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The five-day event starting from February 20 would take place at the Yelahanka Air Force Station here.
The Defence public relation officer Monday tweeted that the event would be open to both Indian and international players.
The Drone Olympics, aimed at giving a boost to unmanned aerial vehicle makers, is scheduled to be held on February 21.
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The PRO said it has received 121 applications for the event of which 57 have qualified for the prelims to be held on February 18 and 19.
The final round would take place on February 21 from 10 am.
The winners would get a total cash prize worth Rs 38 lakh, the official said.