ideaForge chairman Srikanth Velamakanni said, in its annual report, that the startup is “intensifying” efforts to enable exports to North America and “other key regions”
Cofounder and CEO Ankit Mehta said that drone manufacturer has identified North America as its “next frontier” for active investments to expand its footprint
Besides India, ideaForge currently has operations in Bhutan, Nigeria and the US
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Listed drone maker ideaForge plans to bolster its presence in the US and enter new markets to expand its exports.
In its annual report for 2023-24 (FY23), ideaForge chairman Srikanth Velamakanni said that the startup is “intensifying” efforts to enable exports to North America and “other key regions”.
While it already has a fully-owned subsidiary in the US, the report said that the company is also focussing on expanding its operations to Canada.
“Geographical expansion and intensifying efforts to enable exports, particularly targeting North America and other key regions, are also underway. The focus remains on developing new technology to meet evolving customer needs, maximising revenue across all channels, and expanding global presence,” said Velamakanni.
Chiming in, ideaForge cofounder and CEO Ankit Mehta said that the drone manufacturer has identified North America as its “next frontier” for “active” investments to expand its footprint.
Besides India, ideaForge also has operations in Bhutan, Nigeria and the US, as per the annual report.
The push to bolster the presence in the US comes after Mehta, in February, said that the startup had showcased its products in the US and was looking to enter the North American country.
Elaborating on its thesis to shore up presence in the US and Canada, the company, in the annual report, said that it is looking to leverage the “established and matured market” for drones in the US and Canada.
“… This geography (US and Canada) already has an established and matured market for drones. In addition to that, the appetite for using relatively new technology and experimenting is huge, providing a promising opportunity for expansion,” the report said.
The drone maker also said that its focus on boosting exports will further drive profitability and bolster growth. “The company is focused on maximising revenue potential through all channels, across geographies, and expansion of the consumer base,” added the report.
ideaForge also said that it has fulfilled a “few export orders” in the past to multiple countries.
Founded in 2007 by IIT Bombay graduates Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge designs and manufactures drones for applications in use cases such as mapping, security, and surveillance.
Its shares listed on the Indian bourses in July 2023. ideaForge had a bumper listing on the bourses as its shares listed at a 94% premium to the issue price after its public issue was oversubscribed 106X.
The drone maker reported a net profit of INR 10.3 Cr in the fourth quarter (Q4) of the financial year 2023-24 (FY24) compared to a net loss of INR 5.4 Cr in the year-ago period. Meanwhile, operating revenue jumped over 164% year-on-year (YoY) to INR 38.7 Cr during the quarter under review.
Shares of ideaForge ended Friday’s session 0.65% lower at INR 829 on the BSE (July 12).
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