With a focus on early-stage defence and deeptech startups, the fund aims to back 15–25 ventures with high-impact technologies for national security and global markets
New Defence Tech Fund Launches with INR 500 Cr Corpus
Jamwant Ventures, in partnership with Aavishkaar Group, has announced the launch of Jamwant Ventures Fund 2 — a INR 500 Cr ($60 Mn) early-stage venture capital fund focused on defence tech and deeptech startups.
- The fund includes a greenshoe option of INR 250 Cr, potentially taking the total size to INR 750 Cr.
- It will target 15–25 startups, with cheque sizes ranging from $1 Mn to $5 Mn.
- The first close is expected by June 2026, with a final close by end-2026.
Aavishkaar’s Role: Backing Emerging VCs Through OneAavishkaar
The partnership is part of Aavishkaar Group’s ‘OneAavishkaar’ initiative, which supports emerging VC firms with:
- Fundraising
- Investment structuring
- Operations and compliance
- ESG integration
While Jamwant Ventures remains the lead stakeholder, Aavishkaar Capital has taken a minority stake in the new fund.
Strategic Deployment and Investor Participation
Jamwant Ventures aims to begin capital deployment within a year, with a focus on:
- Leading funding rounds
- Taking board positions
- Initially raising from Indian institutions and family offices
- Later expanding to NRIs and international investors
This active investment approach signals a commitment to not just fund, but strategically shape the next wave of national security and dual-use technologies.
Proven Track Record from Fund I
Jamwant Ventures Fund I, launched last year with INR 40 Cr corpus, is fully deployed and has backed several promising startups in the early-stage defence and aerospace sectors, including:
- Spacefields
- TIEA Connectors
- Axial Aero
- Aeronero
- Thrustworks Dynetics
- AstraYAN
- Suhora Technologies
- Green Aero Propulsion
This performance has built strong credibility for Fund II, especially among domestic limited partners and ecosystem players.
Macro Tailwinds: India’s Defence-Tech Renaissance
India’s defence-tech ecosystem is gaining unprecedented traction amid geopolitical shifts and a government push for self-reliance (Atmanirbhar Bharat).
- The military conflict with Pakistan earlier this year and the success of Operation Sindoor demonstrated the capabilities of homegrown tech.
- India’s defence market is expected to grow 48%, from $27 Bn in 2025 to $40 Bn by 2030, with nearly $19 Bn attributed to new-age tech like:
- AI & autonomous systems
- Quantum computing
- Space and unmanned technologies
Rising Investor Interest in Defence Startups
A growing number of Indian and global investors are now entering the defence-tech space:
- Unmannd raised $2 Mn in a pre-seed round led by Speciale Invest and Accel.
- Raphe mPhibr raised $100 Mn at a $900 Mn valuation, led by General Catalyst, showcasing the scalability and investor appetite in the sector.
With dual-use technologies attracting commercial and defence customers, the segment is emerging as a lucrative and strategic investment category.
Founders Behind the Fund
Jamwant Ventures was co-founded by:
- Navneet Kaushik, ex-director at the Technology Development Board (TDB)
- Kartik Gopal and Jyotsana Dala, both seasoned deeptech ecosystem enablers
Their domain expertise and government linkages provide the fund with deep insight into policy-aligned, high-impact investing.
