Greetings Stakeholders,
FY 2023-24 marks a significant milestone for ideaForge Technology Limited as it
presents the first Annual Report following an exceptional response to its Initial Public
Offering (IPO) and listing on Indian stock exchanges.
FY 2023-24 marks a significant milestone for ideaForge Technology Limited as it
presents the first Annual Report following an exceptional response to its Initial Public
Offering (IPO) and listing on Indian stock exchanges. The journey so far has been
remarkable, witnessing the resilience of the Indian UAV industry over the past two decades
against global and domestic ups and downs and its rapid growth in the past few years due
to much-needed tailwinds. As pioneers in the Indian UAV industry, ideaForge has been
privileged to be the flagbearer of this journey, navigating these challenges through a
commitment to excellence, focus on innovation, and a supportive ecosystem. This is the
beginning of an exciting new chapter in its journey. As the Company navigates the dynamic
landscape post-listing, it remains committed to transparency, innovation, and value
creation for its stakeholders.
Central to the ideaForge ethos are Performance, Reliability, and Autonomy driven by a
DNA of innovation. These act as cornerstones and guiding lights in every endeavor
undertaken by the Company. This inventive spirit enables the identification and addressing
of the unmet needs of customers with cutting-edge yet practical solutions.
This approach has defined the journey, establishing ideaForge as the thought leader in
the Indian UAV market. It is the first entity in India to develop and manufacture Vertical
Take-off and Landing (VTOL) and fixed-wing VTOL hybrid UAVs indigenously. These endeavors
have propelled ideaForge to lead the Indian UAV industry from the front. The technology
and solutions created are capable of delivering performance and customer outcomes
globally, having developed and evolved products to operate in extreme terrain and
temperature conditions over the years based on a deep understanding of the customer
environment.
The Company's leadership position in the Indian UAV market has been earned through
relentless innovation and dedication to delivering excellence. The Company has developed a
diversified portfolio of UAV platforms and solutions designed for both defence and civil
applications. Large-scale operations have uniquely contributed to enhancing the country's
defence and security architecture by ensuring greater safety for soldiers. This same
commitment extends to civil use cases, where UAVs support growth in multiple sectors of
civic and enterprise domains throughout India. The Company's expertise in developing
technology and products for the sub-continent not only serves the Indian market but also
prepares for global expansion, offering products that deliver unmatched performance and
reliability worldwide.
This decade is set to witness robust growth in the UAV industry, both from the demand
perspective as new use cases emerge and from the supply perspective as industry players
push the boundaries of technology. The civil market for UAVs is anticipated to surpass
defence in the medium term, while logistics will emerge as a large segment in overall UAV
use by the end of the decade. The Company is poised to capitalize on the civil market
opportunities with the development of specific use cases like asset inspection and
infrastructure monitoring while further unlocking new applications through third-party
payloads and analytics partnerships. The Company's strong partnerships with leading system
integrators and channel partners across geographies will enable seamless global
distribution of UAVs. As market leaders, these opportunities that provide a strong market
presence will continue to be targeted. Additionally, the industry has benefited from the
liberalization of UAV regulations in India. As the country continues its march towards
greater unlocking of regulations to allow Advanced Air Mobility (AAM) and Beyond Visual
Line-of-sight (BVLOS) operations, the Company is building larger platforms in the form of
tactical and middle-mile logistics drones for dual-use in both the Defence and Civil
markets.
Looking ahead, the Company's long-term goals include pushing the boundaries of existing
platforms & solutions, opening up for third-party innovation on its platforms, and
leading the charge in middle-mile unmanned logistics & mobility innovations for
defence & civil applications, while collaborating closely with government &
corporate partners. Additionally, the development of a 'Drone as a Service' (DaaS) model
aims to streamline mission-ready UAV deployments, further enhancing competitive edge.
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, maximizing revenue across all channels,
and expanding global presence.
The change and dynamism of the operating environment have called for the utmost stress
on embracing growth with inclusion. The opportunity, a strong, experienced, and spirited
leadership, and a solid workforce have prepared the path for strong growth. To this
effect, thanks are extended to the Board of Directors for the support they have rendered
towards the success of the Company, the dedicated team, and the esteemed investors for
continuing to believe in these endeavors. The trust, dedication, and cooperation provided
are invaluable to continued achievement.
With continued support, the Company is poised to grow even stronger and deliver
progressive and sustainable improvement for the future.
With best regards,
Srikanth Velamakanni
Chairman