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Mumbai, 29th April 2025: IDBI Capital Markets & Securities Limited (ICMS) that manages the Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund (AIF) focused on supporting innovative companies in the defence and aerospace sectors, recently announced its successful exits from two of its portfolio companies, viz Sagar Defence Engineering Pvt. Ltd. and Zeus Numerix Pvt. Ltd.
Both exits, delivered with impressive IRRs, underscore the strength of ICMS’ collaborations and reaffirm MDAVF’s commitment, under ICMS’ guidance, to nurturing technological innovation and self-reliance in India’s defence and aerospace ecosystem. MDAVF, to date, has invested approximately ₹415 crore in 23 MSMEs in the defence and aerospace sector.
Sagar Defence Engineering Pvt. Ltd. (SDE), a pioneer in the development of Unmanned Marine Systems, enhancing data collection, communication, and surveillance through cutting-edge technology. The Unmanned Marine Surface Vehicle, an unmanned autonomous ocean robot, is the essential technology for this transformation. Sitting at the surface, the UMSV is capable of collecting and communicating ocean data, real-time, through unpredictable conditions. It connects subsea data and communicates it to satellites and land, creating an ocean network.
Zeus Numerix Pvt. Ltd., a leader in advanced engineering simulation services and is known for its indigenous development of mission-critical systems, including precision-guided munitions, and supports strategic Indian institutions like DRDO, ISRO, and BARC in solving complex engineering challenges through cutting-edge simulation and modelling technologies. Zeus Numerix specializes in advanced computational simulations using methods Computational Fluid Dynamics (CFD) and Finite Element Analysis (FEA) and Multiphysics modelling. Zeus Numerix originated from the IITZeus group at the Department of Aerospace Engineering, IIT Bombay, and was one of the first startups incubated at SINE (Society for Innovation and Entrepreneurship) at IIT Bombay.
Mr. Amey Belorkar, Senior Vice President, IDBI Capital Markets & Securities Ltd said, “MDAVF and ICMS are proud to have been part the growth and success of Sagar Defence Engineering and Zeus Numerix. 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.
For more information on MDAVF, please visit: https://idbicapital.com/aif/Maharashtra-Defence-and-Aerospace-Venture-Fund.html
About IDBI Capital Markets & Securities Ltd (ICMS):
IDBI Capital Markets & Securities Ltd (ICMS), a wholly owned subsidiary of IDBI Bank Ltd., is a registered Portfolio Manager with Securities and Exchange Board of India (SEBI) since 1998 and is authorised to undertake Funds Management activities (Debt & Equity). These activities would be governed by Securities and Exchange Board of India. Presently, ICMS Alternative Investment Fund (AIF) is acting as Investment Manager for two SEBI registered AIF’s and is also the Project Advisor to a Scheme of Government of Maharashtra.
ABOUT MDAVF:
Maharashtra Defence and Aerospace Venture Fund is SEBI registered category II, Alternative Investment Fund having registration number IN/AIF2/18-19/0578 dated September 05, 2018 under the SEBI (Alternative Investment Fund) Regulation, 2012.
The primary Investment objective and focus of the fund is to promote sustainable enterprises in the defence, aerospace and allied sectors in Maharashtra, India. The Fund is investing in companies which supply goods or services to defence, aerospace or which manufacture or supply components for defence/ aerospace industry or are strategically important for India. The Investment is being done in companies through multiple instruments such as equity or equity linked investments, convertible instruments, and debentures, so as to achieve risk adjusted returns.
The Fund would strive to generate high returns by investing in a judicious mix of growth investments opportunities and early / start up stage opportunities. The combination of the instruments shall be chosen to attain the objective of maximizing the return on investments in accordance with the provisions of the Regulations. The Fund’s investments will be done in securities (both debt and equity) of enterprises through multiple instruments such as equity / equity related investments, convertible instruments, debentures, etc.
