ideaForge Forms JV With First Breach To Scale Offerings In US

SUMMARY

ideaForge said its subsidiary signed an agreement with First Breach for the JV, First Forge Technology Inc, yesterday

As a part of this agreement, both the companies will own 50% stake each in the JV.

First Forge Technology will be engaged in the business of licensing, designing, manufacturing and distributing specific UAVs of ideaForge Technology in the US.

Drone tech company ideaForge’s wholly owned US subsidiary, IdeaForge Technology Inc, is setting up a joint venture (JV) with US-based ammunition component manufacturer First Breach Inc to target the US market.

In an exchange filing, ideaForge said its subsidiary signed an agreement with First Breach for the JV, First Forge Technology Inc, yesterday. Both the companies will own 50% stake each in the JV.

First Forge Technology will be engaged in the business of licensing, designing, manufacturing and distributing specific unmanned aerial vehicles (UAVs) of ideaForge Technology in the US.

With the launch of this JV, ideaForge is looking to expand its operations in the US market. First Forge Technology will leverage ideaForge Technology’s tech and First Breach’s infrastructure and market access.

Each partner will also have the right to appoint two directors to the board and will retain first rights on future share issues of the joint venture. Significant actions, such as changing capital structure or the business line, will require consent from both sides, the filing said.

The formation of the JV and the start of its business activities remain subject to satisfactory completion of due diligence and approvals by the relevant authorities. The companies expect to complete the process and commence operations by the end of the ongoing fiscal year.

Founded in 2007 by IIT Bombay graduates Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge designs and manufactures drones for mapping, security, and surveillance.

The company has been eyeing overseas markets like the US and Canada for the last few years to shore up its revenue. Earlier this year, ideaForge infused $1.83 Mn in California-based UAV manufacturing company Vantage Robotics.

On the financial front, the company’s consolidated operating revenue crashed 85% to INR 12.8 Cr in Q1 FY26 from INR 86.2 Cr in the year-ago quarter. On a sequential basis, revenue declined 37% from INR 20.3 Cr. Meanwhile, its net loss stood at INR 23.6 Cr during the quarter under review as against a net profit of INR 1.2 Cr in Q1 FY25. However, loss declined 8% QoQ from INR 25.7 Cr.

Shares of ideaForge were trading 1.1% lower at INR 527.25 on the BSE at 15:05.