India, Feb. 20 -- Listed drone tech company ideaForge has infused $1.83 Mn (around INR 15.96 Cr) in California-based unmanned aerial vehicle (UAV) manufacturing company Vantage Robotics via compulsorily convertible promissory note.

"This is not an acquisition, rather it is a minority investment in compliance with RBI guidelines. The investment is subject to the requisite governmental or regulatory approvals," the company said in an exchange filing today (February 20).

Incorporated in 2013, Vantage Robotics manufactures UAV and UAV components for customers, including the US Army, FBI and NASA, among others. The California-based company claims to have raised $20 Mn in funding to date.

ideaForge further said that its stake in Vantage Robo...