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ideaForge, India’s largest producer of drones, has closed its Collection B funding spherical of $20 Million led by Florintree, which is helmed by the former Blackstone India non-public fairness Co-Head, Mathew Cyriac. The spherical additionally noticed participation from its present traders equivalent to Celesta, which is a outstanding deep tech funding fund, Infosys, Qualcomm and Infina, together with the Exim Financial institution of India.
Based in 2007 by IIT Bombay alumni, ideaForge is full of greater than 15 years of analysis and growth (R&D) with 20+ international patents. It dominates the Indian market with its drones being deployed for a mission each 6 minutes by Defence, Homeland Safety and Enterprise clients. With a confirmed supply observe document and a big order ebook, ideaForge boasts of being the primary Indian OEM to bag repeat contracts from the Indian Military for its SWITCH UAVs. Its clients additionally embody the Indian Navy, Air Power, State Police Forces, BSF, NSG, CRPF, Adani, L&T, Indian Oil, Survey of India, Indian Railways, and so forth.
ideaForge Co-founder & CEO, Ankit Mehta commented, “ideaForge could be very comfortable to be related to Florintree, which has a confirmed observe document of serving to organisations unlock enterprise worth. ideaForge has grown 10X within the final two years and we’ll use this funding to spend money on R&D, worldwide growth and constructing a world-class staff. We wish to proceed to create excessive efficiency, dependable and autonomous drones that encourage the adoption of this know-how.”
Mathew Cyriac, govt chairman, Florintree Advisors, with serial IPOs wins in Defence and Aerospace know-how stated, “Florintree has been monitoring the drone sector intently for the final two years and ideaForge is likely one of the few globally aggressive full stack gamers within the sector with scale and profitability. The sturdy order ebook constructed by the corporate is testomony to the R&D work executed by the staff during the last 15 years and they’re primed to develop exponentially. Whereas the business has proliferated in the previous couple of years on the again of presidency coverage, we count on ideaForge with its concentrate on constructing indigenous {hardware} inside home software program subsystems to achieve an outsized market share in a quickly rising business.”
About ideaForge
Constructed on a powerful basis of interdisciplinary engineering, ideaForge is a world chief in UAV know-how. Its drones supply class-leading efficiency, reliability, and autonomy, and have been broadly adopted for defence, homeland safety and enterprise purposes. In India, ideaForge has the biggest market share within the safety, surveillance, and industrial marketplace for drones. Its clients have performed over 230,000 missions utilizing its drones. For extra info, go to www.ideaforge.co.in
About Florintree:
Florintree Advisors is a growth-stage non-public fairness agency based mostly out of Mumbai headed by ex-Blackstone India head. Its portfolio firms embody MTAR Applied sciences, Information Patterns, Gokaldas Exports, Freight Tiger, FreshMenu, SatinCredit Care Community, Wealthdesk and some different firms. Florintree’s most profitable exit thus far has been from MTAR Applied sciences Pvt Ltd, which they exited by way of a public providing.
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