Total amount raised
$45.7 Million
Latest funding date
6/1/2023
Location
ideaForge has successfully raised funds over 11 rounds, with the latest being a Venture - Series Unknown round. The company has attracted 23 investors, including notable names like Aditya Birla Sunlife Mutual Fund and HDFC Bank.
Keep reading to explore the intricacies of ideaForge's fundraising journey and the investors backing this innovative drone manufacturing company.
What Is ideaForge?
ideaForge is a drone manufacturing company based in Mumbai, Maharashtra, India. Specializing in mapping, security, and surveillance applications, the company has established itself as a key player in the drone industry.
With an employee count ranging between 251-500, ideaForge continues to innovate and expand its reach. The company is publicly traded under the stock symbol NSE:IDEAFORGE.
How Much Funding Has ideaForge Raised?
- Round Name: Angel
- Amount Raised: USD 125,000
- Date: January 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Round Name: Series A
- Amount Raised: USD 10,000,000
- Date: December 2016
- Lead Investors: IndusAge Partners, WRV Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Round Name: Debt Financing
- Amount Raised: Not publicly disclosed
- Date: December 2016
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and operational expenses.
- Round Name: Series B
- Amount Raised: USD 5,191,300
- Date: November 2017
- Lead Investors: Celesta Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and develop new technologies.
- Round Name: Series B
- Amount Raised: USD 20,000,000
- Date: April 2022
- Lead Investors: Florintree Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further the company's growth and development.
- Round Name: Debt Financing
- Amount Raised: INR 150,000,000
- Date: March 2021
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational and expansion activities.
- Round Name: Debt Financing
- Amount Raised: USD 1,000,000
- Date: February 2021
- Lead Investors: Infosys
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and product development.
- Round Name: Series Unknown
- Amount Raised: INR 600,000,000
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure anchor investors ahead of the IPO.
- Round Name: Grant
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: Department of Science and Technology
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development initiatives.
- Round Name: Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Windrose Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and product offerings.
Total Amount Raised: USD 36,316,300
Current Valuation: Not publicly disclosed
Key Investors
- Florintree Advisors
- Details: Florintree Advisors is an investment firm that led ideaForge's Series B round. The firm is known for its focus on growth-stage companies.
- Investment Focus Areas: Technology, financial services, healthcare
- Notable Investments: ideaForge, Vayana Network, Freight Tiger
- Infosys
- Details: Infosys is a global leader in technology services and consulting. The company has invested in ideaForge to enhance its technological capabilities.
- Investment Focus Areas: Technology, consulting, digital transformation
- Notable Investments: ideaForge, TidalScale, Waterline Data
- Celesta Capital
- Details: Celesta Capital is a venture capital firm that invests in early-stage technology companies. They led ideaForge's Series B round in 2017.
- Investment Focus Areas: AI, robotics, software
- Notable Investments: ideaForge, AEye, Mythic
- Aditya Birla Sun Life Mutual Fund
- Details: Aditya Birla Sun Life Mutual Fund is a joint venture between the Aditya Birla Group and Sun Life Financial. It is one of the largest mutual fund companies in India.
- Investment Focus Areas: Mutual funds, equity, debt
- Notable Investments: Various mutual fund schemes in India
- HDFC Bank
- Details: HDFC Bank is one of India's leading private sector banks. The bank has invested in ideaForge to support its growth and development.
- Investment Focus Areas: Banking, financial services, housing finance
- Notable Investments: Various financial products and services
What's Next for ideaForge?
ideaForge stands on the brink of significant growth, with opportunities in both civil and defense sectors. The upcoming IPO, expected to raise around INR 650 crore, will provide the necessary capital to close working capital gaps, repay debt, and invest in product development. This financial boost, coupled with a strong market position, sets the stage for substantial expansion.
Future fundraising opportunities are promising, with continued interest from institutional investors and potential for further rounds post-IPO. However, the company must navigate challenges such as rising operational costs, regulatory hurdles, and competition in the UAV market. Maintaining profitability and managing rapid growth will be crucial for sustained success.
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