ideaForge Back In The Black, Kissht IPO Day 1 & More

ideaForge Turns It Around In Q4

ideaForge is finally breathing a sigh of relief. After three straight quarters of losses, the drone manufacturer finally swung back to the black in Q4 on the back of a sharp jump in revenues, expanding global operations and the push for combat drones. 

Here is a quick look at ideaForge’s Q4 FY26 numbers:

• Profits stood at ₹59.9 Cr against a net loss of ₹25.7 Cr in Q4 FY25
• Operating revenue skyrocketed 6X YoY to a record ₹141 Cr
• Total expenses also spiked 84% YoY to ₹92.8 Cr

Defence Demand Widens: The drone tech startup attributed the turnaround to stronger execution, better demand conditions and its ability to execute a backlog of orders. Buoyed by long-term investments in R&D and manufacturing across India and the US, the company now plans to foray into combat drones as battlefield drone usage expands globally.

Global Push Yields Result: International business also showed up in the company’s Q4 numbers. The company received its first order from the Lamar Police Department after entering the US market last year, while training NATO forces also brought in revenue. ideaForge has also signed an MoU with Digital Media Professionals Inc to expand in Japan and develop next-generation AI drones.

Costs Still Bite: Nevertheless, the top line surge came with a heavy cost base. Total expenses in Q4 rose sharply, largely due to a jump in material costs and supply chain pressures. For the full FY26, the company remained a loss-making entity. It, however narrowed its losses 73% YoY to ₹17 Cr. While it is a positive sign, it also suggests that the startup has not yet fully stabilised.

For now, here is how ideaForge fared on the financial front in Q4…

From The Editor’s Desk

Kissht IPO Day 1

• The lending tech startup’s public issue was subscribed 24% on the first day, receiving bids for 94.3 Lakh shares against 3.97 Cr shares on offer. 
• Leading the pack were QIBs that subscribed their quota 0.66X, while NIIs bid for 8.89 Lakh shares against 85.36 Lakh shares on offer (0.1X subscription). Retail investors remained cautious and settled with 0.06X subscription on Day 1.
• Kissht’s public issue comprises a fresh issue of shares worth up to ₹850 Cr and an OFS component of up to 44.4 Lakh shares. At the upper end of its ₹162 to ₹171 price band, the IPO will value the company at about ₹2,881 Cr. 

IndiaMART’s Q4 Slide

• The B2B ecommerce major’s net profit plummeted 72.2% YoY to ₹50.2 Cr in Q4 FY26 despite operating revenue rising 13.8% YoY to ₹404.3 Cr. What hit the company’s bottom line was total expenses increasing 19% YoY to ₹279.3 Cr.
• On the operational front, the platform registered 2.7 Cr unique business enquiries in Q4 FY26, while supplier storefronts grew 5% YoY to 87 Lakhs. Paying stood at 2.2 Lakh at the end of the quarter.
• IndiaMART’s lacklustre performance is in line with the ongoing churn in the $50 Bn homegrown B2B ecommerce segment. Largely to blame for this has been revenue contraction, thin margins and increased competition from the entry of conglomerates.

Kimbal Bags $22 Mn

• The smart grid solutions startup has raised about ₹210 Cr in its Series B round led by GEF Capital Partners to accelerate product development, expand global operations and strengthen its manufacturing.
• Founded in 2011, Kimbal sells smart metering and smart grid solutions. Its product portfolio also spans RF connectivity, cloud platforms, edge computing, power quality, energy management, and battery storage. With this, it has raised $27 Mn to date.
• The fundraise comes amid growing sustainability and regulatory push to modernise power grids and integrate renewable energy for daily use. As a result, the country’s smart grid market is projected to cross $12.8 Bn by 2035.

ICRA Downgrades Ola Electric

• The credit rating agency has downgraded the EV maker’s OEM subsidiary, Ola Electric Technologies Pvt Ltd, to BBB- rating due to declining sales and subdued revenue projections. 
• ICRA also cited intensifying competition from legacy giants like TVS Motor and Bajaj Auto for Ola Electric’s declining market share. It noted that the company’s market share in the E2W market declined to low double digits in FY26 from 30% in FY25.
• Meanwhile, the ratings agency remained bullish on Ola Electric’s cell business, terming its entry in the battery energy storage segment as strategically positive. However, it flagged execution, monetisation and funding risks in the near to medium term.

Exfinity’s Big CloudSEK Returns 

• The deeptech-focused VC firm partially exited the cybersecurity startup in January this year, with a 13X MOIC and a 40% IRR. Despite the stake sale, the firm continues to hold a significant portion of its stake in the company and also retains its board seat. 
• Exfinity first invested in CloudSEK during its $1.9 Mn Pre-Series A round in 2018. The VC firm then doubled down on the startup by participating in its $7 Mn Series A round in 2021. 
• This the latest in a series of exits executed by Exfinity over the past two years. Last year, the investment firm exited AI edge chipmaker Kinara and logistics platform Locus. With this, its Fund II has achieved a DPI of above 1.

Another Cofounder Exits Cars24

• The used car marketplace’s cofounder and COO Mehul Agarwal has stepped down from his executive role after an 11-year long stint at the startup. Without specifying what he plans to do next, he will continue to stay on the company’s board.
• Agarwal held the role of COO since cofounding Cars24 in 2015. Prior to this, he also cofounded home interiors brand FabFurnish. Post his exit, CEO Vikram Chopra and group CFO Ruchi Agarwal will be the only cofounders in operational roles at Cars24. 
• Agarwal is the third top-level executive to quit the IPO-bound company in a month. Just days ago, fellow cofounder and CMO Jangid stepped down. Last month, Cars24 also said that its India used car business CEO Himanshu Ratnoo would also resign.

Inc42 Markets

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How Veera Is Building Iron Suits For Indian Forces

Defence personnel and industrial workers often operate in harsh environments like extreme temperatures and cryogenic conditions, where ordinary materials fail. Veera Dynamics is tackling this by engineering advanced materials that thrive in the world’s harshest climates.

Building Extreme Composites: Founded in 2022, Veera Dynamics is developing advanced composites and technical materials for defence and industrial applications. It focuses on lightweight systems that can withstand extreme environments while remaining practical for field use.

Veera’s Protective Stack: Veera’s product line includes three main offerings. Tardigrade is a technical apparel designed to protect wearers from extreme temperatures. U-Safe is aimed at short exposure to fire and hazardous materials. T-Grade Cryo Safe is designed for cryogenic handling and can withstand temperatures as low as liquid nitrogen, making it relevant for specialised industrial and defence scenarios.

A Growing Market: The Hyderabad-based startup operates in the global advanced materials market, which is projected to cross $55 Bn by 2030. By controlling the R&D of its own materials, the bootstrapped company aims to offer a local alternative to expensive imports. So, can Veera build a scalable materials platform for India’s defence forces and industry?

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The protein and sports nutrition category is one of the most crowded shelves in the Indian D2C space, yet BeastLife is quietly building a path through it. The numbers behind its climb tell their own story…

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