The story of ideaForge: From humble beginnings and 26/11 terror attacks to an IPO

ideaForge Technology Pvt. Ltd is poised to make waves in the market as it prepares for its highly anticipated initial public offering (IPO). At the forefront of cutting-edge drone technology, with a focus on developing superior solutions for intelligence, surveillance, and reconnaissance (ISR) purposes, the company has its origins over 15 years ago.

ideaForge’s background

ideaForge was founded in 2007 by IIT Bombay alumni Ankit Mehta, Rahul Singh, Vipul Joshi, and Ashish Bhat. The unmanned aerial vehicle (UAV) firm, now one of the largest dronemaker in India, had humble beginnings in IIT-Bombay’s innovation cell. 

“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,” Mehta told YourStory in a 2021 interview. 

The company was built with a mission to develop technically superior UAVs for intelligence, surveillance, and reconnaissance (ISR), utilising modern advancements in aerospace and robotics. Mehta had revealed that the company was bolstered in its resolve to use its UAV drone technology for security use in the aftermath of the 2008 Mumbai terror attacks. 

How ideaForge is fostering innovation

Over the years, ideaForge has showcased its knack for innovative solutions. The company made its mark as the first in India to develop and manufacture vertical take-off and landing (VTOL) drones. This breakthrough technology revolutionised the capabilities of drones, enabling them to operate in various environments with enhanced agility and efficiency.

Today, ideaForge boasts the largest operational deployment of indigenous drones in India. With a drone taking off every five minutes on average for surveillance and mapping tasks, the company has demonstrated its commitment to providing real-time solutions for intelligence gathering and aerial monitoring.

The team at ideaForge has always placed a high priority on usability, sustainability, and customisation. By incorporating user-friendly interfaces, durable materials, and adaptable features, they have developed a diverse product range that caters to both civil and defense applications. This focus on innovation and versatility has positioned ideaForge as a key player in the drone market.

ideaForge: Leading the way

ideaForge's commitment to delivering high-quality drones has allowed them to carve out a significant portion of the Indian unmanned aircraft systems market. Their drones have gained recognition for their exceptional performance in terms of safety, reliability, autonomy, and overall functionality.

The company’s relentless pursuit of excellence has earned them prestigious accolades, including the Marico Innovation Foundation Award and the title of Best Product Design Company by IESA. 

Know about ideaForge in numbers 

The financial highlights of ideaForge showcase their impressive performance throughout their journey. In the fiscal year 2022, the company recorded a revenue of Rs 1.6 billion, gross profit of Rs 1.1 billion, and a net income of Rs 548.5 million. They have also raised Rs 330 crore in funding, with the latest round completed on June 15, 2023.

The upcoming ideaForge IPO

The upcoming IPO of ideaForge has generated significant buzz in the market. The company has filed for an IPO with the Securities and Exchange Board of India (SEBI). The IPO includes a fresh issue of shares worth Rs 240 crore and an offer-for-sale (OFS) from promoters and shareholders. The IPO is expected to raise nearly Rs 550 crore, with Rs 50 crore earmarked for debt repayment, new product development, and daily operational expenses. The company has already raised Rs 254.88 crore from 31 anchor investors ahead of the subscription. 

Looking Ahead

The launch of this IPO marks the start of a new chapter in the growth story of ideaForge. With the drone industry in India expected to grow at a 20 per cent  compound annual growth rate (CAGR), the company aims to establish itself as a key player in the industry. ideaForge does not yet have the capabilities to manufacture drones capable of offensive combat, a feature that the Indian defence sector might be interested in, as evidenced by India's plan to spend $4 billion on purchasing predator drones from the US. Despite these challenges, ideaForge is hopeful about its IPO, looking to emulate the success of drone company DroneAcharya, which saw its stocks rise nearly 100 per cent when it made its debut to public markets in December 2022.