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Qualcomm-backed Drone startup IdeaForge is planning its IPO in order to raise funds to the tune of $125 million, people familiar with the matter have said.
IdeaForge is India's largest drone manufacturer which was founded in 2007. It develops drones that are mainly used for defense and homeland security purposes such as anti-terror, border security, crime control, etc. Its drones also find use in agriculture, mining, and renewable energy among other sectors. It has a market share of over 90% in the Security & Surveillance segment & is a licensed manufacturer of UAVs approved by the Ministry of Defence (MoD).
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The company is backed by Qualcomm Ventures and Infosys. It recently raised $20 million in its Series-B funding round which was led by Florintree and saw the participation of Celesta, Infina, Infosys, and Qualcomm Ventures.
The company is reportedly planning to file the DRHP by December this year. Sources claim that the company is in talks with financial advisers for a potential listing, which could happen in early 2023.
The Mumbai-based company is planning to raise $125 million at a valuation of $700 million. Most of the IPO is expected to consist of fresh shares. However, since these are early discussions, the same could change at a later time.
In a report by the Federation of Indian Chambers of Commerce and Industry (FICCI) and consultancy firm EY India, India's drone and drone components manufacturing potential were estimated to be approximately $23 billion by 2030!
Article by Aman Agarwal.
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