DroneAcharya, a drone technology company, saw its shares rise over 4% to 108 rupees (around US$1,25) per share on Jan. 28 after securing an 18.70 lakh rupees (around US$21,598) contract with the Indian Army.

The contract includes the establishment of a drone training lab, supply of hardware, and conducting drone flying lessons for army personnel.

The agreement began on Jan. 27 and will conclude on March 28, 2025, as stated in the company’s exchange filing.

This announcement follows a recent signing of a term sheet with AVPL International for a potential merger.

AVPL International is a drone technology startup associated with AITMC Ventures, aiming to enhance their competitive position in the domestic drone technology market.

DroneAcharya was founded in 2017 by Prateek Srivastava and focuses on drone manufacturing and operations training.