The Mumbai-based drone manufacturer, ideaForge, plans to increase its research and development (R&D) budget this fiscal year as it works on advancing technology and products in the unmanned aerial vehicle (UAV) sector.With the government focused on promoting local drone research, development, and manufacturing, the company emphasized the need for ongoing innovation through product and market research to ensure long-term success in the UAV industry.
“Our R&D expenditure last year accounted for 22% of our revenue. This year, based on revenue, the proportion may adjust, but we expect it to be higher than FY24,” said Ankit Mehta, co-founder and CEO of ideaForge Technologies Ltd.
In the fiscal year ending March 31, 2024, the company posted a consolidated revenue of Rs 314 crore, with a Profit After Tax (PAT) of Rs 45.27 crore. However, in the December quarter, the company reported a consolidated loss of Rs 24.02 crore, compared to a PAT of Rs 14.7 crore in Q3FY24. Consolidated revenues for the same period dropped to Rs 17.6 crore, down from Rs 90.9 crore the year before.
Looking ahead, the company expects its recurring business — revenue from ongoing contracts and operations — to make a significant contribution to its overall revenue. The drone sector in India is rapidly expanding, driven by an increasing number of manufacturers and service providers, as well as favorable regulations, the company noted. ideaForge also recently entered into a strategic partnership and investment with Vantage Robotics Inc., a Silicon Valley-based provider of nano and micro-UAVs, to strengthen its global presence and R&D capabilities.
Founded in 2007 by Ankit Mehta, Ashish Bhat, and Rahul Singh, ideaForge is backed by prominent investors such as Infosys and Qualcomm Ventures. The company designs and manufactures drones used in mapping, security, and surveillance across industries like defense, homeland security, mining, construction, agriculture, energy, and utilities, with R&D and manufacturing centers in Navi Mumbai and Bengaluru. It also maintains a strategic presence in Delhi and the United States.
