IdeaForge is a drone manufacturing company that announced the allocation of its employee stock
option plans with more than 96,000 stock options. These newly allocated employee stock option plan
shares are worth around Rs 7.95 crore. Areas. The firm specializes in providing advanced logistic drone
solutions with cutting-edge technology that works even under bad weather conditions. Here we are talking about Drone manufacturing startup IdeaForge allots 96,000 shares ESOPs worth Rs 7.95 crore.
The BSE filing mentioned that the board approved granting 95,954 equity shares at a face value of Rs
10 per share to those under the IdeaForge employee stock option plan. This allocation of shares is part
of the IdeaForge Employee Stock Option Scheme, 2018. These newly allocated stock options will follow
the same rights and status as the firm’s existing equity shares. After this allotment, the company’s
paid-up capital increased and stood out at Rs 42,98,59,540. On Friday, the shares for the startup closed
at 0.65 percent, down to Rs 829. The startup also allotted 1,678 equity shares under its Employee Stock
Option Scheme 2018 will be in June, and 3,000 equity shares will be in May this year.
The ESOPs announcement came just after the company acquired a stake in a space tech startup
GalaxEye Space Solution for Rs 8.28 crore. GalaxEye is an IIT Madras-based company that develops
multi-sensor Earth Observation imaging satellites. The startup was already working with GalaxEye to
develop a drone solution with foliage penetration Radar. IdeaForge secured Rs 255 crore in a funding
round led by anchor investors in 2023 before its Indian stock exchange listing. The company offers
drones integrated with advanced technologies that function well and offer precise images even during
challenging conditions.
The logistic startup reported a decrease of 30 percent in its consolidated profit after tax to Rs 10.3
crore in FY24. However, the operational revenue saw a 12.5 percent quarter-to-quarter to Rs 102.3
crore in the fourth quarter of this year. The drone startup has a three-fold increase in their investment
to $50 million this year, compared to the last year. According to a report by EY-FICCI, the drone sector
is predicted to grow its value for this sector at $23 billion by 2030. The Indian drone market is predicted
to grow in size and reach the $15 billion mark in the next six years.
Conclusion
IdeaForge announced the allocation of its employee stock option Plan by issuing 96,000 stock options
to its employees. These newly allocated shares are worth around Rs 7.95 crore. The Mumbai startup
manufactures drones and offers innovative solutions using drones in mining, agriculture, surveillance,
and more. The BSE filing mentioned that the board approved the allocation of 95,954 equity shares at
a face value of Rs 10 per share. After this allotment, the paid-up value of the firm increased.
The startup
reported that it previously issued 1,678 equity shares in June and 3,000 equity shares in May this year
under its ESOP 2018 scheme. The company also acquired Rs 8.28 crore worth of stake in the IIT Madras
incubated startup GalaxEye Space Solution.
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