TLDR: Navy veteran Navneet Kaushik launches Jamwant Venture Fund to back defence startups
Key Points:
- Former director at the government’s Technology Development Board (TDB) Navneet Kaushik launches angel fund Jamwant Venture Fund focusing on early-stage deals in the defence sector.
- The fund will provide grants of up to Rs 25 crore to eligible startups, contributing to India’s self-reliance in defence technologies.
Navy veteran Navneet Kaushik, who served in the Indian Navy for over 22 years, has announced the launch of the Jamwant Venture Fund. This angel fund will focus on backing early-stage startups in the defence sector to contribute to the growth and development of indigenous defence technologies. Kaushik, a former director at the government’s Technology Development Board (TDB), has experience evaluating innovative technologies and shortlisting commercially viable projects for financing. With a grant of up to Rs 25 crore, the fund aims to support startups aligned with India’s strategic needs in the defence sector.
The launch of the Jamwant Venture Fund comes at a time when the Indian government has been promoting initiatives such as the Acing Development of Innovative Technologies with iDEX (ADITI) scheme, which provides funding for startups with innovation in critical and strategic defence technologies. The Defence Testing Infrastructure Scheme and the increased defence budget of Rs 6.21 lakh crore in the financial year 2024-25 highlight the government’s commitment to promoting indigenous defence production and supporting startups and MSMEs in the sector.
Overall, the launch of the Jamwant Venture Fund by Navy veteran Navneet Kaushik signifies a significant step towards boosting innovation and self-reliance in India’s defence sector. The fund’s focus on early-stage startups in defence technologies aligns with the government’s initiatives to promote indigenous defence production and support the growth of domestic capabilities in the sector.
