IPO
Drone maker IdeaForge raises Rs.60-Cr in pre-IPO funding round
Mumbai-based drone manufacturing company IdeaForge Technology has raised INR 60 crore, at a valuation of around INR 2,500 crore. The round saw participation from institutional investors, including Tata AIG General Insurance, 360 One Asset Management, Motilal Oswal Mutual Fund, and Think Investments PCC. IdeaForge is expected to launch its public issue at the end of this month. The issue size is estimated to be around INR 650 crore with an offer for sale (OFS) component of around INR 350 crore and fresh fundraising of INR 300 crore. Founded in 2007 and incubated at IIT-Bombay, IdeaForge operates Unmanned Aerial Vehicles (UAVs) across India for surveillance and mapping.
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