Defence start-up Big Bang Boom Solutions raises Rs 11 crore

By: |
July 7, 2020 4:45 AM

Big Bang Boom Solutions was started in 2018 by Shivaraman Ramaswamy and Praveen Dwarakanath, who are both serial entrepreneurs.

The founders of the start-up clarified that the fundraise was not just the cash addition to its balance sheet.

Chennai-based defence start-up Big Bang Boom Solutions has raised Rs 11 crore, led by Mumbai Angels, and angel networks including Keiretsu Forum, Udtara Ventures, Pitchright Ventures and HNIs. This comes on the back of a `5-crore recent fund raise which has put the company on a highly accelerated growth trajectory.

Praveen Dwarakanath, CEO, said: “We took inspiration from the battle at Rezang La in 1962. If the Indian soldiers could hold the enemy back under those impossible odds, surely we can do what is needed to back our force. We did not let the lockdown slow us down and did what was required to ensure that everything is on track.”

The founders of the start-up clarified that the fundraise was not just the cash addition to its balance sheet. “The addition of over 70 private investors means that the start-up now has a set of highly intellectual, and well-placed individuals whose combined contribution to the journey in kind, far outweighs the cash raised,” they said.

The company decided to turn towards angel networks as opposed to the classic VC route for their fundraise as a strategic call to bring in these allied benefits. Shivaraman Ramaswamy, chief technology officer, said :“This is an extremely exciting phase of our journey towards becoming India’s first defence unicorn. With support from iDEX and the confidence of our investors, we are sure we will be able to continue our groundbreaking R&D in defence technologies.”

Defence technologies that are developed within the geographical boundaries of the nation bring a great deal of security to the country, especially given the situation at the border, he added.

Nandini Mansinghka, co-promoter and CEO, Mumbai Angels Network, said: “We are seeing a dynamic shift in how the government is looking defence as a sector for start-ups to innovate, research and built technologies from ground-up and put India on the global footprint as a defence exporter instead of a defence importer. We are extremely bullish about participating in this industry-defining the near future and is the backbone of our economy.”

Big Bang Boom Solutions was started in 2018 by Shivaraman Ramaswamy and Praveen Dwarakanath, who are both serial entrepreneurs. The company managed to win two prestigious iDEX grants from the Defence Innovation Organization, Department of Defence Production and is on track to deliver cutting-edge technology systems to the Indian armed forces. They have been granted incubation facilities with T-Hub in Hyderabad and Forge in Coimbatore.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Driving Demand: Keeping it festive, small-town India is a big shopper online
2Amazon, Flipkart, others to see 34% more festive sales from year ago; Walmart’s firm to ‘maintain’ lead
3Months after barrage of job losses, green shoots in hiring appear among MSMEs, startups