ideaForge, India’s preeminent drone producer raises $20 Million led by Florintree | sUAS Information

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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 buyers resembling 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 filled with greater than 15 years of analysis and growth (R&D) with 20+ world 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 report and a big order e book, 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 Pressure, 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 glad to be related to Florintree, which has a confirmed observe report of serving to organisations unlock enterprise worth. ideaForge has grown 10X within the final two years and we’ll use this funding to put money into R&D, worldwide growth and constructing a world-class workforce. We need to proceed to create excessive efficiency, dependable and autonomous drones that encourage the adoption of this expertise.”

Mathew Cyriac, govt chairman, Florintree Advisors, with serial IPOs wins in Defence and Aerospace expertise 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 e book constructed by the corporate is testomony to the R&D work achieved by the workforce 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 anticipate ideaForge with its concentrate on constructing indigenous {hardware} inside home software program subsystems to realize an outsized market share in a quickly rising business.” 

About ideaForge

Constructed on a robust basis of interdisciplinary engineering, ideaForge is a world chief in UAV expertise. Its drones supply class-leading efficiency, reliability, and autonomy, and have been broadly adopted for defence, homeland safety and enterprise functions. In India, ideaForge has the most important 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 primarily based out of Mumbai headed by ex-Blackstone India head. Its portfolio firms embody MTAR Applied sciences, Knowledge Patterns, Gokaldas Exports, Freight Tiger, FreshMenu, SatinCredit Care Community, Wealthdesk and some different firms. Florintree’s most profitable exit to date has been from MTAR Applied sciences Pvt Ltd, which they exited by a public providing.

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