IDBI Bank’s subsidiary IDBI Capital Markets & Securities Limited (ICMS), which manages the Maharashtra Defence and Aerospace Venture Fund (MDAVF), has exited from two of its portfolio companies including unmanned underwater vehicle maker Sagar Defence Engineering Pvt. Ltd. and Zeus Numerix which develops smart and autonomous munitions. MDAVF is a SEBI-registered Category II Alternative Investment Fund (AIF) that focuses on companies in the defence and aerospace sectors. So far the fund has invested around Rs 415 in 23 MSMEs in the defence and aerospace sector.
“Both exits, delivered with impressive IRRs, underscore the strength of ICMS’ collaborations and reaffirm MDAVF’s commitment, under ICMS’ guidance, to nurturing technological innovation and self-reliance in India’s defence and aerospace ecosystem, IDBI Capital said in a statement.
Sagar Defence Engineering’s unmanned marine surface vehicle can collect and communicate ocean data real-time from the surface. It connects subsea data and communicates it to satellites and land, creating an ocean network. On the other hand, Zeus Numerix supports Indian institutions like DRDO, ISRO, and BARC in solving complex engineering challenges through simulation and modelling technologies.
The company was originated from the IITZeus group at the Department of Aerospace Engineering, IIT Bombay, and was one of the first startups incubated at SINE (Society for Innovation and Entrepreneurship) at IIT Bombay.
Speaking on the two successful exits, Amey Belorkar, Senior Vice President, IDBI Capital Markets & Securities said the two companies have played a pivotal role in advancing technological innovation and self-reliance in India’s defence and aerospace sectors by pushing the boundaries of technology. “MDAVF, remains committed to supporting the Atmanirbhar Bharat vision by backing high-potential ventures that strengthen indigenous capabilities and drive long-term impact.”
The India aerospace and defence market was valued at around $27.1 billion in 2024 and is expected to grow at a compound annual growth rate of nearly 7 per cent to $54.4 billion by 2033.
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