What Forge Innovation & Ventures does

Forge Innovation & Ventures is an India-based open innovation network and corporate venture studio operating from Coimbatore, Tamil Nadu, focused on the 'Phygital' (hardware-first, digital-plus) technology stack. The company serves three primary customer segments: hardware tech startups seeking to bridge the prototype-to-production gap; industrial majors (Vedanta, Airbus, Bosch) seeking structured open innovation and startup engagement; and government agencies (Ministry of Defence via iDEX, MoHUA via CiX) seeking technology-powered transformation through startup partnerships. Its core offering is organized around six Strategic Program Verticals (SPVs): Forge.Academy (talent development with AICTE-approved degrees), Forge.Labs (MIT-accredited Fab Lab network across 7 Tamil Nadu cities with Tier 1-3 product innovation, compliance, and pilot production facilities), Forge.Lighthouse (industrial co-innovation platform), Forge.Foundry (managed open innovation for public sector), Forge.Fast (corporate venture studio with CVS Compass framework), and Forge.Fund (venture building with 132+ portfolio startups across 8 hardware domains).

The underlying technology infrastructure combines physical fabrication laboratories (largest MIT Fab Foundation-accredited network in India) with digital platforms (CiX for urban innovation procurement), proprietary frameworks (Path2Procurement for defence, 4Ps of Urban Transformation, CVS Compass for corporate venture studios), and university-accredited curricula. Business model revenue derives from managed services and program management fees for corporate open innovation engagements (Vedanta Spark, Airbus scouting, Bosch BGSW accelerator), government program implementation contracts (iDEX, CiX), grants and seed investment fund management fees, training program fees from academic and corporate upskilling engagements, and potential equity consideration from portfolio startups. Pricing is custom enterprise-quoted, not volume-distributed, with reported outcomes including 3X ROI for Vedanta, ₹158 Cr+ grants sanctioned for defence startups, and ₹850 Cr+ follow-on investment raised by portfolio companies.

Governance is provided by a Board of Governors comprising industrial leaders (Gopal Srinivasan of TVS Capital, M. Balasubramaniam of Sakthi Group, Sonia Manchanda of Spread, Shankar Vanavarayar) with operational leadership by Co-founder & CEO Vish Sahasranamam. The organization employs 393 people, was founded in 2015, and operates as a privately held entity with no disclosed venture capital or private equity backing. Geographic focus is India-centric with concentration in Tamil Nadu and growing national reach through government platforms spanning 100+ cities.

Name

Forge Innovation & Ventures

Legal name

Forge Innovation & Ventures

Website

https://forge-iv.co

Company type

Private

Operating status

Operating

Headcount range

251–500 employees

Short description

Forge Innovation & Ventures is an India-based open innovation network and corporate venture studio that operates 7 MIT-accredited Fab Labs across Tamil Nadu and manages flagship open innovation programs for industrial majors (Vedanta, Airbus, Bosch) and government ministries (Defence, Urban Affairs) to bridge hardware startups from prototype to industrial-grade production.

Ownership category

akta.pro rank

Product category

Corporate Innovation Consulting

NAICS

Management Consulting Services (54161), Scientific Research and Development Services (5417), Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) (541715), Other Scientific and Technical Consulting Services (54169)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Venture Studios / Company Builders (FSANAAAH)

akta.pro secondary industries

Corporate Venture Studios & Incubators (Build/launch ventures) (FSANAHAC), Makerspace, Innovation Lab & Fab Lab Operations (Tools, Safety, Programming) (EDAEAGAI), Entrepreneurship, Innovation & Venture Creation Centers (EDAHAHAH), Corporate Accelerators & Startup Programs (FSANAHAD), Emerging Tech (IoT, Blockchain, AR/VR, Edge) Consulting (BPAHAEAL)

Keywords

• Open innovation services
• Corporate venture studio
• Hardware startup acceleration
• Innovation lab infrastructure
• Venture building programs

Headquarters

HQ city

Coimbatore

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Corporate Venture Studio Services: Managed Open Innovation services to corporate and public sector clients for program design, execution, and management of startup engagement initiatives. Revenue generated through consulting fees, program management fees, and success-based milestones.
2. Venture Building & Acceleration Programs: Startup catalysis services including product acceleration, strategic advisory, and venture scaling programs. Revenue from program fees, success fees, and equity considerations.
3. Innovation Grants & Seed Investments: Catalytic capital via innovation grants and seed investments for Phygital tech startups, funded by industrial sponsors and government partnerships. Revenue generated through fund management fees and carried interest.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Forge Innovation & Ventures operates as India's largest open innovation network and venture studio, providing managed corporate venture studio services that connect industrial majors and government agencies with Phygital (hardware-first, digital-plus) tech startups. The company delivers its offering through six Strategic Program Verticals spanning talent development (Academy), industrial innovation labs (Labs), startup launchpad (Lighthouse), managed open innovation for public sector (Foundry), corporate venture studio (Fast), and venture funding (Fund). It also operates a network of MIT-accredited Fab Labs across 7 cities in Tamil Nadu, offering product development, compliance testing, and pilot production infrastructure.

Product overview

Forge Innovation & Ventures is an open innovation platform and venture studio powering India’s innovation economy through six interconnected Strategic Program Verticals (SPVs): Forge.Academy (talent generation & development with university-accredited programs), Forge.Labs (Industrial Innovation Studios with 7 MIT-accredited FabLabs across Tamil Nadu), Forge.Lighthouse (future factories launchpad with industrial co-innovation platform), Forge.Foundry (managed open innovation services for public sector), Forge.Fast (corporate venture studio with CVS Compass framework), and Forge.Fund (venture building with Hardware Startup Collective of 132+ startups). The core infrastructure includes Product Innovation Labs, Product Compliance Labs, and Pilot Production Facilities spanning 8 industrial technology domains. Notable programs include iDEX for defense tech procurement, City Innovation Exchange (CiX) for urban tech, Impact Innovation Grants with HDFC, and corporate innovation programs with Vedanta, Airbus, and Bosch.

Differentiator

Problem solved

Functional benefit

Brands

• Forge.Academy: Talent Generation & Development vertical offering University Accredited graduate education programs and professional development courses in Innovation & Entrepreneurship
• Forge.Labs
• Forge.Lighthouse
• Forge.Foundry
• Forge.Fast
• Forge.Fund

Products and services

• Forge.Academy Talent Generation & Development vertical offering University Accredited/Affiliated graduate education programs and professional development courses in Innovation & Entrepreneurship, including Innovation Practicum, Masters in Innovation Management, and MBA in Innovation, Entrepreneurship & Venture Development. Targeted at industrial workforce, students, and aspiring entrepreneurs.
• Forge.Labs Industrial Innovation Studios network spanning 7 cities in Tamil Nadu offering tools, resources, and expertise for product development across the entire product innovation-compliance-certification-pilot production lifecycle. Includes Product Innovation Labs, Product Compliance Labs, and Pilot Production Facilities across 8 industrial technology domains. Targeted at hardware tech startups, industrial companies, and student innovators.
• Forge.Lighthouse Future Factories Launchpad providing an Open Industrial Innovation Platform bridging industrial companies pursuing innovation-powered transformation with startups offering technology-powered solutions. Features Industrial Innovation Practicum and Industrial Co-Innovation Platform for industrial enterprises.
• Forge.Foundry Managed Open Innovation Services for public, social, and development sector agencies, institutions, and enterprises, providing accelerated pathways for co-development, validation, certification, and procurement of breakthrough technologies. Includes iDEX framework for defense tech and City Innovation Exchange (CiX) for urban tech.
• Forge.Fast Corporate Venture Studio model for industrial majors leveraging Open Innovation, Startup Innovation, Venture Building, and Venture Capital strategies with Corporate Strategy. Features CVS Compass framework for seeding, accelerating, and scaling industrial tech ventures across the lifecycle.
• Forge.Fund Venture Building & Scaling program providing critical programmatic interventions across the entire lifecycle of Phygital tech ventures, including product acceleration, grants, seed investments, industrialisation partnerships, and market access, organized under Hardware Startup Collective across 8 hardware technology domains.
• Product Compliance Labs Facilities providing resources and services to verify, validate, and pre-certify products ensuring they meet regulatory and industry standards including Mechanical Compliance (vibration, sound, dimensional testing), Electrical Compliance (ESG, Hipot, Earth testing), and Electronics Compliance (EMC/EMI testing). Targeted at hardware startups and industrial manufacturers.
• Innovation Practicum Curriculum-integrated framework for driving trans-disciplinary innovation through multidisciplinary student teams, including Engineering Sprints, Design Sprints, Innovation Sprints, and Ideation Sprints, along with Forge.Fellows program transforming educators into innovation professionals. Targeted at engineering colleges, polytechnic institutes, and university students.
• MBA in Innovation, Entrepreneurship & Venture Development (IEV) India's first-of-its-kind AICTE-approved two-year, full-time MBA program dedicated to fostering technology-driven, innovation-led entrepreneurship, designed as an intensive 104-credit curriculum spanning Product Management, Enterprise Creation, and Entrepreneurial Leadership.
• iDEX Program Framework Path2Procurement framework for Ministry of Defence's Innovation for Defence Excellence (iDEX) initiative enabling startups to develop advanced defense technologies and products for defense procurement under Innovation category in Defence Acquisition Procedure (DAP) 2020. Targeted at defense tech startups and the Indian Ministry of Defence.
• City Innovation Exchange (CiX)

Quantifiable outcome

• 3X ROI on ₹42 Cr investment for Vedanta Spark program
• +4 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and flagship.

• Ministry of Defence (iDEX)coreStrategic or Co-development PartnerForge played pivotal role in devising the iDEX framework, design, execution, and institutionalisation of key program SOPs of iDEX's vertically integrated Path2Procurement process leading to procurement under Innovation category in Defence Acquisition Procedure (DAP) 2020. 76 iDEX projects onboarded with ₹158 Cr+ grants sanctioned.
• Ministry of Housing and Urban Affairs (CiX)coreStrategic or Co-development PartnerForge serves as Knowledge and Capabilities Partner to MoHUA for City Innovation Exchange, supporting 100+ Smart Cities in implementing SmartProcure innovation procurement policy co-authored by Forge. 800+ urban tech startups onboarded on CiX Digital Platform.
• VedantaflagshipStrategic or Co-development PartnerVedanta Spark - groundbreaking corporate open innovation initiative exploring 16 opportunity areas to drive digital transformation and sustainability. 105 innovation challenges, 1700+ startups discovered from 27 countries, 85 startup partners identified, ₹42 Cr strategic investment budgeted, ₹126 Cr business value created, 3X ROI.
• AirbuscoreStrategic or Co-development PartnerAirbus Innovation Scouting & Industrialisation program under Airbus Scale's Open Innovation vertical, connecting Indian startups with Airbus business units globally in aerospace, defence, AI, unmanned systems, industrial automation, sustainable aviation, connectivity, autonomy, and space technologies.
• Bosch (BGSW Tech Ventures Accelerator)coreStrategic or Co-development PartnerBGSW Tech Ventures Accelerator - Forge's managed services program connecting Bosch Global Software Technologies with innovative Phygital startups. Positions Bosch at technological forefront through strategic partnerships, 100+ applications sourced, 15 startups evaluated, 5 startups accelerated & partnered.
• Department of Technical Education (DoTE) & TANSIM, Govt. of Tamil NaducoreStrategic or Co-development PartnerInnovateTN joint venture offering Forge's Innovation Practicum across Tamil Nadu's 320 engineering colleges and polytechnic institutes to generate future-ready talent for TN's $1 Trillion economy vision by 2030. 320 educators trained, 5800+ students, 70 innovations prototyped.
• Government of IndiacoreStrategic or Co-development PartnerMultiple government ministries and departments partnering across innovation programs including iDEX (Defence), various industrial development initiatives.
• Government of Tamil NaducoreStrategic or Co-development PartnerState government partnership for industrial innovation ecosystem development including InnovateTN labs, hardware startup support, and industrial transformation programs.

Scale indicators12 records

Recent moves4 records

Expansion highlights7 records

Others

• IDEO: IDEO is a global design and innovation consulting firm that works with corporates on innovation strategy and human-centered design. Comparable as an adjacency — Forge.Fast's Corporate Venture Studio framework competes for the same corporate open innovation budget pools, though IDEO is design-led and Forge is execution-led.

Direct peers

• T-Hub: T-Hub is India's largest innovation hub, based in Hyderabad, supporting startup growth through mentorship, corporate innovation programs, and government partnerships. Most directly comparable Indian peer to Forge given shared focus on hardware, corporate open innovation, and government ecosystem building.
• CIIE.CO (IIM Ahmedabad): CIIE is one of India's leading university-anchored startup accelerators and venture funds, running structured accelerator programs and early-stage investments. Comparable to Forge.Academy and Forge.Fund verticals given academic-anchored model and venture building focus.
• High Alpha: High Alpha is a US-based venture studio that partners with enterprises to build and invest in B2B SaaS startups. Comparable to Forge.Fast's Corporate Venture Studio model given shared emphasis on partnering with corporates to systematically launch and scale ventures.
• Social Alpha: Social Alpha is an India-based innovation platform that supports agriculture, health, and climate startups through lab infrastructure, mentorship, and catalytic capital. Comparable to Forge.Foundry's impact-sector programs and Forge.Labs' lab infrastructure.
• IIT Madras Research Park: IITM Research Park hosts deep-tech R&D, corporate R&D centers, and startups in a co-located innovation ecosystem. Comparable to Forge.Labs' physical infrastructure model and the academic-industry-startup interface Forge.Foundry enables.

Regional players

• Marquee Ventures (formerly known as equivalent): Refer to the Indian corporate venture studio ecosystem — players like Aerogram Ventures or India-specific corporate venture studios operating with similar models to Forge.Fast in other geographies. The corporate venture studio niche in India is still emerging, making direct comparables limited.

Broad incumbents

• Techstars: Techstars is a global accelerator operating industry-specific programs with corporate partners (including Techstars + Airbus). Comparable to Forge's accelerator programs and corporate-sponsored vertical structure, though Techstars operates at much larger global scale.
• Antler: Antler is a global early-stage venture firm and startup generator operating across 25+ countries. Comparable in the venture-building and talent-generation approach (similar to Forge.Academy + Forge.Fund), though Antler is a for-profit global platform.
• NASSCOM Deep Tech Club 10K: NASSCOM's 10,000 Startups program is a national deep-tech startup enablement platform. Comparable in mission to scale India's startup ecosystem with industry body backing; less capital-intensive in physical infrastructure than Forge.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/forge-innovation-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forge Innovation & Ventures