India’s largest drone manufacturer, IdeaForge Technology Ltd has hit the streets in the stock market with its initial public offering (IPO) on June 26 2023.
Founded in 2007 by IIT Bombay alumni Ankit Mehta, Rahul Singh, Vipul Josh and Ashish Bhat, this Mumbai based company is India’s leading manufacturer of drones for defence and industrial applications. It is at the forefront of cutting edge drone technology, and focuses on developing superior solutions for intelligence, surveillance and reconnaissance purposes.
ideaForge is the first organisation to indigenously develop and manufacture Vertical take-off and landing UAVs in the country. As of now, the company has deployed over 700 systems and has trained more than 1300 pilots.
“I was leading an innovation cell at my college IIT Bombay when Rahul came to me with an idea to build a hovercraft that would float on the Powai lake. While innovating, we discovered a quadrotor configuration that led us to build a prototype for a drone,” stated Mehta in 2021 in an interview with YouStory.
The brand was built with an aim to develop technically superior UAVs for intelligence, surveillance and reconnaissance, thus utilising modern advancements in aerospace and robtics. Mehta had further revealed that the company has resolved to use iys UAV drone technology for security use in the aftermath of the 2008 Mumbai terror attacks.
Speaking of the company’s financial aspects, company is backed by big names such as Infosys Foundation, IndusAge Partners, Trifecta Capital, Department of Science and Technology and a few others. The company also has a robust 50% market share in India. In the fiscal year 2022, the company recorded a revenue of Rs 1.6 billion, a gross profit of Rs 1.1 billion and a net income of Rs 548.5 million. Apart from this, they have also raised Rs 330 crore in the form of funding, the latest round of which completed on June 15.
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