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 on NSE Emerge, AITMC was looking to raise INR 125 Cr through a fresh issue of 2.1 Cr shares, and no offer-for-sale component. However, the startup didn’t proceed with the IPO then.

On the financial front, its net profit rose 59% to INR 14 Cr in FY25 from INR 8.8 Cr in the previous fiscal. Operating revenue for the fiscal surged 87% to INR 87.5 Cr from INR 46.8 Cr in FY24.

Last year, AITMC signed a term sheet for a “strategic company merger” with listed rival DroneAcharaya. However, the deal did not go through. AITMC cofounder Sandhuu told Inc42 that the startup was pursuing other options, while DroneAcharaya said its board had rescinded the offer.

The SEBI nod comes amid the ongoing startup IPO boom in the country. While 18 new-age tech companies went public last year, the first month of 2026 has seen Amagi and Shadowfax make their debut on the bourses. Besides, over 40 such companies are looking to go public.

Last week, the regulator gave its nod to Infra.Market and Purple Style Labs to go ahead with their public issues. Meanwhile, fintech major PhonePe and insurtech startup Turtlemint filed their updated DRHPs earlier this month.

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