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Infosys to invest additional Rs 7.2 crore in Indian start-up ideaForge Technology

The transaction is likely to be concluded in the fourth quarter of FY21, Infosys said in a regulatory filing on Friday, February 12

twitter-logoBusinessToday.In | February 12, 2021 | Updated 17:54 IST
Infosys to invest additional Rs 7.2 crore in Indian start-up ideaForge Technology
In 2016, Infosys had announced investing in ideaForge Technology, an Indian start-up focused on unmanned aerial vehicle or UAV solutions (drones)

Infosys will invest an additional $1 million (around Rs 7.2 crore) in ideaForge Technology, a UAV systems manufacturing company, the IT services major communicated on Friday, February 12.

In 2016, Infosys had invested in the Indian start-up. The latest round of investment is likely to be concluded in the fourth quarter of FY21, the company said in a regulatory filing.

"The company has agreed with ideaForge Technology... to invest an additional $1 million (earlier, the company had invested $1.5 million in 2016) taking the cumulative investment to $2.5 million as of date, subject to necessary closing conditions," Infosys added.

Also Read: Half of Infosys' revenues now from digital, co expects 4.5-5% growth in FY21

The filing further noted that the company has a minority holding, not exceeding 20 per cent of its outstanding share capital.

"ideaForge's UAV systems are increasingly being used across a wide spectrum of organisations. Several customers of Infosys have also embraced UAV systems as they digitalise rapidly. The investment is intended to be utilised on R&D, sales, marketing, business development and working capital needs at ideaForge," it added.

This is expected to enhance joint capabilities to help Infosys customers better, the filing said.

Based out of Mumbai, ideaForge is known for rugged and high-precision UAV systems. The systems are used extensively for inspection, surveillance, and mapping with integrated vertical solutions across defence, homeland security, mining, construction, agriculture, energy and utilities.

Also Read: Big 4 IT firms plan to hire 91,000 freshers in FY22

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