Blackstone alum doubles down on Drone startups after 600% IdeaForge return
The largest single investor in IdeaForge Technology Ltd. is doubling down on India’s drone-making sector after an early bet on the Mumbai-listed company generated a return of almost 600%.
Florintree Advisers Pvt. this month bought a 15% stake in BotLab Dynamics, an Indian drone maker that specializes in light shows, for about 200 million rupees ($2.4 million), according to Mathew Cyriac, the investment firm’s founder and a former Blackstone Inc. dealmaker. The transaction values BotLab at about 1.2 billion rupees, he said.
