IPO-bound Zetwerk is backing a new AI robotics startup launched by its co-founder Rahul Sharma. According to reports from Moneycontrol, the company will serve as an equity investor in the US-based venture while Sharma transitions to a non-executive role on Zetwerk's board. The startup will raise additional capital independently to fund its growth, with Sharma not exiting but delegating his current operating responsibilities as he prepares to lead the new venture.
Shreerang Godbole, who heads Zetwerk's Electronics business, is expected to assume the duties previously handled by Sharma. As reported by Moneycontrol, the arrangement mirrors the model adopted by electric vehicle maker Rivian, which spun out industrial robotics startup Mind Robotics while remaining an investor. Mind Robotics has since raised more than $600 million from external investors, reaching a valuation of about $2 billion.
IdeaForge, the listed drone technology company, successfully closed its Qualified Institutional Placement (QIP) on July 10, 2026, raising ₹500 crore from institutional investors. The fundraising committee approved the issue and allotment of around 62.89 lakh equity shares to eligible QIBs at an issue price of ₹795 per share, with the company issuing shares at 5% below the announced floor price of ₹835.8. Major participants included NBFC Bengal Finance and Investment, Hara Global Capital, Arohi Asset Management, ACM Capital Management, along with mutual funds like HDFC Mutual Fund, Mahindra Manulife, and Bandhan. The QIP received strong response from marquee domestic and international institutional investors, reflecting their confidence in the company's long-term strategy and growth prospects.
According to CNBC TV18, IdeaForge plans to use the proceeds to fund its next phase of growth and strengthen working capital as demand for indigenous unmanned systems grows across defence, homeland security and critical infrastructure in India and overseas. The company allotted 62.89 lakh equity shares of face value ₹10 each at an issue price of ₹795 per share, representing a discount of ₹40.86 (4.89% of the floor price) determined as per SEBI guidelines. Investors such as HDFC Mutual Fund-HDFC Defence Fund, Arohi Emerging India Master Fund, Bandhan Infrastructure Fund, Franklin India Small Cap Fund, ACM Global Fund VCC, HARA Global Master Fund Ltd and other institutional investors were allotted the equity shares. As reported by CNBC TV18, the company has seen record order inflows, strong execution across both defence and civil sectors, and continued investment in indigenous technology development.
Backed by investors including Khosla Ventures, Accel, Lightspeed, Baillie Gifford, Peak XV and Rakesh Gangwal, Zetwerk reported gross merchandise value (GMV) of ₹12,798 crore in FY25, down 11 percent from ₹14,443 crore a year earlier. According to Moneycontrol, the company's net loss narrowed to ₹371 crore in FY25 from ₹918 crore in FY24. In contrast, IdeaForge returned to profitability in Q4 FY26, reporting a net profit of ₹59.9 crore against a net loss of ₹25.7 crore a year earlier, with operating revenue surging to ₹141 crore, marking its highest-ever quarterly revenue. IdeaForge shares ended Friday's trading session at its upper circuit of 5%, zooming to ₹894.85.
