Aavishkaar Partners with Jamwant Ventures to Launch INR 500 Cr Defence-Deeptech Fund Jamwant Ventures Fund 2 will back 20-25 early-to-growth stage defence and deeptech startups, offering USD 1-5 million per investment, with 15-20% reserved for follow-on funding.
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Fund management platform Aavishkaar Group has introduced OneAavishkaar, a comprehensive platform designed to support emerging venture funds in scaling their operations.
As part of this initiative, Aavishkaar has partnered with Jamwant Ventures to launch an INR 500-crore fund focused on defence and deeptech startups.
Jamwant Ventures was founded in 2023 by former Indian Navy officers Navneet Kushik and Kartik Gopal, along with Jyotsana Dalal. The firm's maiden fund had a target corpus of INR 40 crore and invested in ventures including solid rocket propulsion startup Spacefields, aerospace firm Axial Aero, and marine technology company AstraYAN.
"Jamwant is one of India's only veteran-run defence-tech funds. Not only is the founding team from the armed forces, but they have also been on the operational side of things. This is one of the sectors where entrepreneurs will not come seeking money from you if you don't understand their language," said Tarun Mehta, Partner, Funds and Strategy at Aavishkaar Capital.
The new vehicle, Jamwant Ventures Fund 2, aims to support 20-25 defence and deeptech startups across early and growth stages, with an average cheque size of USD 1 million to USD 5 million. Around 15 to 20 percent of the fund is reserved for follow-on investments in portfolio companies.
OneAavishkaar seeks to provide end-to-end enablement across fundraising, investments, operations, ESG, and compliance. The platform intends to form similar partnerships with other emerging venture funds to foster growth and operational efficiency.
"Partnering with OneAavishkaar helps us focus on what we know best—mentorship and helping portfolio companies grow. If I had to do everything on my own, it would probably take another five years to reach the stage of raising an INR 500-crore fund, managing everything from compliances to structuring," Kushik told YourStory.
He added, "Instead of going individually, we decided to go together. Similarly, if Aavishkaar were to enter defence, they would need time to learn about the sector. This partnership allows both sides to leverage expertise effectively."
Under this collaboration, Aavishkaar will co-sponsor the fund and invest through the general partner commitments. Mehta indicated that this model will serve as a blueprint for OneAavishkaar's future partnerships with other emerging funds.
