IDEAFORGE IPO

Ideaforge Technology Limited is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) market, with a market share of approximately 50% in Fiscal 2022. They had the largest operational deployment of indigenous UAVs across India, with an ideaForge-manufactured drone taking off every five minutes on average for surveillance and mapping as of Fiscal 2023. Their customers have completed over 350,000 flights using their UAVs as of March 31, 2023.  They believe that their growth over the years is attributable to their indigenous design and technological capabilities, their ability to invent, design and deliver customer-centric offerings (i.e., hardware, software, and solutions) and their vertically integrated operations. These capabilities allow us to design, develop, engineer, and manufacture our UAVs in-house with control over performance, reliability, and autonomy. Their UAV platforms are architected with a ‘mission first’ approach i.e., to deliver UAVs which meet the requirements of their customers and which, They believe, can reliably sustain a large number of flights and are capable of being autonomously operated without special skills or training In addition to being among the first few players in India to enter the UAV market, we also have the distinction of being the first company to indigenously develop and manufacture vertical take-off and landing (“VTOL”) UAVs in India in 2009.