Idea Forge’s drone was seen in 3 Idiots.
Idea Forge, one of the leading drone manufacturing companies, is all set to launch its IPO.
In a remarkable journey that began as a college project led by Ankit Mehra and his two IIT juniors, Idea Forge has emerged as a prominent player in the drone industry. Now, the company is poised to make a significant move by listing on the stock market.
Having successfully concluded its pre-IPO placement, raising an impressive INR 2,500 crore, Idea Forge solidifies its position as India’s largest drone manufacturer. The company’s evolution from a college endeavour to a major market player highlights its remarkable growth and potential in the ever-expanding drone sector.
Three friends Ankit Mehta, Rahul Singh, and Ashish Bhatt started working on an unnamed aircraft vehicle in the year 2007 as a part of their project at the Indian Institute of Technology (IIT). Ankit’s childhood friend Vipul Joshi Joined to oversee operations as the company’s fourth co-founder.
Idea Forge reached a milestone in 2009, making a notable appearance in the Bollywood blockbuster ‘3 Idiots.’ The film showcased the on-screen debut of a drone concept, bringing the company’s innovative ideas to the forefront of popular culture.
Idea Forge completed its pre-IPO round with an approximate valuation of INR 2,500 crore. This year in February Idea Forge filed IPO for DRHP in SEBI. DRHP indicates the earning, expenses, investments, and overall bio data of the company.
As per these details, SEBI examines and companies are listed in the stock market. In the initial days of May 2023, SEBI granted permission for the launch, and Idea Forge might announce its IPO by the end of this month. Analysts predict the issue size to be approximately INR 650 crore.
The company has over 20 patents. It creates drones for both Civil as well as Security uses. The company implements projects for Army, DRDO, and State Police. In 2021, they cracked a big deal of INR 160 crore with the Indian Army. As per this contract, they need to manufacture 200 drones that can vertically land or take off.
As per the website of the company after every 5 minutes, a drone takes off for mapping and surveillance. They also have voluntarily positioned their drones in flood, and earthquake disasters to be a helping hand in search and rescue operations.
In recognition of the immense potential of the drone industry, the Central Government has been actively supporting its growth. Notably, crucial steps have been taken, such as the allocation of INR 120 crore for the Production-Linked Incentive (PLI) scheme in the budget.
Additionally, the government has been promoting domestic manufacturing, exemplified by the complete ban on drone imports last year. These strategic measures aim to bolster the indigenous drone industry and tap into the vast opportunities it presents.
Looking ahead, reports suggest a promising future for the global drone market, with an estimated value of approximately INR 4.4 Lakh Crore by 2025. India’s drone market is also poised for significant growth, projected to reach a value of around INR 34 crores. These statistics highlight the potential economic impact and opportunities that lie within the burgeoning drone industry.
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