ideaForge is an Indian company that manufactures unmanned aerial vehicles (UAVs) or drones. The company was founded in 2007 by Ankit Mehta, Rahul Singh, Ashish Bhat and Vipul Joshi who were engineering students at the time. ideaForge has emerged as one of the leading drone companies in India with a significant market share.
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ideaForge was founded in 2007 by four co-founders – Ankit Mehta, Rahul Singh, Ashish Bhat and Vipul Joshi when they were engineering students at IIT Bombay. The founders started off by building small drones as college projects and participated in various drone competitions globally. After winning several global competitions, the founders decided to turn their college project into a commercial venture and formally incorporated ideaForge in 2008.
ideaForge is headquartered in Mumbai, India and has manufacturing facilities in Navi Mumbai. The company started with manufacturing drones for the consumer market but over the years has pivoted to focus more on enterprise and defense clients. ideaForge drones are used by defense forces, police, mining companies, geospatial agencies, surveyors, and various other commercial sectors in India. The company has a diverse product portfolio of drones catering to different customer needs.
Some quick facts about ideaForge:
- Founded in: 2007
- Founders: Ankit Mehta, Rahul Singh, Ashish Bhat, Vipul Joshi
- Headquarters: Mumbai, India
- Manufacturing facilities: Navi Mumbai
- Core business: Designing and manufacturing drones/UAVs
- Key sectors served: Defense, police, surveying, mining, oil/gas etc.
Founders Background
Here is some background on the founders of ideaForge:
Ankit Mehta
Ankit Mehta is the CEO and one of the four co-founders of ideaForge. He studied Mechanical Engineering at IIT Bombay where the founders built their first drones. Prior to starting ideaForge, Ankit worked as a business analyst at Tata Consultancy Services (TCS). He brings strong technical and analytical skills to the company.
Rahul Singh
Rahul Singh is a co-founder and the Chief Technology Officer at ideaForge. He looks after the technology and product development initiatives at the company. Rahul has a B.Tech in Electrical Engineering from IIT Bombay. He won a gold medal at an international robotics competition which inspired the founders to build drones.
Ashish Bhat
Ashish Bhat co-founded ideaForge along with his classmates from IIT Bombay. He is an aerospace engineer and heads the aerodynamics and design functions at ideaForge. Ashish has previously worked at Hindustan Aeronautics Limited (HAL) which gave him exposure to aerospace engineering.
Vipul Joshi
Vipul Joshi is one of the four co-founders of ideaForge and heads the electronic functions at the company. He has a B.Tech in Electrical Engineering from IIT Bombay. Vipul looks after areas like sensors, telemetry and other electronics aspects crucial for building drones.
Growth and Funding
ideaForge has grown tremendously since its early days in 2007. The company has raised several rounds of funding to finance its growth plans:
- In 2016, ideaForge raised INR 30 crores from WRV Capital and Infuse Ventures.
- The company raised INR 15 crores from Mariwala Family Office and JSW Ventures in 2017.
- In 2018, ideaForge raised its Series A round of INR 40 crore from WRV Capital.
- Most recently in 2021, ideaForge raised INR 15 crore in venture debt from BlackSoil Capital.
ideaForge has used the funding to expand its product portfolio, manufacturing capabilities, team strength and global footprint. The company is on the path to continued growth in the coming years.
Products and Innovations
ideaForge has designed and built over 15 drone models to meet various customer needs. Here are some of their key made-in-India drone products:
NETRA
NETRA is an advanced drone built for surveillance operations. It is used widely used by defense forces, police, and security agencies. NETRA can be deployed for missions like border surveillance, crowd monitoring and offensive operations.
SWITCH UAV
SWITCH UAV is a vertical take-off and landing (VTOL) drone. It can take-off and land like a helicopter but fly like a fixed-wing aircraft. SWITCH has long endurance and is ideal for surveying applications.
PARIKRAMA
PARIKRAMA is ideaForge’s drone used for geospatial mapping applications. It captures high-resolution imagery and is used extensively in surveying, construction, mining and other industries.
MILAN
MILAN is an advanced combat drone designed for the Indian Armed Forces. It is an unmanned combat aerial vehicle (UCAV) and can be armed with laser-guided bombs, missiles etc.
Apart from these, ideaForge also provides custom drone solutions tailored to specific customer needs. The company has made drones for applications like powerline inspection, precision agriculture, mining surveils etc.
Customers and Users
Here are some of the key customers and users of ideaForge drones:
- Indian Armed Forces (Army, Air Force, Navy)
- Central Armed Police Forces (BSF, CRPF, ITBP, CISF, SSB)
- State Police Forces (Maharashtra, UP, AP etc.)
- DRDO and other defense research agencies
- Large survey and mapping agencies
- Oil and gas companies like ONGC
- Mining and construction companies
- State disaster management agencies
ideaForge has a strong presence in the enterprise and public safety drone market within India. Its drones are used for critical defense, surveillance, industrial inspection, surveying and geospatial applications across the country.
Manufacturing and Facilities
All ideaForge drones are designed and manufactured in India. The company has a 30,000 sq ft manufacturing facility located in Navi Mumbai. Some key facts:
- In-house capabilities for drone manufacturing including airframe fabrication, electronics assembly, integration and testing
- Highly optimized assembly lines for lean drone production
- Capacity to manufacture over 1500 drones per year
- End-to-end quality control and assurance systems
- Advanced drone testing facilities for environments like wind, water, humidity etc.
By keeping manufacturing indigenous, ideaForge ensures complete control over quality and product enhancements. The indigenous manufacturing also makes the drones highly customized for Indian conditions.
Team and Employees
ideaForge has a team of over 300 employees including ~200 engineers as of 2022. Some details:
- Strong in-house R&D team with IIT and other premier institute graduates
- Workforce comprising mechanical, electrical, aerospace, software engineers
- Presence of domain experts in areas like sensors, navigation, drone aerodynamics etc.
- Experienced program management and customer support teams
- Employees with expertise in compliance, quality assurance and other organizational functions
The company continues to recruit top engineering and technology talent across domains to strengthen its capabilities and product portfolio.
Year | Revenue (INR Cr) | Proft (INR Cr) |
---|---|---|
2018 | 24 | 3 |
2019 | 36 | 4 |
2020 | 55 | 7 |
Financial Growth
Some key financial highlights of ideaForge’s growth in the last few years:
- Revenue has grown at a CAGR of 60% from 2018 to 2020
- Profitability has also increased consistently during the period
- Significant growth in sales to defense and public security customers
- Government contracts and tenders have expanded order book
- Raised total funding of INR 100 Cr till date from investors
The company is expected to maintain strong financial momentum due to rising adoption of drones and new customer acquisitions.
Investors and Acquisitions
Here are some of the key investors in ideaForge:
- WRV Capital: Leading investor with several rounds of funding
- Infosys co-founder Kris Gopalakrishnan: Invested in personal capacity
- Mariwala Family Office: Family office of Marico founder Harsh Mariwala
- JSW Ventures: Venture capital arm of JSW Group
- BlackSoil Capital: Provided venture debt funding
ideaForge has made two acquisitions till date:
- Acquired Zen Technologies in 2020: Zen is a leading drone simulator company
- Acquired Grene Aerospace in 2021: Grene makes crucial drone components
The acquisitions have expanded ideaForge’s capabilities in simulation, drone components and defence systems integration.
Growth Plans and Outlook
ideaForge remains one of the top drone technology companies from India serving both domestic and international markets. Some of its growth plans ahead:
- Expand product portfolio into new drone categories
- Increase exports to regions like Southeast Asia, Middle East
- Build new strategic capabilities through acquisitions
- Cater to new sectors such as agriculture, logistics, geospatial etc.
- Increase indigenous manufacturing capacity and capabilities
The company aims to maintain over 40% revenue growth annually in the coming years. ideaForge is well-placed to be a global leader in enterprise drone technology leveraging its homegrown Indian R&D and manufacturing base.
Conclusion
ideaForge is an inspiring Indian company that has become a pioneer in drone technology not just in India but globally. It has successfully transformed from a college project to a professional drone powerhouse serving critical national needs. With its top-notch indigenous products, customers like Armed Forces and growth mindset, ideaForge is sure to scale new heights in the coming years. The company exemplifies how Indian engineering talent can build cutting-edge products and technologies to serve global markets. As drone adoption expands in the commercial sector, ideaForge is well positioned through its technology leadership and deep sectoral expertise across surveillance, defense, industrial and geospatial applications.