Total amount raised
$45.7 Millions
Latest funding date
6/1/2023
Location
ideaForge has successfully raised funding through multiple rounds, attracting a diverse group of investors. The company specializes in drone manufacturing for applications in mapping, security, and surveillance.
Keep reading to explore the intricacies of ideaForge's fundraising journey and the investors backing this innovative platform.
What Is ideaForge?
Founded in 2007, ideaForge is a leading drone manufacturing company based in Mumbai, Maharashtra, India. The company specializes in developing unmanned aerial systems for applications in mapping, security, and surveillance.
ideaForge was founded by Ankit Mehta, Ashish Bhat, Rahul Singh, and Vipul Joshi. Their innovative approach focuses on usability and user-centric design, catering to industries such as defense, public safety, and infrastructure.
With a workforce of 251-500 employees, ideaForge continues to push the boundaries of drone technology, providing solutions for a wide range of critical applications.
How Much Funding Has ideaForge Raised?
- Angel Round
- Amount Raised: $125K
- Date: January 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company’s operations and initial product development.
- Series A
- Amount Raised: $10M
- Date: December 2016
- Lead Investors: IndusAge Partners, WRV Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production and expand market reach.
- Series B
- Amount Raised: $5.2M
- Date: November 2017
- Lead Investors: Celesta Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance R&D capabilities and develop new drone models.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Windrose Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing projects and market expansion.
- Debt Financing
- Amount Raised: $1M
- Date: February 2021
- Lead Investors: Infosys
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage operational costs and short-term financial needs.
- Debt Financing
- Amount Raised: ₹150M
- Date: March 2021
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital requirements and debt repayment.
- Series B
- Amount Raised: $20M
- Date: April 2022
- Lead Investors: Florintree Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Grant
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: Department of Science and Technology
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund research and development initiatives.
- Venture Round
- Amount Raised: ₹600M
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To prepare for an upcoming IPO and strengthen financial position.
Total Amount Raised: $36.325M + ₹750M
Current Valuation: Not publicly disclosed
Key Investors
- Florintree Advisors
- Details: Florintree Advisors is an investment firm led by Mathew Cyriac, focusing on private equity and venture capital investments. They have a significant stake in ideaForge, being one of the lead investors in the Series B round.
- Investment Focus Areas: Private equity, venture capital, technology.
- Notable Investments: Not publicly disclosed.
- Infosys
- Details: Infosys is a global leader in technology services and consulting, headquartered in India. They participated in the debt financing round for ideaForge in February 2021.
- Investment Focus Areas: Technology services, consulting, innovation.
- Notable Investments: Not publicly disclosed.
- Celesta Capital
- Details: Celesta Capital is a venture capital firm that invests in technology startups. They led the Series B round for ideaForge in November 2017.
- Investment Focus Areas: Technology, startups, innovation.
- Notable Investments: Not publicly disclosed.
- IndusAge Partners
- Details: IndusAge Partners is a venture capital firm that focuses on early-stage technology companies. They were one of the lead investors in the Series A round for ideaForge in December 2016.
- Investment Focus Areas: Early-stage technology, innovation, startups.
- Notable Investments: Not publicly disclosed.
- Windrose Capital
- Details: Windrose Capital is a venture capital firm that invests in high-growth companies. They participated in the venture round for ideaForge in January 2019.
- Investment Focus Areas: High-growth companies, technology, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for ideaForge?
As ideaForge prepares for its IPO, the company stands on the brink of significant opportunities. With plans to raise Rs 570 crore from the public market, the funds will be directed towards closing the working capital gap, debt repayment, and product development. The participation of major anchor investors like Nomura Funds and Goldman Sachs underscores the strong market confidence in ideaForge's potential.
Future fundraising opportunities appear promising, especially with the growing interest in drone technology and unmanned aerial vehicles. Post-IPO, ideaForge is likely to attract further investment rounds, bolstered by its robust financial performance and strategic backing from notable investors like Infosys and Florintree Advisors.
However, the path ahead is not without challenges. Managing increased operational costs and navigating regulatory requirements will be crucial. Additionally, maintaining profitability while scaling up operations and addressing public perception issues, such as the recent drone explosion incident, will be vital for sustained growth.
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