Aavishkaar Group, Jamwant launch Rs 500-cr fund for defence, deep tech

Aavishkaar Group and Jamwant Ventures have launched a Rs 500-crore fund to invest in defence and deep-tech startups, targeting 15-25 companies at seed and Series A stages

Aavishkaar Group, a fund management platform, and Jamwant Ventures, a venture capital firm, have partnered to launch a new fund with a total corpus of Rs 500 crore. The fund, which focuses on defence and deep-tech companies, aims to invest in 15–25 startups, with some capital reserved for follow-on rounds.

 

In this strategic partnership, OneAavishkaar, launched by the Aavishkaar Group, will leverage Aavishkaar Capital’s institutional strength and fund governance, while Jamwant Ventures will contribute deep domain expertise and process understanding. The first partnership under OneAavishkaar is with Jamwant Ventures.

 

As part of the new fund, called Jamwant Ventures Fund 2, the firms will invest about 60–65 per cent of the corpus initially, reserving the remainder for follow-on investments, said Vineet Rai, Founder, Aavishkaar Group. He added that the fund will target companies in the Seed and Series A stages.

 

Focus on futuristic technologies

 

On the areas of investment, Navneet Kaushik, Founder, Jamwant Ventures, said, “We have people who are developing autonomous systems in India, such as propellants and rocket engines. We are investing in futuristic technologies that will not be limited to the defence space but will also serve the civil side. You cannot build a nation if one technology serves only one domain. It has to be cross-sectoral and cross-domain.”

 

Under Jamwant Ventures Fund 1, the firm has deployed capital across startups aligned with national security and indigenisation goals. As of September 2025, the fund has invested in companies such as Spacefields (solid rocket propulsion), TIEA Connectors (military-grade connectors), Aeronero (air-water generation), and Thrustworks Dyentics (liquid rocket propulsion).

 

Aavishkaar’s portfolio, on the other hand, includes companies such as AgroStar, GoDesi, Ergos, Vecmocon Technologies, Midland Bank, Utkarsh Small Finance Bank, Zouk, and Newtrace, among others.