Dronetech startup AVPL International (AITMC Ventures) has received approval from markets regulator Securities and Exchange Board of India (SEBI) for its INR 200 Cr initial public offering (IPO). According to the latest update on SEBI website, the regulator issued an observation letter to the startup today. In SEBI’s parlance, issuance of an observation letter is a nod to go ahead with the public issue. The startup took a second shot at a public listing in October last year when it filed a confidential DRHP with SEBI after its board approved a fresh issue of up to INR 200 Cr from INR 125 Cr earlier. It also approved raising the startup’s authorised share capital to INR 25 Cr from INR 22 Cr. The funds raised through the IPO will be utilised for business expansion, working capital requirements, and other general corporate purposes. Founded in 2016 by Preet Sandhuu and Deep Sisai, AITMC offers drone training and other skill development programmes for the agriculture sector. As per its website, the company operates over 70 drone training centres across 16 states. It also offers drones, drone-as-a-service, and other agri solutions. During the first attempt to go public back in 2023 through a listing… Read MoreInc42 Media
