ideaForge Soars Higher: Fueled by Innovation and Strategic Partnerships

IdeaForge, a city-based drone maker, plans to increase its R&D spend this fiscal year to develop advanced technology and product platforms in the UAV space. With evolving regulations and strategic investments, the company aims to enhance global reach and innovation while expecting substantial contributions from recurring revenue.

Drone manufacturer ideaForge, based in the city, is set to increase its research and development expenditures this fiscal year to enhance its technology and product offerings in the unmanned aerial vehicle (UAV) sector.

In alignment with the government's commitment to boost domestic drone research and production, ideaForge emphasizes that ongoing innovation through product and market research is crucial for sustained growth in this burgeoning industry.

Co-founder and CEO Ankit Mehta mentioned that despite last year's R&D spending representing 22% of revenues, the company plans an even higher allocation this year. The company's annual consolidated revenue was Rs 314-crore for the fiscal year ended March 31, 2024, with a profit of Rs 45.27 crore, despite a December quarter loss.

ideaForge expects its run-rate business — steady revenue from existing operations — to significantly bolster its overall earnings. India's drone industry is rapidly evolving, with an influx of new manufacturers and service providers, aided by favorable regulations.

In a notable move, ideaForge recently invested strategically in Vantage Robotics Inc, a Silicon Valley-based provider of nano and micro-UAVs, to enhance its R&D and expand its international presence. Founded in 2007, ideaForge benefits from the financial backing of prominent investors including Infosys and Qualcomm Ventures, and serves multiple sectors from defense to agriculture.

(With inputs from agencies.)