Jamwant Ventures partners Aavishkaar Group to launch Rs 500 Cr fund focused on defence and deeptech

Fund management platform Aavishkaar Group has partnered with VC firm Jamwant Ventures to launch its second fund, Jamwant Ventures Fund 2, targeting INR 500 crore (around $60 million).

The early-stage-focused fund will also include a greenshoe option of INR 250 crore.

Jamwant Ventures plans to hold the first close of the fund in June next year and aims for the final close by the end of 2026.

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Jamwant Ventures Fund 2 aims to invest in 20–25 defence and deeptech startups at early to growth stages, with average investments of $1–5 million. Around 15–20% of the fund will be reserved for follow-on investments in existing portfolio companies.

“The fund will initially draw support from Indian institutions and family offices, expanding later to NRIs and overseas investors. Capital deployment is expected within a year, with an active approach in leading rounds and taking board roles,” Jamwant Ventures said in a statement.

Founded in 2023 by former Indian Navy officers Navneet Kaushik and Kartik Gopal, along with Jyotsana Dalal, Jamwant Ventures’s first fund had a target of INR 40 crore and has invested in companies like solid rocket propulsion startup Spacefields, aerospace startup Axial Aero, and marine technologies startup AstraYAN.

“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, and you should also have the bandwidth to manage and learn everything, from compliances to structuring," Navneet Kushik.

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"So that is where we thought that this partnership works. Similarly, if Avishkar has to come into defence, they will also probably need another three to five years to learn about that sector. So instead of going against and going individually, we decided to go together," he added.

Under this partnership, Aavishkaar will act as the co-sponsor of the fund and invest as part of the fund’s general partner commitments. According to Mehta, this model will serve as the template for OneAavishkaar’s future partnerships.

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