Mumbai- based a drone manufacturing company ideaForge has done its series B funding round with $20 million led by Florintree.
Its existing investors like Celesta, a deep tech investment fund, Infosys, Qualcomm, Exim Bank of India and Infina had participated in the funding round.
The funds will be use for R&D, international expansion and building the team for it, clarified Ankit Mehta, Co-founder and CEO of ideaForge.
“… While the industry has increased in recent years as a result of government policy, we expect ideaForge, with its focus on constructing indigenous hardware within house software subsystems, to gain an outsized market share in a rapidly growing industry,” said Mathew Cyriac, executive chairman of Florintree Advisors.
ieadForge is founded in 2007. The Indian Army has awarded ideaForge repeat contracts for its SWITCH UAVs. The Indian Navy, Air Force, State Police Forces, BSF, NSG, CRPF, Adani, L&T, Indian Oil, Survey of India, and Indian Railways are the customers of ideaForge.