However, it didn't reveal the number of employees who will benefit from this plan
With this allotment, the total number of shares issued increased from 4,28,88,323 to 4,28,90,000
Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, ideaForge is a drone manufacturing startup that makes UAV systems for inspection, surveillance and mapping
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Drone maker ideaForge has expanded the pool size of its employee stock option plan (ESOP) by allocating 1,678 equity shares to its employees.
“We wish to inform you that the executive committee of the board of the ideaForge Technology Limited (Company) on June 14, 2024, has approved the allotment of 1,678 equity shares having a face value of INR 10/- each towards the exercise of vested stock options under the ideaForge Employees Stock Option Scheme, 2018,” the company said in an exchange filing.
However, it didn’t reveal the number of employees who will benefit from this plan.
With this allotment, the total number of shares issued increased from 4,28,88,323 to 4,28,90,000.
As per the stock’s closing price on Friday (June 14), the newly allotted shares are worth INR 13 lakh.
This comes at a time when several listed startups in the likes of Nykaa, DeHaat, Delhivery, Meesho, Paytm and Policybazar among others, have issued their ESOPs.
ideaForge posted more than a 30% decline in its consolidated profit after tax (PAT) to INR 10.3 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) from INR 14.8 Cr in the December quarter, partially hurt by a sharp jump in spending towards inventories and employee benefits.
The startup had posted a net loss of INR 5.4 Cr in Q4 FY23.
Its operating revenue saw a 12.5% quarter-on-quarter (QoQ) increase to INR 102.3 Cr in the reported quarter. This was also an over 164% jump from INR 38.7 Cr operating revenue reported in Q4 FY23.
Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, ideaForge is a drone manufacturing startup that makes UAV systems for inspection, surveillance and mapping. Its offering has utility in sectors such as defence, homeland security, mining, construction, agriculture, energy and utilities.
The startup was listed in June last year with a premium of 94% to its IPO price. Its IPO comprised an offer for sale (OFS) component of 48.7 Lakh shares and a fresh issue of shares worth INR 240 Cr.
Meanwhile, spacetech sector is among the most burgeoning sectors in India with as many as 100 spacetech startups getting registered with the Indian Space Research Organisation (ISRO) last year. On the investment front, the sector garnered $233 Mn in funding across 30+ deals between 2014 and July 2023.
According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, the spacetech sector is estimated to reach a market size of $77 Bn by 2030.
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