ideaForge Technology Ltd. Company History and Annual Growth Details

The Company was incorporated as “ideaForge Technology Private Limited” on February 8, 2007, as a private

limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated February 8, 2007 issued by the RoC. Subsequently, upon the conversion of the Company into a public limited company, pursuant to a resolution passed by the Shareholders’ on December 20, 2022, the name of the Company was changed to “ideaForge Technology Limited” and a fresh certificate of incorporation dated January 2, 2023 was issued by the RoC.

Major events and milestones of the Company :

2007

- Incorporation of the Company

- Incubation at Society for Innovation and Entrepreneurship, Bombay

2009

- First angel investment by Sujata Vemuri in consultation with Ravi Bhagavatula

- Demonstrated NETRA, exhibiting the product launch of India’s first quadcopter drone at DefExpo

- Early prototype of the VTOL UAV (quadrotor helicopter) was featured in a popular Bollywood movie

- Developed one of the world’s smallest and lightest autopilots

2010

- Sale of the first drone to a state police department

- Developed NETRA UAV in partnership with a Government of India entity

2014

- Received Rs. 388.10 million capital contract from Government of India entities

2015

- Angel Investment by Centre for Innovation, Incubation and Entrepreneurship, Indian Institute of Management, Ahmedabad (IIM- Ahmedabad)

2016

- Developed the first hybrid VTOL drone with fixed wings in India, known as the SWITCH UAV

2017

- First round of institutional investment by Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Qualcomm Asia Pacific Pte. Ltd. and Infosys Limited

2019

- First company to participate in the demonstration of 5G enabled UAVs at Indian Mobile Congress

2020

- Bagged contract for SWITCH 1.0 UAVs for approximately US$ 18.27M

2022

- Won the largest mini-VTOL UAV contract against global competitors from Russia, Israel, France, Ukraine, and other countries

- Second round of institutional investment by Florintree Enterprise LLP, Infina Finance Private Limited and

Export Import Bank of India in addition to first round of institutional investors

- Incorporated a Subsidiary in USA, ideaForge Technology Inc.

2023

- Launched Netra V4 Pro in USA.