IdeaForge Technology, a company specializing in drone technology development, has successfully raised ₹500 crore through a Qualified Institutional Placement (QIP). The funds are planned to be used to finance the next stage of the company's development and strengthen working capital.
According to the company's statement, a total of 62,89,308 ordinary shares with a face value of ₹10 each were issued at an issue price of ₹795 per share. This price includes a discount of ₹40.86, which constitutes 4.89% from the minimum price set according to SEBI market regulator directives.
The QIP generated significant interest from major domestic and international institutional investors, indicating their confidence in the company's long-term strategy and growth potential. Among the investors who acquired shares were HDFC Mutual Fund-HDFC Defence Fund, Arohi Emerging India Master Fund, Bandhan Infrastructure Fund, Franklin India Small Cap Fund, ACM Global Fund VCC, and HARA Global Master Fund Ltd, as well as other institutional investors.
Ankit Mehta, Co-founder and CEO of IdeaForge Technology, noted that the raised capital will accelerate innovation implementation, deepen the product portfolio, and scale project execution, as unmanned systems become increasingly vital for national security, public safety, and critical infrastructure functioning. He added that the company is expanding its capabilities based on proven ISR capabilities, including the development of combat drones, logistics platforms, autonomous mission systems, and technologies capable of operating effectively in electronic warfare environments.
Mehta emphasized that the company's continuous investment in proprietary developments aims to create reliable sovereign unmanned systems that meet evolving needs in defense, internal security, and critical infrastructure both in India and abroad. The company continues to develop new products and technologies to define the future of unmanned systems, moving beyond intelligence, surveillance, and reconnaissance towards combat capabilities, logistics platforms, and autonomous mission systems, while enhancing resilience against electronic warfare.
IdeaForge reported a record influx of orders and successful project execution in both the defense and civilian sectors, alongside continuous investments in developing indigenous technologies. As global demand for reliable sovereign UAVs grows, IdeaForge is well-positioned to leverage this momentum and strengthen its position in key domestic and international markets.
Mowito, a company specializing in physical artificial intelligence (AI) and creating foundational models for industrial robots, announced on Tuesday that it has raised $3 million in a seed funding round.
The round was led by Version One Ventures. Other participants included All In Capital, Unisol, iSeed, as well as angel investors such as Soumith Chintala (from Thinking Machines Lab), Adarsh Kulkarni (from Foundry Robotics), Ashish Kulkarni (from Coformer.ai), and Vaibhav Domkundwar (from Better Capital).
The company stated that the funds will be used to accelerate expansion in the United States, strengthen engineering and market teams, and scale deployments with manufacturers in the automotive and electronics industries.
Founded in 2024, Mowito develops physical AI models that allow industrial robots to learn directly from task demonstrations. This eliminates the need for traditional programming while maintaining the necessary precision for manufacturing processes.
The company serves global manufacturers in the automotive and electronics sectors, with headquarters in Bengaluru and Detroit. It was noted that Mowito robots are already being used on production lines of a major Fortune 500 automotive company and one of the world's largest electronics contract manufacturers, supporting high-precision assembly operations.
Co-founder and CEO of Mowito, Puru Rastog, emphasized that manufacturing has reached a point where the bottleneck is no longer hardware but software. He noted that robots should not require reprogramming when production changes, but should learn like humans—through observation and repetition. He added that this funding will help accelerate this concept, expand globally, and implement Physical AI in more manufacturing environments.
All In Capital Partner Kushal Bhagia expressed the view that manufacturing is entering a new phase where AI will radically change industrial automation. He highly praised Mowito, stating that the company is creating fundamental technology that removes one of the main barriers to industrial automation—the complexity of robot programming—and that the technical depth of the team, early customer validation, and vision for Physical AI place it in an exceptional position to define this category.
Sterlite Technologies Ltd, a broadband access technology company, announced on Monday that it has raised an amount of ₹150 billion through a Qualified Institutional Placement (QIP).
The main goals for using these funds are to reduce the company's debt burden and ensure financing for the next stage of its development. As part of the placement, 2.57 billion shares were allocated to qualified institutional buyers, totaling ₹150 billion.
After the completion of the placement, the equity capital of Sterlite Technologies increased to ₹102.78 billion, which includes 51.39 billion shares.
Both domestic and international investors participated in the QIP process. The company specified that participants included Motilal Oswal, Nomura, HSBC, Bank of India, Oxbow, Think Investments, Bandhan, and Manulife.
According to the statement, the raised funds will primarily be directed towards significantly reducing the company's debt load, which will substantially strengthen its financial position. Furthermore, the capital will serve as a solid foundation to support the next phase of STL's growth.
STL Managing Director, Ankit Agarwal, expressed gratitude to the investors for their continuous support. He noted that attracting this capital demonstrates investor confidence in STL's vision and execution. These funds will be used to strengthen the balance sheet, advance the next stage of growth, and accelerate the mission to change the lives of billions by connecting the world.
