ideaForge
Key Highlights:
  • ideaForge, a drone manufacturing startup, has raised $20 Mn in a Series B funding round led by private equity firm Florintree.
  • ideaForge will use the funding to elevate investment in research and development. 
  • The drones from startup have been deployed by Indian armed forces for surveillance, crowd monitoring and rescue operations

ideaForge, a drone manufacturing startup, has raised $20 Mn in a Series B funding round led by private equity firm Florintree. Existing investors such as Celesta, Infosys, Qualcomm, Infina, and the Exim Bank of India also participated in the round. 

ideaForge will use the funding to elevate investment in research and development. The startup will also use the capital to expand globally and scale-up hiring across key verticals.

The CEO and co-founder of ideaForge Ankit Mehta said, “the company has grown 10X times in the last two years and we will use this funding to invest in R&D, international expansion and building a world-class team. We aim to create high performance, reliable, and autonomous drones that inspire others to adopt this technology.”

Last week, the company’s name was also included in the government’s first provisional list of beneficiaries under the Production Linked Incentive (PLI) scheme to manufacture drones in the country.

ideaForge was founded by IIT Bombay graduates — Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh in 2008. The startup claims to have 15 years of R&D experience and more than 20 patents to its name.

It boasts of clients such as the Indian Navy, Indian Air Force, BSF, NSG, CRPF, Adani, Larsen & Toubro, Indian Oil, and Indian Railways, among others.

The drones from startup have been deployed by Indian armed forces for surveillance, crowd monitoring and rescue operations. Along with that, it offers usage in commercial applications in verticals such as energy, utilities, telecom, and agriculture. Since its inception, ideaForge has deployed more than 1,000 drones.

ideaForge had raised $2 Mn from venture debt firm Blacksoil in March last year. So far, in total it has raised $38.4 Mn in funding and venture debt from marquee names such as Infosys, and Windrose Capital, among others.

As of today, 180 drone startups are operating in the country, with as much as $27 million raised by them.

As per national security issues, the regulations in the sector are tightly controlled. The sector has also witnessed the entry of big names such as Reliance and Adani which have outlined aggressive plans to compete with others.

A variety of experiments have been conducted by startups and other companies to determine the effectiveness of drones. In collaboration with Redwing Labs, Piramal Foundation piloted drones to facilitate sample delivery for screening and diagnosis of tuberculosis in Kalahandi, a district of Odisha earlier this month.

Many drone technologies were displayed to the public at Wings 2022, the Ministry of Civil Aviation’s event to showcase aviation technologies. Last year in June, states like Karnataka, Tamil Nadu, Rajasthan, and Punjab also began testing long-range drone deliveries on a pilot basis. It was done to test the viability of home deliveries of medicines, eCommerce, and food orders using drones.

Globally, the market is led by players from the US, China and Israel. According to a BIS Research report published in July 2021, the global drone market is expected to reach $28.47 Bn in the financial year 2021-22, with India only accounting for 4.25%.

For more startup related news visit Alphanews.

 

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