India’s largest manufacturer of drones, IdeaForge Technologies, completed its pre-IPO placement at a valuation of about INR 2,500 Cr. The Company raised INR 255 Cr in the round which will soon be followed by an initial public offering comprising a fresh issuance of shares worth INR 240 Cr and an offer for the sale of 48.69 lakh equity shares by promoters and investors. In addition, the IPO will make IdeaForge Technologies the first new-age tech startup to list on the exchanges in 2023.
About IdeaForge Technologies
Founded in 2007 by IIT Bombay graduates Ankit Mehta, Rahul Singh, and Ashish Bhat, IdeaForge Technologies is one of the oldest Mumbai-based drone players in the country. The Company demonstrates a strong sense of patriotism by dedicating its mission to support defense forces in conducting efficient and tactful Intelligence, Surveillance, and Reconnaissance (ISR) operations. In fact, the Ministry of Civil Aviation has also selected the drone manufacturer as one of the 14 beneficiaries of the production-linked incentive (PLI) scheme for the drone industry, as reported by Indian Express.
IdeaForge Technologies is actively engaged in several groundbreaking projects to utilize its advanced drone technology for various applications. One noteworthy project involves deploying hundreds of IdeaForge drones across India, specifically its acclaimed model Rhino. These drones are being deployed with great precision to map villages and retrieve accurate information about rural properties across India. With a focus on mapping the “Abadi” or populated areas where villagers reside, IdeaForge drones are playing a crucial role in providing comprehensive and up-to-date data about these regions.
Furthermore, another significant initiative is the implementation of the “SVAMITA Scheme,” a military-approved program that leverages the Company’s drones. This scheme allows the government to access and provide digitized land records to farmers for the first time, facilitating their integration into the economic mainstream of our country.
Innovation lies at the core of IdeaForge’s accomplishments and its drone manufacturing expertise is revolutionizing the industry. Its Unmanned Aerial Vehicles (UAVs) boast an endurance of 120 minutes, with a range of 15 kilometers. This feat validates IdeaForge’s commitment to pushing the boundaries of drone technology and delivering exceptional performance capabilities.
Key IdeaForge Moments
- In 2015, IdeaForge Technologies supported the government during the earthquake in Kathmandu, Nepal. Its advanced drones were used for site monitoring and aided in search and rescue operations.
- Not long after, in 2016, during a terrorist attack in Pampore, the military deployed IdeaForge drones to procure critical intelligence. The drones successfully revealed the precise locations of the terrorists.
- The company has also contributed to enhancing railway surveillance through its state-of-the-art Ninja to improve efficiency and safety in railway monitoring activities.
IdeaForge Technologies – Leading the Way
With its commitment to safety and cutting-edge technology, IdeaForge has firmly established itself as a leading force in the drone manufacturing industry. As CEO Ankit Mehta highlighted in an interview with India Today, “Every 15 minutes, one IdeaForge drone is launched in the sky in our country today.” This staggering number reflects the Company’s widespread presence and trust in its advanced drone solutions.
Prioritizing user safety, the state-of-the-art resolution and precise geo-location tags in IdeaForge’s drones ensure effective surveillance while remaining discreet for counter-insurgency and counter-terrorism operations. As one of the largest drone manufacturing companies for the past 15 years, IdeaForge’s innovations actively contribute to military advancements, setting them apart from the rising competition. Each accomplishment propels its success and contributes to the country’s overall safety and success.
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