DroneAcharya Signs Merger Agreement With AITMC Ventures

BSE SME-listed DroneAcharya has signed a term sheet for a “strategic company merger”  with agri-drone company AITMC Ventures, the company said in a regulatory filing. 

However, DroneAcharya didn’t disclose any further details about the merger.

In a post on LinkedIn, DroneAcharya said that the two companies will jointly work to provide industrial, enterprise, defence and spacetech solutions to their clients. Further, it said that these solutions will comprise top-notch industry hardware, software, automation, capacity building and skill development offerings.

“This proposed merger represents a transformative step for both the companies, and we believe it will enable India to set new industry benchmarks on World Map,” DroneAcharya’s post read. 

Besides, the listed drone company’s board also approved the adoption of a policy for Employees Stock Option Plan (ESOP).

Earlier this week, DroneAcharya announced securing a contract worth INR 7.53 Lakh from the defence ministry to provide drone-centric training courses. As per the contract, the company will provide a drone pilot training course and drone building course for 8 Indian Army Officials.

Besides, the company made multiple pertinent announcements in December. This included a strategic expansion into the Middle East through a new subsidiary and a partnership with Canada’s drone company Volatus.

On the financial front, DroneAcharya’s profit slid 62.1% 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. However, revenue from operations went up 28.8% to INR 26.90 Cr during the year under review from INR 20.88 Cr in the first half of FY24.

Meanwhile, AITMC Ventures, which is operated by AVPL, is an agri-drone company which has presence across 12 states, featuring 50 Global Incubation and Skill Hubs (GISH) and 20 World Incubation and Skill Hubs (WISH) dedicated exclusively to the drone and agriculture sectors.

Founded in December 2016 by Deep Sisai and Preet Sandhuu, the company offers drone training and other skill development programmes in the agriculture sector. The company filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) on NSE Emerge in October 2023. However, there have been no further updates on the IPO.