Drone technology company ideaForge Technology has successfully raised Rs 500 crore through Qualified Institutional Placement (QIP), and it plans to use the proceeds to fund the company's next phase of growth and strengthen its working capital.
The company allotted a total of 62,89,308 equity shares of a face value of Rs 10 each at an issue price of Rs 795 per share, representing a discount of Rs 40.86 (4.89% of the floor price) determined as per market regulator SEBI guidelines, the company said in a statement.
The QIP received a strong response from marquee domestic and international institutional investors, reflecting their confidence in the company's long-term strategy and growth prospects, it said.
Investors such as HDFC Mutual Fund-HDFC Defence Fund, Arohi Emerging India Master Fund, Bandhan Infrastructure Fund, Franklin India Small Cap Fund, ACM Global Fund VCC, HARA Global Master Fund Ltd and other institutional investors were allotted the equity shares, the statement added.
"This capital strengthens our ability to accelerate innovation, deepen our product portfolio and scale execution as unmanned systems become increasingly central to national security, public safety and critical infrastructure operations. Building on our proven ISR capabilities, we are expanding into combat drones, logistics platforms, autonomous mission systems and technologies that can operate effectively in contested electronic warfare environments," said Ankit Mehta, Co-founder and CEO of ideaForge Technology.
The company's continued investment in indigenous innovation is aimed at building trusted sovereign unmanned systems that can address the evolving needs of defence, homeland security and critical infrastructure, both in India and globally, Mehta added.
ideaForge said it continues to invest in new product and technology development that will define the future of unmanned systems, expanding beyond intelligence, surveillance and reconnaissance into combat drone capabilities, logistics platforms and autonomous mission systems, while advancing electronic warfare resilience capabilities.
The company has seen record order inflows, strong execution across both defence and civil sectors, and continued investment in indigenous technology development. With demand for trusted, sovereign UAV systems rising globally, ideaForge is well positioned to build on this momentum and strengthen its position in key domestic and international markets, the company said.
