New Delhi, Apr 1 (KNN) Navneet Kaushik, a former director at the government's Technology Development Board (TDB), has announced the launch of an angel fund called Jamwant Venture Fund.

This alternative investment fund will focus on early-stage deals in the defence sector, aiming to contribute to the growth and development of indigenous defence technologies in India.

Highlighting the fund's mission, Kaushik said, "Our focus is on identifying and nurturing innovative defence technology start-ups that align with India's strategic needs.”

“We aim to be at the forefront of building a robust ecosystem that supports the growth of indigenous defence capabilities, contributing significantly to our nation's self-reliance in defence technologies," he added.

The launch of Jamwant Venture Fund comes at a time when the Indian government is actively promoting indigenous defence production and fostering innovation in the sector.

In March, Defence Minister Rajnath Singh unveiled the Acing Development of Innovative Technologies with iDEX (ADITI) scheme, designed to fund start-ups with innovative solutions in critical and strategic defence technologies.

Under the ADITI scheme, eligible start-ups can receive grants of up to Rs 25 crore. The initiative falls under the iDEX (Innovation for Defence Excellence) framework of the Department of Defence Production (DDP) and has a total outlay of Rs 750 crore for the period 2023-24 to 2025-26.

Moreover, the government had previously launched the Defence Testing Infrastructure Scheme in 2020, aimed at setting up greenfield defence testing infrastructure as a common test facility.

This scheme provides government assistance to promote indigenous defence production, with a special focus on the participation of micro, small, and medium enterprises (MSMEs) and start-ups.

With the launch of Jamwant Venture Fund, Navneet Kaushik, leveraging his experience at the TDB, aims to play a pivotal role in nurturing and supporting promising start-ups in the defence technology domain.

(KNN bureau)