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10 things to know about IdeaForge IPO that opens today

The makers of the drone '<keyword id="116774" type="COMPANY" weightage="20" keywordseo="Rancho">Rancho</keyword>' seen in the movie <keyword id="6373971" type="ENTERTAINMENT" weightage="20" keywordseo="3-idiots">3 idiots</keyword> have created several <keyword id="6370270" type="ORGANIZATION" weightage="20" keywordseo="unmanned-aerial-vehicles">unmanned aerial vehicles</keyword> that are being used by Indian defence forces and in intelligence and surveillance ops. 
 
A team of four IIT alumni - Ankit Mehta, Rahul Singh, Ashish Bhat, and Vipul Joshi - started a company called ideaForge in 2007 to give their dream wings. They were working on developing technologies back in college and had many ideas they wanted to convert into products by the time they graduated. 
 
In 2008, recognition from government came to them when they won a Micro Aerial Vehicle competition at Massachusetts Institute of Technology, USA. Thereafter, they landed with several government projects, one of which wa NETRA – a vertical takeoff and landing UAV built on quadrotor configuration that the team developed in collaboration with Defence Research and Development Organisation. 
 
 This UAV could take off from a small area and could fly over an area up to the height of 400m sending continuous real time videos of movements on the ground. It was this early prototype of NETRA that you had seen during the shoot of 3 Idiots. The movie director of 3 idiots had read about the drone and work by <keyword id="137562" type="PERSON" weightage="20" keywordseo="IITians">IITians</keyword> in the newapaper. 
 
In 2009, ideaForge developed the world’s smallest and lightest autopilot drone and also came up with India’s first fully autonomous vertical takeoff and landing UAV. In this, a user feeds the GPS location of the required destination, which is then converted into command and instructions and the UAV reaches the location autonomously. 
 The UAV's made by this team are typically easy-to-use, so they can be used easily during emergencies. So far, they have been used by the <keyword id="6354416" type="ORGANIZATION" weightage="20" keywordseo="Indian-Army">Indian Army</keyword> to look for survivors after the deadly Uttarakhand floods back in 2013, to map the positions of militants during defence ops, for disaster management during the Nepal earthquake, and to manage crowds during the Kumbh mela. One of ideaForge’s <keyword id="94769" type="UNKNOWN" weightage="20" keywordseo="drones">drones</keyword> also helped in tracking a man-eating tigress in Uttarakhand.

Here's the stellar work done by four IITians who built 'Drone Rancho' for the famous movie '3 idiots'

Adani's joint venture company with Israeli firm Elbit as well as IdeaForge Technology are among the 14 drone companies that have been selected as beneficiaries of the production-linked incentive (<keyword id="53367" type="General" weightage="60" keywordseo="pli" source="Orion">PLI</keyword>) scheme to boost <keyword id="12100363" type="General" weightage="20" keywordseo="drone-manufacturing" source="Orion">drone manufacturing</keyword> in India, the aviation ministry said on Wednesday. Under the <keyword id="8941225" type="General" weightage="100" keywordseo="pli-scheme" source="Orion">PLI scheme</keyword> that was announced last year, the incentive for a manufacturer of drones and drone components will be 20 per cent of the “value addition” made by the company during the next three years. The value addition is calculated as the annual sales revenue from drones and drone components (net of GST) minus the purchase cost (net of GST) of drone and drone components. On Wednesday, the ministry released the names of 14 drone companies selected as beneficiaries of the PLI scheme. Dhaksha Unmanned Systems, IdeaForge Technology, IoTechWorld Aviation, Omnipresent Robot Technologies and Raphe Mphibr are five drone manufacturers selected as beneficiaries, it mentioned. Absolute Composites, Adani-Elbit Advanced Systems India, Adroitec Information Systems, Alpha Design Technologies, Inventgrid India, Paras Aerospace, SASMOS HET Technologies, ZMotion Autonomous Systems and Zuppa Geo Navigation Technologies are nine drone component manufacturers selected for the PLI scheme, it noted. The Ministry of Civil Aviation had on March 10 invited applications from the drone industry for the PLI scheme. The ministry had on September 16, 2021, announced a PLI scheme for drones and drone components with an allocation of Rs 120 crore spread over three financial years. The ministry said on Wednesday: “The list of beneficiaries is likely to be expanded further since some more manufacturers are likely to exceed the eligibility criteria for the full financial year 2021-22." "The final list of PLI beneficiaries is expected to be released by June 30 after detailed scrutiny of their financial results and other specified documents," it mentioned. The ministry said the eligibility criteria for the PLI scheme includes an annual sales turnover of Rs 2 crore for drone companies and Rs 50 lakh for drone components manufacturers; and value addition of over 40 per cent of sales turnover. The PLI scheme came in September 2021 as a follow-through of the liberalised <keyword id="2730972" type="General" weightage="20" keywordseo="drone-rules" source="Orion">Drone Rules</keyword>, 2021, released by the ministry on August 25, 2021. Aviation Minister Jyotiraditya Scindia had on September 16, 2021 said that the Indian drone industry will have a total turnover of up to Rs 15,000 crore by 2026 as the government has given a major boost to the sector with the PLI scheme. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/five-banks-that-offer-cheaper-home-loan-rates-in-india/articleshow/90959872.cms">Five banks that offer cheaper home loan rates in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/indian-livelihoods-turn-less-green-sharp-decline-in-hiring-green-jobs-over-the-last-five-years-compared-to-the-global-average/articleshow/90971775.cms">Indian livelihoods turn less green! Sharp decline in hiring green jobs over the last five years compared to the global average</a>

Adani JV and IdeaForge among 14 firms shortlisted as beneficiaries for drone PLI scheme

New Delhi, Feb 7 () Infrastructure giant Larsen &amp; Toubro (L&amp;T) on Friday said it has entered into a pact with ideaForge, domestic unmanned aerial vehicles manufacturer, to offer drones and allied systems for defence use. "L&amp;T and ideaForge...have entered (into) an MoU (memorandum of understanding) to offer drones and allied systems for defence use," the company said in a filing to the BSE. Both companies will combine their strengths to offer hi-tech integrated drone solutions to enhance security and surveillance. They will also offer anti-drone solutions to counter the threat of malicious or unintended usage of drones. "The MoU involves collaboration on technology, products, deployment and go-to-market strategies," it said. It will unlock the full potential of unmanned systems in security, surveillance and protection solutions. With the ever-increasing adoption of drone technology, the partnership will redefine the landscape of unmanned systems. "We are teaming as partners of choice to provide indigenously developed unmanned systems for Indian and global markets. We are confident that this alliance will create a successful 'Make in India' collaboration between a diversified engineering conglomerate and a young, technology-driven company for across-the-range offerings," J D Patil, whole-time director and senior executive vice-president (defence and smart technologies), L&amp;T, said. SID HRS

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10 things to know about IdeaForge IPO that opens today

Katya Naidu

Here's the stellar work done by four IITians who built 'Drone Rancho' for the famous movie '3 idiots'

Anushree Singh

Adani JV and IdeaForge among 14 firms shortlisted as beneficiaries for drone PLI scheme

PTI

L&T, ideaForge sign pact for unmanned systems

PTI

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