India’s drone manufacturer, ideaForge, has closed its Series B funding round of USD 20 Million led by Florintree, helmed by the former Blackstone India private equity Co-Head, Mathew Cyriac.
ideaForge has more than 15 years of research and development with 20+ global patents and dominates the Indian market. Its drones are deployed for a mission every six minutes by the Defence Ministry, Homeland Security, and enterprise customers. ideaForge is the first Indian OEM and has bagged repeated contracts from the Indian Army for its SWITCH UAVs. Its customers include the Indian Navy, Air Force, State Police Forces, BSF, NSG, CRPF, Adani, L&T, Indian Oil, Survey of India, Indian Railways, etc.
ideaForge Co-founder & CEO Ankit Mehta 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.”