Former director at the government’s Technology Development Board (TDB) Navneet Kaushik, on Monday, announced the launch of the angel fund Jamwant Venture Fund focusing on early-stage deals. The alternative investment fund will focus on startups in the defence sector to contribute to the growth and development of indigenous defence technologies.
“Our focus is on identifying and nurturing innovative defence technology startups that align with India’s strategic needs. We aim to be at the forefront of building a robust ecosystem that supports the growth of indigenous defense capabilities, contributing significantly to our nation’s self-reliance in defence technologies,” said Kaushik.
At TDB, Kaushik evaluated more than 200 innovative technologies for their scientific, technological, commercial and financial merits along with evaluating 228 proposals and shortlisting 15 commercially viable technology projects for financing for fighting COVID-19, as per his LinkedIn profile. Before TDB, Kaushik served in the Indian Navy for over 22 years.
Manick Wadhwa, Director at stock market broker SKI Capital Services and advisor/General Partner at Jamwant Venture Fund, said, “Encouraging and mentoring startups in the realm of indigenous defence technology is not just an investment in innovation but a strategic imperative for national security. Jamwant Venture Fund is set to play a crucial role in shaping the future of defence technology in India.”
In March, Defence Minister Rajnath Singh had launched a new Acing Development of Innovative Technologies with iDEX (ADITI) scheme to fund startups with innovation in critical and strategic defence technologies.
The fund will provide grant of up to Rs 25 crore to eligible startups. The ADITI scheme is a Rs 750 crore initiative for the period 2023-24 to 2025-26 under the iDEX framework of the Department of Defence Production (DDP).
Importantly, the government had launched the Defence Testing Infrastructure Scheme in 2020 to set up greenfield defence testing infrastructure as a common test facility for government assistance to promote indigenous defence production with a special focus on the participation of MSMEs and startups.
In order to boost self-reliance and exports in defence, the government has increased the country’s defence budget to Rs 6.21 lakh crore in the financial year 2024-25, 13 per cent of the total union budget.