Aavishkaar Group Ties Up With Jamwant Ventures For Rs 500 Cr Fund Linked To Defence, Deeptech

Aavishkaar Group has introduced OneAavishkaar, a comprehensive platform designed to enhance the growth of emerging venture funds. As part of this initiative, Aavishkaar has teamed up with Jamwant Ventures to establish a Rs 500-crore fund concentrating on defence and deeptech sectors.

Jamwant Ventures was established in 2023 by former Indian Navy officers Navneet Kushik and Kartik Gopal, along with Jyotsana Dalal. Their initial fund aimed for a Rs 40 crore corpus and invested in companies like Spacefields, Axial Aero, and AstraYAN. These startups focus on solid rocket propulsion, aerospace, and marine technologies respectively.

Defence-Tech Focus

The new Jamwant Ventures Fund 2 plans to support 20-25 startups in defence and deeptech from early to growth stages. The average investment will range from $1 million to $5 million. Additionally, 15-20% of the fund is reserved for follow-on investments in existing portfolio companies.

"Jamwant is one of India's only veteran-run defence-tech fund. Not only is the founding team themselves from the armed forces, but they have also been on the operational side of things. This is one of the sectors where entrepreneurs will not come seeking money from you if you don't understand their language," said Tarun Mehta, Partner, Funds and Strategy at Aavishkaar Capital.

Partnership Benefits

OneAavishkaar aims to streamline processes across fundraising, investments, operations, ESG, and compliance. It seeks similar collaborations with other emerging venture funds to expand its reach and impact.

Kushik highlighted that partnering with OneAavishkaar allows Jamvant Ventures to concentrate on mentorship and aiding portfolio companies' growth. "If I had to go do everything on my own, I will take another five years to probably reach the stage of raising a (Rs) 500-crore fund," he mentioned.

Kushik further explained that both parties benefit from this collaboration by leveraging each other's strengths instead of working independently. "So that is where we thought that this partnership works," he added.

Under this agreement, Aavishkaar will co-sponsor the fund and contribute as part of its general partner commitments. Mehta noted that this model will serve as a blueprint for future partnerships under OneAavishkaar.

This strategic alliance between Aavishkaar Group and Jamwant Ventures signifies a significant step towards fostering innovation in India's defence-tech sector while providing essential support for emerging ventures.