- Infosys is investing USD 1 million (about Rs 7.2 crore) in ideaForge Technology; an Indian start-up focused on the unmanned aerial vehicle or UAV solutions (drones).
- Infosys has also invested USD 1.5 million in 2016 and brought total start-up funding to USD 2.5 million.
India’s 2nd largest IT firm Infosys is investing USD 1 million (about Rs 7.2 crore) on India based drone start-up ideaForge Technology. Infosys is bringing this fund through its Innovation Fund budged. The investment is subject to regulatory approvals and customary closing conditions, Infosys said in a statement.
According to the SEC filing, Infosys has a minority holding in the company and does not exceed more than 20 per cent of ideaForge Technology’s outstanding share capital.
In 2013, Infosys had set up the Innovation Fund with $100 million. Infosys increased the amount to $500 million in 2015 to fund and finance Indian start-ups and new technologies like artificial intelligence and other cutting edge technologies and areas of scope for future technologies.
ideaForge is a design-focused Unmanned Aerial Vehicle (UAV) manufacturer developing drone solutions for inspection, surveillance and mapping with integrated vertical solutions across defence, homeland security, mining, construction, agriculture, energy and utilities.
The Indian Army has signed a $20 million worth contract for unknown quantities of a high-altitude variant of ideaForge’s SWITCH Drone (UAV). ideaForge is the largest domestic drones manufacturer in India, has been a flag bearer for ‘Atmanirbhar Bharat’ for over a decade.
According to the drone, the Drone Market will Grow to 42.8 billion USD by 2025, and the commercial drone industry expects to sell 1,000,000 drone units per year. Asia has become the Biggest Regional Drone Market in the World, and COVID-19 Pandemic will accelerate the Drone Industry.
Infosys investment to ideaForge Industry will boost Indian Drone Industry and set aside Infosys as Tech firm to contribute to India through its Tech capabilities and open a global drone industry path as a tech provider.