IDBI Capital Exits Two Deep-Tech Defence Startups with Strong IRRs ICMS's MDAVF exits Sagar Defence and Zeus Numerix, reinforcing commitment to India's deep-tech defence and aerospace innovation.
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IDBI Capital Markets & Securities Limited (ICMS), the investment manager of the Maharashtra Defence and Aerospace Venture Fund (MDAVF), has announced successful exits from two of its portfolio companies—Sagar Defence Engineering Pvt Ltd and Zeus Numerix Pvt Ltd. These exits were marked by impressive Internal Rates of Return (IRRs), reinforcing the fund's strategy of backing high-potential indigenous ventures in India's strategic sectors.
MDAVF, a SEBI-registered Category II Alternative Investment Fund (AIF), has invested approximately INR 415 crore in 23 micro, small, and medium enterprises (MSMEs) within the defence and aerospace ecosystem. The exits highlight the fund's sharp focus on advancing India's Atmanirbhar Bharat (self-reliance) vision by supporting innovation-driven businesses.
"MDAVF and ICMS are proud to have been part of the growth and success of Sagar Defence Engineering and Zeus Numerix," said Amey Belorkar, Senior Vice President at IDBI Capital Markets & Securities Ltd. "They have played a pivotal role in advancing technological innovation and self-reliance in India's defence and aerospace sectors by pushing the boundaries of technology. MDAVF remains committed to supporting the Atmanirbhar Bharat vision by backing high-potential ventures that strengthen indigenous capabilities and drive long-term impact."
Sagar Defence Engineering (SDE) has emerged as a pioneer in the development of Unmanned Marine Systems (UMS). Their Unmanned Marine Surface Vehicle (UMSV), a next-gen ocean robot, enhances real-time data collection and communication in unpredictable marine conditions. By bridging the subsea environment with satellites and terrestrial systems, SDE is enabling the creation of an intelligent ocean network.
Meanwhile, Zeus Numerix, born out of the Department of Aerospace Engineering at IIT Bombay and incubated at SINE, is a specialist in computational engineering simulations. With deep expertise in Computational Fluid Dynamics (CFD), Finite Element Analysis (FEA), and Multiphysics modelling, Zeus has been instrumental in the development of mission-critical systems, including precision-guided munitions. The company continues to support Indian defence institutions like DRDO, ISRO, and BARC.
MDAVF's investment approach spans equity, convertible instruments, and debt, targeting both early-stage and growth-phase opportunities. ICMS, a SEBI-registered portfolio manager and a wholly owned subsidiary of IDBI Bank, currently manages two SEBI-registered AIFs and advises on strategic projects for the Government of Maharashtra.
These successful exits mark a milestone in MDAVF's journey of fostering indigenous innovation in sectors critical to national security and technology advancement.
