The Indian Army has signed a deal with a company constituting three alumni of the Indian Institute of Technology (IIT-Bombay) to make drones worth rupees 130 crore. The company of ex-IITians is incubated by the top engineering institute. The company is called ideaForge Technology and was founded at the IIT-Bombay incubator SINE in 2007. The company ideaForge was founded by Ankit Mehta, Rahul Singh, and Ashish Bhat in the year 2007.
IIT-Bombay congratulated their alumni on their official Facebook page. IIT-Bombay posted, "Congratulations to SINE and our hearty congratulations to Ankit, Rahul, and Ashish. It is worth mentioning that they were bestowed with the Young Alumni Achiever award last year."
The company put up a statement on its official website which read, "We will provide undisclosed quantities of a high-altitude variant of indiaForge's Switch UAV." UAV is a short form for unmanned aerial vehicles.
Switch UAV is a fixed-wing VTOL (vertical take-off and landing) craft. It can also be deployed at high-altitude and harsh environment for day and night surveillance. The company also informed that it is man-portable and has the highest time-on-target compared to any other UAV in its class.
ideaForge CEO Ankit Mehta said, "Switch UAV is the culmination of insights and knowledge we have gained over years of experience in helping the Indian forces operationalize UAVs in their ranks. The trials witnessed about a dozen national and global players compete to m, meet the operational requirements. It is the only product that cleared the Indian Army's stringent product trials and surpassed expectations."
Ganapathy Subramaniam, one of the partners of WRVI Venture Capital, serves as the executive chairman at ideaForge. He said, "With the support and backing of reputed institutional investors such as WRVI Venture Capital, Infosys, and Qualcomm, ideaForge is all set to grow rapidly and effectively."
The Indian Army has signed a rupees 130 crore deal with the company for drones.