TLDR:
- Ex-defence secretary Ajay Kumar launches Mounttech Growth Fund to support early-stage startups in defence, aerospace, and deep tech sectors.
- The fund aims to boost self-reliance in critical sectors and reduce India’s dependency on defence imports.
Ajay Kumar, former Defence Secretary of India, has transitioned into the venture capital industry by establishing the Mounttech Growth Fund. This new VC firm focuses on nurturing early-stage startups in defence, aerospace, and deep tech sectors. The fund has raised Rs 250 crore and received approval from SEBI, with plans for additional funding through a green-shoe option. The first scheme under the fund, called Kavach, aims to revolutionize the aerospace and defence startup ecosystem with the backing of high-net-worth individuals and domestic family offices.
Leadership of the fund includes Ajay Kumar as chairman, Ravi Sethia as CEO, and top retired armed forces officers as advisors. The fund has also formed strategic partnerships, such as signing an MoU with T-HUB to support startups in critical technologies. India’s aerospace and defence sectors have seen a surge in startup activity, supported by government initiatives like iDEX. The Mounttech Growth Fund plans to collaborate with specialized venture capital firms and academic institutions to drive innovation in these sectors and contribute to India’s goal of self-reliance in critical technologies.
