Mumbai-based drone manufacturing startup ideaForge, has bagged Rs 15 crore from BlackSoil in a venture debt round. The funding announcement comes after information technology major Infosys announced an investment of $1 million in the company.
Founded in 2007 by IIT Mumbai alumni Ankit Mehta, Rahul Singh, Vipul Joshi, and Ashish Bhat, ideaForge manufactures drones for defence, homeland security, and industrial applications. The drone manufacturer works with homeland and security agencies in the country. With more than 15 years of experience in research and development, the startup has applied for over 20 patents in Indian and international markets.
The company claims to deploy more than 1,000 drones since its inception.
According to the official statement, the company will utilise these funds to meet its working capital requirements for servicing its large order book.
“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,” co-founder and CEO of ideaForge Ankit Mehta said in a statement.
“…we hope to build on this relationship and catapult the company into the next phase of growth,” Ankit added.