Funding · AI & Deep Tech

IdeaForge raises Rs 500 crore via qualified institutional placement

What they do

IdeaForge Technology manufactures unmanned aerial vehicles and software for defence, homeland security and civil sectors

The company raised Rs 500 crore through a qualified institutional placement by issuing over 62 lakh equity shares at Rs 795 per share

The capital will strengthen working capital, repay borrowings, fund product development and support expansion into combat and logistics drones

Drone technology manufacturer ideaForge Technology successfully raised Rs 500 crore through a qualified institutional placement (QIP) (an alternate capital raising route for listed companies).
The company allotted a total of 62,89,308 equity shares at a face value of Rs 10 each and an issue price of Rs 795 per share.
The issue price reflected a discount of 4.89% from the floor price determined according to market regulator guidelines.
The funds will be allocated toward working capital requirements, repayment of borrowings, new product development and general corporate purposes.
Institutional investors including HDFC Mutual Fund, Bandhan Infrastructure Fund and Franklin India Small Cap Fund participated in the round.
The company intends to use the capital to scale execution as unmanned systems become central to national security and critical infrastructure.

The fundraising follows a strong March quarter where quarterly revenue reached Rs 141 crore and net profit stood at Rs 60 crore.
The enterprise secured approximately Rs 530 crore in total contract bookings throughout the fiscal period servicing military and civilian buyers.
Management noted that the capital will help accelerate innovation and expand into combat drones, logistics platforms and autonomous mission systems.

ideaForge manufactures and develops unmanned aerial vehicles (UAVs) along with associated software and services for high-altitude, industrial and military applications.
Its product offerings include intelligence, surveillance and reconnaissance platforms deployed across defence, homeland security and industrial inspections.
The company is expanding its portfolio into combat drones, long-range strike systems, loitering munitions and middle-mile cargo logistics platforms.
It operates across domestic and international markets, securing orders from customers in India as well as overseas markets like the United States.

Expand into combat drones, long-range strike platforms and loitering munitions.
Develop the YETI middle-mile logistics platform for military and commercial use cases.

HDFC Mutual Fund-HDFC Defence Fund (participated) — Mutual fund scheme focusing on defence sector investments.
Arohi Emerging India Master Fund (participated) — Institutional investment fund.
Bandhan Infrastructure Fund (participated) — Mutual fund scheme focused on infrastructure investments.
Franklin India Small Cap Fund (participated) — Equity mutual fund scheme investing in small-cap companies.
ACM Global Fund VCC (participated) — Institutional investment fund.
HARA Global Master Fund Ltd (participated) — Global institutional investment fund.