Drone manufacturer "ideaForge" of "3 Idiots" fame submits IPO application

By: ISL | 16 February, 2023

The drone manufacturer, created by alumni of IIT Bombay and Mathew Cyriac, a former Blackstone executive, is backed by Qualcomm and Infosys. Some of the companies that support ideaForge include Qualcomm, Infosys, and Florintree Capital Partners.

• According to a source, the initial public offering (IPO) will include both an OFS component and a fresh issue of shares for about Rs 300 crore.
• In order to unlock value and raise capital through an initial public offering, Mumbai-based ideaForge, a vertically integrated company that designs and manufactures drones for mapping, security, and surveillance applications, has filed papers with market regulator SEBI.
• If the company's ambitions materialize, it would mark the first time a drone manufacturer has ever listed on the main board of a local exchange. Undoubtedly, Droneacharya Aerial Innovations, supported by renowned investor Shankar Sharma, made a brilliant entry into the BSE SME market in December 2022.
• ideaForge, co-founded by former Blackstone CEO Mathew Cyria, is funded by companies including Qualcomm, Infosys, and Florintree Capital Partners.
• "The DRHP (Draft Red Herring Prospectus) has been electronically filed. The IPO would include both OFS components and a fresh offering of shares for about Rs 300 crore. The selling stockholders that intend to take part include Qualcomm, venture capital companies, promoter group entities, and other investors "one of the individuals mentioned above stated.

How the 3 Idiots drone's creators obtained a $20 million UAV contract from the Indian Army

• An unmanned aerial vehicle (UAV) prototype from the company, which was developed by IIT Bombay graduates and is a market leader in India's defense and homeland security UAV business, fascinated onlookers in the Bollywood blockbuster "3 Idiots." The DRDO (Defence Research and Development Organization) became interested in the UAV that Aamir Khan's character Rancho in the film fixed, and the rest is history.
• According to a second source, the anticipated IPO's revenues would be utilized to reduce debt, as well as for working capital needs and product development. According to a third individual with knowledge of the IPO, the legal advisers are the law firm Shardul Amarchand Mangaldas and Khaitan & Co, while the investment banks working on the sale are JM Financial and IIFL Capital. He said that the drone industry was a fascinating field with significant development potential.
• In order to fund worldwide expansion, drone maker "ideaForge" raises $20 million with the help of Florintree.

 

An in-depth look into ideaForge

• IdeaForge was founded by Ankit Mehta, Ashish Bhat, and Rahul Singh, with Vipul Joshi serving as CFO. The company's applications for mapping support land surveys, volumetric estimates, and planning and mapping of mining areas. Applications are used for border security, coastal security and surveillance, criminal control, and anti-terrorist operations (by defense forces and law enforcement agencies).
• On average, a drone made by ideaForge takes flight for surveillance and mapping every five minutes, according to the company's website, making it the biggest operational deployment of indigenous UAVs in India.
• The site also says, "Over 300,000 flights have been conducted by our clients with our UAVs. According to the Drone Industry Analytics study, which was released in December 2022, we were rated 7th among producers of drones for dual purposes (civil and military). We hold the distinction of being the first firm to design and produce vertical take-off and landing ("VTOL") UAVs in India in 2009, in addition to being one of the first few businesses in India to enter the UAV industry. We offer the most comprehensive product lines in the market, including dual-use products for both civil and military purposes."