Blackstone Alum Doubles Down on Drones After 600% Return (1)

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.

“We had evaluated at least 15 drone makers in India before this investment,” Cyriac said. BotLab “is ...