ideaForge, a homegrown unmanned aerial vehicles (UAVs) manufacturer backed by US-based WRVI Capital and leading companies like Qualcomm and Infosys, has raised ₹15 crore from venture debt firm BlackSoil.
The funds will be used to meet the working capital requirements of the company to service its large order book, it said in a statement. ideaForge serves a number of homeland and security agencies in the country and its product portfolio of drones has been developed keeping in mind the use cases relevant to India.
“The funds, along with recent fundraise from Infosys and other investors will support ideaForge in the execution of our burgeoning order book, and we hope to build on this relationship and catapult the company into the next phase of growth,” said Ankit Mehta, Co-Founder, and CEO of ideaForge.
Last month, the company received a $20 million order from the Indian Army to make high-altitude variant of SWITCH UAVs. SWITCH is a vertical takeoff and landing (VTOL) with advanced capabilities of operating at high altitudes and difficult climatic conditions for day and night surveillance.
“ideaForge has created a robust line of drones backed by best in class hardware & software capabilities. Their products are best suited for Indian enterprise customers and solve for a wide range of use cases suitable to Indian requirements,” said Ankur Bansal, Director, BlackSoil Capital. Covid has also accelerated the adoption and use of drones for various new use cases in urban areas, he added.
With more than 15 years of research and development and multiple patents in Indian and international market, the company has created a robust product line that is gaining traction in the Indian market. It has deployed more than 1,000 drones since its inception, the company said.