ideaForge Backs US-Based Vantage Robotics

SUMMARY

The listed startup has infused $1.83 Mn (around INR 15.96 Cr) in the US-based company

The transaction has been done via compulsorily convertible promissory note

Incorporated in 2013, Vantage Robotics manufactures UAV and UAV components and has strong R&D capabilities

Listed drone tech company IdeaForge has infused $1.83 Mn (around INR 15.96 Cr) in California-based unmanned aerial vehicle (UAV) manufacturing company Vantage Robotics via compulsorily convertible promissory note.

“This is not an acquisition, rather it is a minority investment in compliance with RBI guidelines. The investment is subject to the requisite governmental or regulatory approvals,” the company said in an exchange filing today (February 20).

Incorporated in 2013, Vantage Robotics manufactures UAV and UAV components for customers, including the US Army, FBI and NASA, among others. The California-based company has raised $20 Mn in funding to date.

ideaForge further said that its stake in Vantage Robotics will be determined after the investment converts into equity.

The development comes at a time when ideaForge recently posted a loss of INR 24.02 in the third quarter of FY25, against a net profit of INR14.80 Cr in the year ago period.

Meanwhile, its operating revenue declined 81% to INR 17.61 Cr during the quarter under review from INR 90.89 Cr in the year-ago quarter. Company’s chief executive officer Ankit Mehta cited elections and low government spending for the fall in the company’s revenue.

On a quarter-on-quarter basis, the company’s loss grew 42% from INR 13.73 Cr.

Last year, the listed startup took multiple initiatives to expand its services.

In July last year, the company bought an undisclosed stake in Bengaluru-based spacetech startup GalaxEye Space via its Series A Compulsory Convertible Preference Shares worth INR 8.28 Cr.

In the same month, Inflection Point Ventures-backed drone tech startup TechEagle collaborated with ideaForge to scale up its UAV technology and drive innovation in the drone space.

Notably, ideaForge is also looking to expand its presence in the US and enter new markets including Canada to accelerate its exports.

Besides, the listed startup is also strengthening its talent retention process by giving out multiple ESOPs lately. Last week, it approved the allotment of 31,716 equity shares under its existing ESOP 2018.

Similarly, last month, it approved the allotment of 8,198 equity shares under the same ESOP.

The shares of ideaForge closed at INR 410.15 apiece during the trading session on BSE today (February 20), up 5.06% from its previous close at INR 390.40 per share.