Being the first Indian OEM, the drone manufacturer has bagged repeated contracts from the Indian Army for its SWITCH UAVs
Indian drone manufacturer, ideaForge has closed its Series-B Funding round of USD 20 million. The funding round was led by Florintree, helmed by the former Blackstone India private equity Co-Head, Mathew Cyriac
Having more than 15 years of research and development with 20+ global patents, the drone manufacturer dominates the Indian market. The company’s drones are deployed for a mission every six minutes by the Defence Ministry, Homeland Security, and enterprise customers. Being the first Indian OEM, the drone manufacturer has bagged repeated contracts from the Indian Army for its SWITCH UAVs. The company’s customers include the Indian Navy, Air Force, State Police Forces, BSF, NSG, CRPF, Adani, L&T, Indian Oil, Survey of India, Indian Railways, etc.
Ankit Mehta, Co-founder & CEO of the drone manufacturer – ideaForge said, “ideaForge is happy to be associated with Florintree, which has a track record of helping organisations unlock enterprise value. ideaForge has grown 10X in the last two years, and we will use these funds to invest in R&D, international expansion and building a world-class team. We want to continue creating high-performance, reliable and autonomous drones that inspire the adoption of this technology.”
Mathew Cyriac, executive chairman at Florintree Advisors, said, “Florintree has been tracking the drone sector closely for the last two years, and ideaForge is one of the few globally competitive full-stack players in the sector with scale and profitability. We expect ideaForge to focus on building indigenous hardware within house software subsystems to gain an outsized market share in a rapidly growing industry.”
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