We are discussing IdeaForge Bought Stakes in the Space Tech Startup GalaxEye Space for Rs 8.28 Crore:
GalaxEye Space is a space tech startup that sold an undisclosed stake worth Rs 8.28 crore to a drone manufacturing company, IdeaForge. GalaxEye specializes in a constellation of multi-sensor Earth Observation satellites. The startup previously collaborated with iDEX to develop a multi-sensor processing system for Indian Air Force satellites. The exchange filing mentioned that Galaxeye signed a deal with the company to sell its series A compulsory convertible preference shares to raise Rs 8.28 crore.
The company will use this fresh capital to scale up operations, enhance its platform, meet general corporate purposes, and expand the market. The company claims to have developed the first multi-sensor imaging satellite in the world to offer geospatial analysis to the government and defense industry. This acquisition will help Ideaforge use the startup’s technology to develop drone-based sensors for foilage penetrations and fog. Both companies previously agreed to collaborate and develop an aerial vehicle with foliage penetration Radar. On Thursday, the shares of IdeaForge increased by 2.7 percent to Rs 816 on BSE. This acquisition will be profitable for both companies, enabling them to integrate their technologies and bring more innovative drone solutions.
The firm was co-founded by Ankit Mehta, Rahul Singh, Ashish Bhat, and Vipul Joshi in 2007 to manufacture drones with UAV systems for surveillance, mapping, and inspection. IdeaForge offers drones designed for various sectors, including mining, defense, agriculture, homeland security, energy, and others. The company recently expanded the pool size of its employee stock option plans. The drone manufacturing startup recently got 3.27 lakh shares offloaded by VC firm Celesta Capital in a block deal worth Rs 27.46 crore. The company plans to expand its business and enter the US market.
IdeaForge announced a 30 percent decrease in its consolidated profit after tax to Rs 10.3 crore in the fourth quarter of FY24, with a net loss of Rs 5.4 crore in the same duration. However, the operating revenue increased by 12.5% QoQ to Rs 102.3 crore. This acquisition will help the company decrease its net losses and increase profitability as the Indian space tech sector is growing rapidly. This sector secured $233 million in funding across 30 deals from 2014 to July 2023. This acquisition will help IdeaForge grow and incorporate GalaxEye Space solutions technology to aim for advanced drone features.
Conclusion
GalaxEye Space Solutions is a space tech startup based in Bengaluru. The company specializes in the constellation of multi-sensor EO satellites. This startup sold its stake worth Rs 8.28 crore to a drone manufacturing company, IdeaForge. The company signed an agreement to buy series A convertible preference shares worth Rs 8.28 crore from the startup.
These two companies worked together to create an aerial vehicle with a foliage penetration radar system. This acquisition benefits both companies by allowing them to scale up and merge their technologies to offer more innovative drone solutions. IdeaForge recently expanded the ESOPs pool size for its employees.
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