Ankit Mehta On ideaForge’s Road To IPO — How Culture & Leadership Met High-Tech Innovation

Ankit Mehta’s journey from managing college projects at IIT-Bombay to helming IdeaForge Technology, one of India’s top players in the unmanned aerial vehicle (UAV) market, and steering the business to a successful IPO worth INR 567 Cr, presents a compelling startup narrative. But this achievement was not the product of a quick rise; it was a long journey driven by years of R&D and innovation, perseverance and strategic growth.

Launched in 2007 by Mehta, Rahul Singh and Ashish Bhat, ideaForge has emerged as a leading manufacturer of high-performance UAVs or drones built for defence, internal security, disaster management, agriculture and enterprise applications.

Its product lineup includes drones for surveillance and mapping and industrial inspection models such as Switch, Netra V4+ and the Q Series. These UAVs are well-known for their long endurance, high payload capacity and autonomous operations. Beyond hardware, the company offers end-to-end drone solutions, including training, drone-as-a-service (DaaS) and after-sales support.

Given the capital-intensive nature of the industry and the constant need for innovation to stay ahead in the dronetech ecosystem, ideaForge actively expanded its capabilities through fundraising and strategic acquisitions. Securing capital was a significant hurdle in a market not too familiar with hardware startups. However, the company persisted and raised $53.8 Mn across 16 rounds, attracting 55 high-profile backers. Among these were Qualcomm Ventures, Infosys and Florintree Capital Partners, and their collective funding bolstered the venture’s UAV research and drone manufacturing.

Interestingly, funding dollars did not flow in until ideaForge secured a major contract from the Indian Air Force in 2015. By 2017, it landed its first institutional funding, although industry experts were sceptical about its overdependence on government projects.

During his recent conversation with Inc42 as part of the ongoing series Griffin Dialogues, Mehta was quite candid about the funding challenges faced by ideaForge. “We did not get institutional funding for many years because investors were unfamiliar with this technology and hesitated to commit capital. We had to bootstrap and sustain the business on our own.”

Nevertheless, the founding team stuck to their vision to redefine drone usage at home and abroad, lead the global UAV market and deliver tailored solutions. The company developed products to meet critical needs and generate value, paving the path for long-term success.

By 2023, ideaForge was ready to take the next leap: An initial public offering. The company aimed to raise INR 567 Cr, with shares priced between INR 638 and INR 672. When the stock debuted on July 7, 2023, it soared to a bumper premium of 94% over the issue price, signalling strong investor confidence in the company’s future. The IPO was subscribed 106 times at close.

As Mehta dived deep into the ideaForge journey, he shared the leadership lessons, explained the unique challenges of building a hardware startup and detailed the pivotal moments of success.

Here are the edited excerpts.

Inc42: Let us start with the ideaForge IPO and the processes involved. When did you decide to go for a public listing? Was it tough to convince your investors?

Ankit Mehta: Even during the pandemic, the drone sector turned out to be exciting due to its significant potential. The liberalised policies introduced in 2021, combined with a surge in demand for contactless surveillance – particularly in areas like border security, law enforcement and disaster management – saw growing market recognition for the technology.

This shift led to significant improvements in our performance, and we began to envision the future of ideaForge, refining our product vision and identifying target markets. By 2021, it was clear that we would require more capital to fund our growth.

That was the driving force behind our IPO. Once we decided to raise capital, choosing the public market was a natural step. Our primary customers are in the public sector, but relying on private capital can be volatile and may not offer the stability we need.

Moreover, an IPO would give our investors an exit opportunity, which is always a welcome move in the venture capital ecosystem. With the momentum of the business and the market opportunity, the decision to go public was not as difficult as one might imagine.

Inc42: Given the tight regulations, compliance & confidentiality, what are the key metrics investors focus on when assessing funding opportunities in dronetech?

Ankit Mehta: India slapped an outright ban on private drones in 2014 following safety and security concerns. The first set of regulations impacted enterprises looking to introduce drones for commercial use. But it did not hurt us much, as our primary customers were government forces and agencies. They were the largest consumers of our technology at the time.

When we raised capital, we focused squarely on government contracts, not the private sector’s potential. We believed that unmanned electric aviation would become an essential part of the future market, positioning us as one of the few viable options for investors backing indigenous drone technology around 2015. However, the blanket ban on drones was lifted in December 2018, reducing uncertainties around their commercial use.

As we hold talks with investors today, we emphasise the long-term potential of this technology, a rapidly expanding and transformative market. Therefore, the first metric that is tracked is the size of the opportunity: Identifying if there is genuine market intent and whether budgets are in place for technology procurement.

The practical utility of drone technology is equally critical. As drones are not consumer products, someone only uses them to fulfil a specific operational requirement. Hence, regular usage is a strong indicator of value and effectiveness. If one closely monitors how customers use these products and tracks the number of drone flights, it will tell them if the drones in use are delivering results.

The rate of converting opportunities into actual orders also helps investors gauge a company’s progress. But given the long sales cycles in this sector, revenue patterns can be lumpy. Diversification plays a vital role in mitigating this.

We are also diversifying across platforms, markets and business models to smooth out industry cycles and ensure steady, long-term growth.

Inc42: How is the drone industry evolving in India?

Ankit Mehta: The homegrown drone industry is rapidly growing, thanks to rising government investments and regulatory advancements. The production-linked incentive (PLI) scheme for drones and drone components grew from INR 33 Cr to INR 57 Cr, reinforcing India’s push for self-reliance in UAVs. In addition, an INR 20K Cr private-sector-led R&D fund and the National Geospatial Mission are spurring breakthroughs in autonomous systems, precision mapping and AI-driven intelligence, helping India emerge as a leading player.

Drones can build a competitive moat around their offerings as they bridge the critical gaps in real-time intelligence. While satellites provide broad coverage, they are hindered by pre-scheduled imaging, cloud interference, and high operational costs. In contrast, drones enable on-demand deployment, zero latency and high-resolution data, making them the go-to solution for security, disaster response and precision agriculture.

Inc42: How do you use strategy and technology to navigate new markets and changing regulations?     

Ankit Mehta: Indigenisation drives our core strategy. We have developed autopilot technology, AI-powered aerial analytics and encrypted communication systems to ensure mission-critical reliability and reduce import dependence. This aligns with India’s vision of self-reliance and bolsters our national security.

We adapt to markets and regulatory shifts by diversifying the UAV segment and expanding globally. Besides defence, drones are transforming land mapping, industrial inspections and logistics. To scale accordingly, we are moving into long-endurance surveillance drones, AI-powered UAVs and cargo drones for last-mile delivery.

Globally, we are strengthening our presence in markets like the US, where the demand for non-Chinese UAVs is rising due to cybersecurity concerns.

Another priority is enhancing BVLOS (beyond visual line of sight) capabilities and AI-driven autonomy. As regulations evolve to enable large-scale UAV adoption, we are developing unmanned aircraft system traffic management (UTM) for urban surveillance, infrastructure monitoring and logistics operations. We integrate drones into governance and enterprises through Flyght Cloud, combining AI analytics with real-time UAV operations to deliver actionable insights.

As the Indian drone industry is projected to grow at a CAGR of more than 20% and reach $23 Bn by 2030, we are preparing for this growth by investing in R&D, regulatory alignment and AI-powered UAV defence systems.

By staying ahead of technology and market shifts, ideaForge aims to lead India’s UAV revolution, ensuring that drones become an integral part of national security, governance and industrial transformation.

Inc42: What about your initial days? How did you build ideaForge from the ground up? 

Ankit Mehta: This drone startup was built on deep technical expertise and a shared passion for hardware and robotics. But first things first. When I was at IIT-Bombay, I was part of a highly motivated team that was keen to push the boundaries of innovation. This collective drive gave me the confidence to start early, knowing I had a strong team. In fact, two of my cofounders came from that core group, and within a year, others joined us. The foundation we built then remains the core of ideaForge, with many of our early team members still working together for nearly two decades. But transitioning from academic projects to a commercial enterprise came with steep challenges.

The first breakthrough came in 2008 when IIT-Bombay secured top spots in national competitions, putting our work in the spotlight. Around the same time, we started deploying the autopilot technology, the core intelligence of a drone, to DRDO labs for various projects.

This validated the real-world potential of our technology and reinforced our decision to launch ideaForge formally.

Another turning point was the 26/11 Mumbai terror attacks, a moment that defined the need for advanced aerial surveillance. Choppers were used for the reconnaisance of the Taj Mahal Palace hotel. But drones could have offered a more effective solution in those high-risk situations. That realisation strengthened our commitment, and we decided to develop UAV technology for mission-critical applications.

Inc42: What major challenges did you face initially? What’s your hiring approach?

Ankit Mehta: Early funding was scarce, forcing us to sustain operations through consultancy, grants and competition winnings. Building the right team was another challenge. The drone industry was nascent then, and finding engineers with the necessary skills and the drive to work in an emerging sector was not easy.

Over time, we refined our hiring approach, ensuring that every new team member aligned with our long-term vision.

Today, ideaForge has grown from a student-led research initiative into a leading UAV player, driven by a relentless focus on innovation, reliability and mission-critical performance.

Inc42: Do you invest in drone startups or mentor them? What are the criteria behind your investment decisions?

Ankit Mehta: Well, ideaForge funds startups that align with its vision. Last month [February 2025], we invested $1.83 Mn [about INR 16 Cr] in Vantage Robotics, a California-based firm manufacturing nano and micro UAVs. This move will strengthen our tech capabilities and help expand our footprint in North America. In July 2024, we picked a non-controlling stake in spacetech startup GalaxyEye for INR 8.3 Cr. It has helped us leverage GalaxEye’s expertise to develop advanced drone sensors.

When evaluating potential investments, we look for hardware innovations, especially deep, first-principles engineering, which can set new industry standards. [For context, first-principles engineering is about breaking down complex problems into core components and rebuilding the solutions from there.] Apart from technical prowess, we value a team with a long-term mindset and commitment to excellence.

Inc42: Running a company may mean putting personal finances on the back burner. How did you balance that and grow your personal wealth along the way?

Ankit Mehta: For many years, we have solely focused on sustaining the company and have subsisted at a personal level. We also made sure that the business could capture all operational costs. If it can’t track and cover the right costs, it may not emerge as a strong business or remain viable in the long run. This approach minimised financial shocks and surprises and helped us build a resilient company.

We were on our own in the early stages with little financial support. Hence, we prioritised doing what was right for the business to keep it afloat. During the growth phase, we focussed more on sustainability.

As for wealth creation, equity in the company has always been more valuable for the ideaForge founding team than immediate cash compensation. This approach has guided our decisions throughout. We have focussed on building the business and prioritised long-term stability and value protection, keeping an eye on the future.

Inc42: Tell us what you learnt from this entrepreneurial journey. Has your leadership style evolved?

Ankit Mehta: Do things for the right reasons – that’s one of the most valuable lessons I have learnt. A long-term vision is essential, and pursuing opportunities that align with that vision is crucial. This is particularly important when you are building a team. Knowing the kind of DNA you want in your people and hiring those with the right attitude can drive the business forward.

I also realised how often we undervalue our privileges. We can’t control things like where we are born, but what matters is how we build upon the opportunities we have.

In the early days, I focussed too much on hard work and didn’t fully recognise the power of the support systems, networks and mentorship around me. Tapping into these resources can shorten the learning curve and drive growth.

My leadership style has changed as well. I have moved from purely data-driven decisions to balancing data with intuition. No doubt, data is essential. But that gut feeling from experience often helps make quicker, more effective decisions, especially in complex situations. This shift has made me more confident in navigating challenges and taking the business forward.

Inc42: What would be that one piece of advice to your younger self before you started ideaForge?

Ankit Mehta: Get mentored more and learn from others’ experiences. An MBA degree might teach you the theory, but actual value comes from its real-world application. Connecting with seasoned mentors would have helped me learn faster, avoid missteps and grow quickly.

Inc42: Finally, are we overlooking any key aspect of entrepreneurship in India that deserves more attention?

Ankit Mehta: One thing that is not discussed enough is the critical importance of technology and intellectual property (IP). Businesses must be rooted in strong IP and technological innovations to create large, sustainable opportunities. Too often, discussions are derailed by vanity metrics, but true success hinges on our capacity to differentiate in the international market and offer unique value to customers.

India has the potential to become a product powerhouse, but achieving this requires a sharper focus on product building and IP that can compete on the global stage.

[Edited by Sanghamitra Mandal]