# ideaForge Technology Pvt.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ideaforge-technology-pvt

- Industry: Aerospace
- Headquarters: Mumbai, India
- Website: www.ideaforge.co.in
- Total disclosed funding: $36M
- Latest round: Series B (Apr 28, 2022)
- Investors on record: 9

## About

Based in India, ideaForge Technology Pvt. Ltd. specializes in the design and manufacture of unmanned aerial vehicles (UAVs) for applications in defense, law enforcement, and environmental monitoring.ideaForge Technology Pvt. Ltd. is focused on developing advanced unmanned aerial systems. Founded in 2007, the company is headquartered in Mumbai, India. The founders, Ankit Mehta, Ashish Bhat, and Rahul Singh, have a history of innovation in technology. In June 2023, ideaForge raised INR 5.67 billion through an IPO, which was its latest funding round, bringing the total amount raised to INR 5.67 billion. The company has completed 10 deals to date, with the most recent deal occurring on June 26, 2023, indicating active engagement in the market.ideaForge specializes in the design, development, and manufacturing of unmanned aerial vehicles (UAVs) that cater to various sectors including defense, law enforcement, construction, and environmental monitoring. Their main product lines include the FLYGHT series designed for enterprise operations such as land surveying, mining, and urban planning, as well as security and surveillance applications. The company also offers a drone-as-a-service model, facilitating scalable, pay-per-use UAVs for law enforcement and emergency services, with a focus on reliability and performance suitable for extreme conditions. Their UAVs serve a diverse clientele including government agencies, law enforcement, and private enterprises in India, Southeast Asia, and select regions in North America and Europe.In the most recent fiscal year 2023, ideaForge reported revenue of INR 23,176,253.10 and an EBITDA of INR 7,162,937.10. Revenue is generated through the sale and leasing of UAVs, along with subscription-based services like Flyght Cloud. The business model includes direct sales to government entities and private enterprises, ensuring a solid client base for their flagship products, including the SWITCH and NETRA series drones, tailored to meet the specific operational needs of clients.Following its recent IPO in June 2023, ideaForge intends to utilize the raised funds for product development, debt repayment, and general corporate purposes. The company is focused on expanding its product offerings, particularly in developing next-generation UAVs for advanced applications. Additionally, ideaForge aims to penetrate new markets in Southeast Asia and Europe by 2024, enhancing its footprint in the global UAV market.

## Funding rounds

- Series B, Apr 28, 2022, $20M — Infosys Innovation Fund, Qualcomm Ventures, Infina Finance, Celesta Capital, Florintree, India Exim Bank
- Series B, Nov 27, 2017, $5.2M — Celesta Capital
- Series A, Dec 21, 2016, $10M — Walden Catalyst, Infosys Innovation Fund, Qualcomm Ventures, Celesta Capital, Trifecta Capital, Vistra ITCL, Celesta Capital

## Investors

- Walden Catalyst (https://capitalatlas.ai/funds/walden-catalyst) — Series A
- Infosys Innovation Fund (https://capitalatlas.ai/funds/infosys-innovation-fund) — Series A, Series B
- Qualcomm Ventures (https://capitalatlas.ai/funds/qualcomm-ventures) — Series A, Series B
- Celesta Capital (https://capitalatlas.ai/funds/celesta-capital) — Series A, Series B
- Trifecta Capital (https://capitalatlas.ai/funds/trifecta-capital) — Series A
- Vistra ITCL — Series A
- Infina Finance — Series B
- Florintree (https://capitalatlas.ai/funds/florintree) — Series B
- India Exim Bank — Series B