DroneAcharya Bags INR 19 Lakh Indian Army Contract, Shares Jump 4%

DroneAcharya Bags INR 19 Lakh Indian Army Contract, Shares Jump 4%

SUMMARY

Shares of DroneAcharya rallied over 4% in early trade to INR 108 apiece on the BSE today (January 28)

The rally in the stock came after the drone solutions provider said it has secured a contract worth INR 18.70 Lakh from the Indian Army to set up a dedicated drone training lab to train army personnel

This comes just days after DroneAcharya signed a term sheet with drone tech startup AVPL International for a merger

Shares of  DroneAcharya rallied over 4% in early trade to INR 108 apiece on the BSE today (January 28) after the drone manufacturer announced it has bagged a contract worth INR 18.70 Lakh from the Indian Army.

As part of the deal, the drone solutions provider will set up a dedicated drone training lab to train army personnel, DroneAcharya said in an exchange filing.

The project will include the supply of hardware and conducting drone flying lessons for army personnel. The contract commenced on January 27 and will conclude by March 28, 2025.

The development comes just days after DroneAcharya signed a term sheet with drone tech startup AVPL International for a merger.

Founded by Prateek Srivastava in 2017, DroneAcharya manufactures drones and provides drone operations training and services like drone deliveries and mapping across industries. The company listed on the BSE SME platform in December 2022 at INR 102, a 90% premium to its IPO price of INR 54.

In a recent conversation with Inc42, Srivastava said that the “strategic” merger with AVPL, which operates AITMC Ventures, will act as a “force multiplier” for both companies, positioning the combined entity as a leader in India’s flourishing drone tech space.

With the merger, the two companies aim to strengthen their presence in the homegrown drone tech market as well as take their Indian drones global.

Founded in 2016, AITMC Ventures (Aerial Innovative Technology for Mapping and Conservation) is the brain child of Deep Sisai and Preet Sandhuu. It manufactures drones, offers training to operate drones, and Drone as a Service (DaaS). Additionally, it also operates agri-input retail outlets across India. 

The company has a presence across 12 states, managing 50 Global Incubation and Skill Hubs (GISH) and 20 World Incubation and Skill Hubs (WISH), focusing on drones and agriculture.

Details of the deal, including the name of the resultant entity, its shareholding pattern, among others, will likely be finalised over the next three weeks. It must be noted that the proposed merger is pending regulatory approvals, including one from the National Company Law Tribunal.

Notably, DroneAcharya reported a 62.1% decline in its profit to INR 1.50 Cr during the six months ended September 2024 (H1 FY25) from INR 3.96 Cr in the same period last year. Operating revenue jumped 28.8% to INR 26.90 Cr in the reported period from INR 20.88 Cr in the first half of FY24.

 

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