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Total Issue Size
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Offer For Sale (OFS)
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Investment in product development
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ideaForge Technology Limited designs and manufactures unmanned aircraft systems, commonly known as drones, for both civil and defense applications. Founded by Ankit Mehta, Rahul Singh, and Ashish Bhat, the company has built a portfolio spanning drone hardware such as unmanned aerial vehicles, payloads, batteries, chargers and communication systems, alongside proprietary software and embedded platforms for mission planning, navigation and secure video streaming. The company holds a leading position in India's unmanned aircraft systems industry, with roughly half the domestic market by revenue in fiscal 2022, and was ranked among the top players globally in the dual-use civil-and-defense drone category as of December 2022. Its products are used for surveillance, mapping, surveying, mining, construction and defense intelligence-surveillance-reconnaissance operations, with an installed base large enough that one of its drones takes off somewhere in India roughly every five minutes on average. The company returned to profitability in fiscal 2022 after reporting losses in the two preceding years, with revenue rising sharply on the back of expanding demand for indigenous drone technology across defense and civil surveillance use cases. It continues to invest in in-house product development to strengthen its position as India's domestic drone sector scales up.
Ahead of the issue opening, the company raised about Rs 254.88 crore from anchor investors, including Pinebridge Global Funds, Nomura Funds, Ashoka India Equity Investment Trust, HSBC Mutual Fund, Goldman Sachs Funds, Carmignac Portfolio, Tata AIA General Insurance, ICICI Prudential Mutual Fund, Invesco India, Axis Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, Quant Mutual Fund and Max Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 12:36 PM
Domestic market leadership
Holds roughly half of India's unmanned aircraft systems market by revenue, with the largest operational deployment of indigenous drones in the country.
Global standing in dual-use drones
Ranked among the top players worldwide in the dual-use (civil and defense) drone manufacturing category.
In-house technology platform
Builds its own hardware, embedded systems and mission-planning software, reducing reliance on third-party components.
Strong revenue growth
Revenue grew sharply between fiscal 2021 and fiscal 2022 as demand for indigenous drone technology expanded.
History of losses
The company posted losses in fiscal 2020 and fiscal 2021 before turning profitable in fiscal 2022.
Premium valuation
The issue was priced at a price to earnings multiple well above many listed peers, adding valuation risk.
Customer concentration in a niche sector
Demand is closely tied to government and defense procurement cycles, which can be uneven and order-dependent.
MUFG Intime India Private Limited
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