MDAVF Exits Cyronics and JSR Dynamics, Realises INR 73.61 Cr The fund realised INR 14.46 crore from Cyronics Innovation Labs Private Limited (CILPL) and INR 59.15 crore from JSR Dynamics Private Limited.
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The Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund managed by IDBI Capital Markets & Securities Limited (ICMS), has achieved notable success with its recent exits from two portfolio companies. The fund realised INR 14.46 crore from Cyronics Innovation Labs Private Limited (CILPL) and INR 59.15 crore from JSR Dynamics Private Limited, marking a significant milestone in its efforts to support innovation in India's defence and aerospace sectors.
Amey Belorkar, Fund Manager - Maharashtra Defence and Aerospace Venture Fund (MDAVF), IDBI Capital Markets & Securities Ltd, said, "Both, Cyronics Innovation Labs and JSR Dynamics, are instrumental in driving technological progress and self-reliance within India's defence and aerospace industries with a focus on enhancing the operational effectiveness of defence forces. MDAVF remains focused on supporting India's journey towards self-reliance by investing in high-potential ventures that foster technological breakthroughs and enhance indigenous capabilities."
"These milestones reflect the strength of our investment strategy and our ongoing commitment to driving innovation in India's defence and aerospace sectors. By backing sustainable growth in these critical industries, we're proud to contribute to India's defence ecosystem and the vision of Atmanirbhar Bharat," he added.
Since its inception, MDAVF claims to have invested approximately INR 406 crore in 22 MSMEs, focusing on fostering indigenous capabilities and innovation. The fund has achieved full or partial exits from 12 companies, generating divestment proceeds of around INR 281 crore. Its strong Internal Rate of Return (IRR) underscores MDAVF's disciplined approach to value creation.
Established in 2020, Cyronics Innovation Labs Private Limited (CILPL), specialises in AI and Machine Learning technologies, with expertise in software-defined radio for the defence and aerospace sectors. The company has worked with major defence organisations, including the Navy, Army, and private sector players like Kirloskar Oil Engines.
JSR Dynamics Private Limited (JSR Dynamics), founded in 2018, focuses on the indigenous design, development, and manufacturing of advanced munitions such as glide bombs and loitering munitions.
MDAVF's recent exits highlight its ability to identify and nurture high-growth companies, driving technological advancements and delivering strong returns for its stakeholders. These achievements underscore the fund's commitment to supporting India's journey toward self-reliance in critical industries.
Managed by ICMS, a wholly owned subsidiary of IDBI Bank, MDAVF continues to lead transformative efforts in the defence and aerospace sectors, fostering innovation and enhancing India's global competitiveness.
