ideaForge’s board approved a proposal on June 3 to raise up to ₹500 crore through preferential allotment, private placement, or qualified institutions placement (QIP). The fundraise will occur in one or more tranches, subject to shareholder approval and regulatory clearances. The company has not disclosed the timing or pricing of the securities issuance, according to inc42.com.
The decision follows ideaForge’s strong financial performance in Q4 FY26, when it returned to profitability with a net profit of ₹59.9 crore compared to a net loss of ₹25.7 crore in the same quarter the previous year. The company reported its highest quarterly operating revenue of ₹141 crore, a sixfold increase year-on-year and 3.5 times quarter-on-quarter. CEO Ankit Mehta described FY26 as the company’s strongest year since inception, highlighting ₹530 crore in orders booked and nearly 40% of the open order book converted into revenue despite supply chain challenges.
ideaForge’s growth reflects rising adoption of its electronic warfare-resilient drone systems and advancements in next-generation UAV platforms. In Q4, the company expanded into combat drone capabilities, including loitering munitions and long-range strike systems. The fundraise aims to support this expansion and capitalize on increasing demand in the drone technology sector, which is gaining momentum amid geopolitical tensions and evolving defense needs.
The board’s approval to raise ₹500 crore marks a significant step for ideaForge’s growth strategy. The company’s next update on the fundraise is expected after securing shareholder and regulatory approvals, with the timing and pricing of the issuance to be disclosed subsequently.