IPO Headline
Quick Pointers
- Pioneer and the pre-eminent market leader in the Indian UAS industry, with first-mover advantage
- Diversified product portfolio with a robust technology stack and track record of successful outcomes in critical use cases
- Strong relationships with a diverse customer base
- Significant product development capabilities powering our software and solutions and product differentiator along with In-house design to delivery capabilities
- Strong management capabilities with a demonstrated ability to deliver robust financial performance
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About Company
Company established in 2007 Company was founded in 2007 by Ankit Mehta, Rahul Singh and Ashish Bhat, along with Vipul Joshi, our Chief Financial Officer who later joined the Company. It is into manufacturing of Indian unmanned aircraft systems (“UAS”) market and currently holds market share of approximately 50% in Fiscal 2022 in UAS industry. (Source: 1Lattice Report). Company's product portfolio consists of (a) hardware, which primarily includes UAVs, payloads, batteries, chargers and communication system, (b) software and embedded sub-systems, which includes the GCS software and autopilot sub-system, and (c) solutions. It primarily cater to customers with applications for surveillance, mapping and surveying. Company manufacture all our products in-house fromour manufacturing facility located at Navi Mumbai, Maharashtra in India.
Company is having about 100 channel partners and three national distributors and customers include Indian defence customers and civil customers comprising certain of the central armed police forces, state police departments, disaster management forces, forest departments, private contractors in connection with smart cities, Pioneer Foundation Engineers Private Limited, and C.E. Info Systems Limited. manufacturing facility, situated in Navi Mumbai, Maharashtra, has an area of approximately 21,000 sq. ft. and is in compliance with ISO 9001:2015 requirements.
About Industry
The global drone industry is estimated to be US$ 21.1 billion in 2022 (Source: 1LatticeReport). The industry has witnessed a significant growth at a CAGR of 19% over 2018-2022 and is expected to grow even faster at a CAGR of 20% to be approximately US$ 51.4 billion in 2027and further leap to approximately US$ 91.3 billion by 2030 (Source: 1LatticeReport). As of 2022, the potential market size for the Indian drone industry was approximately US$ 2.71 billion (Source: 1LatticeReport).India aims to position itself as a global drone hub by 2030 (Source: 1LatticeReport)
Promoters of the company are Ankit Mehta, Rahul Singh and Ashish Bhat having. The founders of ideaForge, back in 2004 (in IIT, Mumbai) built one of the first quadrotor drones (in India) to enter a college fest. Following this, in 2009, ideaForge demonstrated Netra UAV in DEFEXPO, exhibiting the product launch of India’s first quadracopter drone at DEFEXPO. In addition, in 2009, ideaForge developed one of the world’s smallest and lightest autopilot. An early prototype of ideaForge’s VTOL UAV was featured in the Bollywood movie ‘3 Idiots’, in 2009.
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"Our Company proposes to utilize the Net Proceeds towards funding the following objects:
1. Repayment/prepayment of certain indebtedness availed by Company;
2. Funding working capital gap;
3. Investment in product development; and
4. General corporate purposes."
Company profile and about company
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 - IPO closes on 29th June){kind=link}
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