Navneet Kaushik, who used to work at the Technology Development Board (TDB), has started a fund to support new tech startups in defence. It’s called the Jamwant Venture Fund and will focus on early-stage investments.
This fund will be known as a Category I Angel Fund AIF. Kaushik aims to help startups in the defence sector grow and develop their technologies for defence purposes.
Former Navy Veteran Launches Fund to Support Defense Startups
Navneet Kaushik, a former Navy veteran, has started a fund to help new defence technology startups in India. He aims to find and support innovative startups that match India’s defence needs. Kaushik wants to build a strong system that helps India develop its defence technology, making it more self-reliant.
While at the Technology Development Board (TDB), Kaushik assessed over 200 new technologies to determine their scientific, technological, commercial, and financial viability. He also evaluated 228 proposals and selected 15 projects to receive funding for fighting COVID-19. Before joining TDB, Kaushik served in the Indian Navy for more than 22 years. The fund mainly encourages innovation and self-sufficiency in India’s defence sector. Kaushik aims to find and support groundbreaking initiatives that could change the defence technology scene in India.
About Navneet Kaushik
With over 22 years of experience in the Indian Navy and government, Navneet Kaushik has led many technology projects focused on serving customers. He’s known for his strong negotiation skills with international partners in regions like South America, Southeast Asia, the Middle East, Europe, and Africa.
Kaushik has been instrumental in driving the agenda to fund innovative technology and projects promoting self-sufficiency. This has led to strategic investments in companies such as QuNu Labs, Bharat Biotech, Botlab Dynamics (known for indigenous drones), Mylabs, and Biological E. Additionally, Kaushik has mentored 20 startups through the India Innovation Growth Program in Boston, USA. Leveraging his expertise as an ecosystem expert, he represented the Department of Science and Technology in guiding these startups.
Encouraging Indigenous Defence Technology
Manick Wadhwa, director of stock market broker SKI Capital Services and advisor/general partner at Jamwant Venture Fund, emphasizes the importance of supporting and guiding startups in indigenous defence technology. He believes that investing in such startups fosters innovation and is a crucial step for national security. The Jamwant Venture Fund aims to play a significant role in shaping the future of India’s defence technology.
In March, Defence Minister Rajnath Singh introduced the Acing Development of Innovative Technologies with iDEX (ADITI) scheme to finance startups with innovations in critical and strategic defence technologies. Under this scheme, eligible startups can receive up to Rs 25 crore grants. The ADITI scheme is part of a Rs 750 crore initiative from 2023-24 to 2025-26 under the iDEX framework of the Department of Defence Production (DDP).
Government Initiatives to Strengthen the Defence Sector
The government launched the Defence Testing Infrastructure Scheme in 2020 to establish new defence testing facilities. These facilities serve as common test spaces where the government provides support to promote indigenous defence production. There’s a particular emphasis on encouraging the participation of Micro, Small, and Medium Enterprises (MSMEs) and startups in this initiative.
To further enhance self-reliance and increase defence exports, the government has raised the country’s defence budget to Rs 6.21 lakh crore for the financial year 2024-25. This amounts to 13 per cent of the total union budget and is aimed at bolstering the defence sector.
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