Drone startups ideaForge filed DRHP in February 2023 to float its Initial public offering. The company reportedly floating IPO consists of a fresh issue of INR 300 Crore and an offer for the sale of 48.7 lakh shares. The net proceeds of this IPO will be used to reduce debt, meet working capital needs, and fund new product development. The promoter group entities, Qualcomm, and venture capital firms are selling some portion of their shares in an offer for sale.
Recently, another Drone startup IPO Dranacharya Droneacharya Aerial Innovations closed successfully while giving approximately 190% return to its investors. This sets the background of this industry and startup IPOs are successfully launching their initial public offering.
Drone policy across the globe has been liberalized off late. Several aviation authorities including India have relaxed their guidelines to allow the commercial and recreational use of drones. Private individuals now can fly drones for various purposes within certain areas across the country. A new concept called Drone-as-a-service is emerging worldwide. Amazon has started delivering its services through drones in various parts of the globe.
The global drone market size is expected to reach US$ 51.4B in the year 2027 and further leap to ~US$ 91.3B by the year 2030 from its current market size of US$ 21.1B in 2022. The Indian government is also encouraging the adoption of drone technology in various applications including agriculture. With the new ‘The Drone Rules 2021’, PLI scheme, UTM policy, and liberalized drone policy, India is also positioned to become a global manufacturing hub for drone technology.
Drone startups ideaForge Company insights to invest
Mumbai (Maharastra) based Ideaforge technology pvt ltd is a leading manufacturer of unmanned aircraft systems (“UAS”) in India. The company had the largest operational deployment of indigenous UAVs across India. It is one of the best drone companies in India.
- Ideaforge Drones completed over 300,000 flights take off through its users.
- The company ranked 7th globally in the dual-use category (civil and defense) drone manufacturers.
- It is the first company to indigenously develop and manufacture vertical take-off and landing (“VTOL”) UAVs in India in 2009.
- Ideaforge Drones captured 50% of the Indian Unmanned Aircraft Systems (“UAS”) market in FY2022.
- Major products or brands of the company consist of Switch UAV, Netra V4 UAV, Ninja UAV, Q4i UAV, RYNO UAV, Q6 UAV,
- These UAVs can sustain all kinds of weather conditions.
- Made in India – indigenously designed – vertically integrated operation.
- Ideaforge technology pvt Ltd. claims to provide the best support networks in India for UAVs.
- The UAVs of ideaForge are used mainly in two applications as Mapping and Surveying and Security and Surveillance.
Ideaforge technology pvt ltd Founders and Leadership team
Ankit Mehta, Ashish Bhat, and Rahul Singh are the co-founders of ideaForge. Ankit Mehta is the Co-Founder & CEO of the company. He is from IIT Bombay. Ankit is responsible for driving business growth, strategy, global expansion, and investor relations. He holds a degree in bachelor of technology in mechanical engineering under a dual degree program. He also holds a degree in master of technology in mechanical engineering with a specialization in computer-aided design and automation under the dual degree program from the Indian Institute of Technology, Bombay.
Ashish Bhat is the Co-founder and VP of R&D at ideaForge Technology Pvt. Ltd. He holds a B.Tech, Electrical Engineering degree from the Indian Institute of Technology, Bombay.
Rahul Singh is a Co-founder and VP Engg at ideaForge Technology Pvt. Ltd. He holds a B.Tech, Mechanical Engineering degree from the Indian Institute of Technology, Bombay.
Ideaforge technology pvt ltd Revenue and Profit
Ideaforge registered strong revenue growth over the last three fiscal years. The total income of the company increased to INR 16,455.90 lakh in the fiscal year 2022 as against INR 1640.17 lakh in the fiscal year 2020. However, Ideaforge technology pvt ltd has incurred losses for the years 2020 and 2021 and come to profit in FY 2022. The net cash flow of the company also become positive in FY 2022. Both debt to equity ratio and return on equity ratio has improved over the years.
Ideaforge Drones Financial Snapshots
| All amounts in INR Lakhs | |||
| (Year ended March 31) | 2020 | 2021 | 2022 |
| Revenue Operation | 1,409.5 | 3,493.17 | 16,255.82 |
| Total Income | 1640.17 | 3,626.55 | 16,455.90 |
| Profit After Tax | (1353.69) | (1,428.61) | 5,485.23 |
| Net Cash from Operating Activities | (1,713.42) | (3,172.94) | 6,557.28 |
| Debt/Equity Ratio | 0.705 | 0.394 | |
| RoE | (0.222) | 0.602 | |
| RoCE | (0.173) | 0.497 |
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