Drone Specialist ideaForge raises INR 15 crores from BlackSoil
ideaForge, a homegrown UAV manufacturer backed by WRVI Capital, Qualcomm and Infosys has raised INR 15 Crore from alternative credit platform BlackSoil.
ideaForge had recently announced a $20 million order from the Indian Army for its SWITCH UAVs. The fresh capital will be used by the company towards meeting the working capital requirements to service its large order book.
Speaking on the development Ankit Mehta, Co-Founder, and CEO of ideaForge said, "We are pleased to have Blacksoil as our partner, the time of the funding is opportune as we expect strong growth in our product pipeline. The funds, along with recent fundraise from Infosys and other investors will support ideaForge in the execution of our burgeoning order book, and we hope to build on this relationship & catapult the company into the next phase of growth."
Founded in 2007, ideaForge serves a number of homeland and security agencies in the country and has its product portfolio of drones that have been developed keeping in mind the use cases relevant to India. The company has raised funds from US Based WRVI Capital, and blue-chip companies like Qualcomm and Infosys.
Speaking about the investment, Ankur Bansal, Director, BlackSoil Capital, says, “ideaForge has created a robust line of drones backed by best in class hardware & software capabilities. Their products are best suited for Indian enterprise customers and solve for a wide range of use cases suitable to Indian requirements.
We believe the new Indian Army contract is just a beginning for large-scale adoption of UAVs across security, surveillance, mapping for Defence, Industrial and Agricultural applications in India. Covid has also accelerated the adoption and use of drones for various new use cases in urban areas. It is indeed a pleasure to be associated with such a deep tech company and help our country advance further in the Atmanirbhar initiative in a sunrise sector.”
BlackSoil’s alternative credit platform has successfully concluded over 50 debt transactions to VC-backed growth companies/startups by deploying more than INR 500 Crs in the past 4.5 years.
ideaForge had recently announced a $20 million order from the Indian Army for its SWITCH UAVs. The fresh capital will be used by the company towards meeting the working capital requirements to service its large order book.
Speaking on the development Ankit Mehta, Co-Founder, and CEO of ideaForge said, "We are pleased to have Blacksoil as our partner, the time of the funding is opportune as we expect strong growth in our product pipeline. The funds, along with recent fundraise from Infosys and other investors will support ideaForge in the execution of our burgeoning order book, and we hope to build on this relationship & catapult the company into the next phase of growth."
Founded in 2007, ideaForge serves a number of homeland and security agencies in the country and has its product portfolio of drones that have been developed keeping in mind the use cases relevant to India. The company has raised funds from US Based WRVI Capital, and blue-chip companies like Qualcomm and Infosys.
Speaking about the investment, Ankur Bansal, Director, BlackSoil Capital, says, “ideaForge has created a robust line of drones backed by best in class hardware & software capabilities. Their products are best suited for Indian enterprise customers and solve for a wide range of use cases suitable to Indian requirements.
We believe the new Indian Army contract is just a beginning for large-scale adoption of UAVs across security, surveillance, mapping for Defence, Industrial and Agricultural applications in India. Covid has also accelerated the adoption and use of drones for various new use cases in urban areas. It is indeed a pleasure to be associated with such a deep tech company and help our country advance further in the Atmanirbhar initiative in a sunrise sector.”
BlackSoil’s alternative credit platform has successfully concluded over 50 debt transactions to VC-backed growth companies/startups by deploying more than INR 500 Crs in the past 4.5 years.
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