs 40.5 crore will go towards upgrading infrastructure at 17 ITIs and three polytechnic colleges in Uttar Pradesh under its WISH initiative.

AITMC has also planned Rs 10.4 Cr for setting up R&D labs at IIT Ropar and upgrading laboratories at IIT Kanpur and its Gurugram facility.

The biggest allocation of Rs 69.67 Cr is planned for a new Future Tech Park at Sisai in Haryana’s Hisar district.

The company will also use Rs 20 Cr to repay or prepay certain borrowings. Some funds will be kept for general corporate purposes, with the final amount to be decided after the IPO price is fixed.

From Skill Training to Drone Technology

Founded in 2016 by Deep Sihag Sisai, AITMC operates across vocational education, drone training, manufacturing and assembly, research and development, and Drone-as-a-Service (DaaS).

The company started with vocational training under government-backed programmes and claims to have trained more than 1 lakh candidates since its launch.

From 2023, AITMC expanded into drone-focused training, offering courses for drone pilots, technicians, assembly professionals and precision agriculture.

It also operates DGCA-recognised Remote Pilot Training Organisations in Haryana.

Building Its Own Drones

AITMC started in-house drone manufacturing and assembly at its Gurugram facility in FY25.

Its flagship VIRAJ agricultural drone has a 10-litre payload capacity and has received DGCA type certification.

By FY26, the company had manufactured and deployed 162 VIRAJ drones and sold another 28 drones.

AITMC is also working on new drone models for agriculture, surveillance, firefighting, logistics and solar panel cleaning.

Future Tech Park to Expand Manufacturing

The proposed Future Tech Park in Hisar will include a non-defence drone manufacturing unit and 23 vendor-operated drone component units.

The company’s R&D work covers areas such as agriculture, industrial inspection, surveillance, defence and infrastructure monitoring, with collaborations involving IIT Kanpur and IIT Ropar.

AITMC’s DaaS business is still at the pilot stage, initially focusing on agricultural spraying by connecting trained drone operators with customers.

The company has also entered into an arrangement with Telecommunications Consultants India Limited (TCIL) to develop and supply indigenous drone and anti-drone technologies.

FY26 Revenue Rises, Profit Falls

AITMC reported Rs 106.8 Cr in operating revenue in FY26, up from Rs 87.5 crore in FY25.

However, net profit declined to Rs 13.4 Cr in FY26, compared with Rs 16.1 crore in FY25.

The company has highlighted that the two years are not directly comparable because FY26 figures are standalone, while FY25 figures were consolidated.

This change happened after AITMC lost control of its subsidiary SPH Aviation in June 2025.

AITMC had acquired a 76% stake in SPH Aviation in January 2023, making it a subsidiary. However, after the company gave up its entitlement in SPH Aviation’s rights issue in favour of promoter Preet Sandhuu, its holding fell to 19%.

As a result, AITMC no longer controlled the business.

Key Numbers

• 3.5 Cr shares - maximum fresh shares proposed in the IPO
• Rs 155.03 Cr - earmarked for specified uses
• Rs 106.8 Cr - FY26 operating revenue

With its IPO plans, new Future Tech Park, and growing drone manufacturing business, AITMC Ventures is looking to build a larger presence across India’s fast-growing drone and emerging technology ecosystem.

The Unicorn Magazine