Venture fund MGF-Kavachh closes first deal with Rs 400 crore
venture fund set up by former defence secretary Ajay Kumar has raised Rs 400 crore and closed its first deal, with three more deals approaching finalisation.
In a first for a former defence secretary of India, Kumar turned an entrepreneur by launching MGF-Kavachh, an alternative investment fund approved by the Securities and Exchange Board of India, in January, following the completion of his mandatory cooling-off period after retirement.
«We have so far raised Rs 400 crore with a visibility of reaching Rs 500 crore soon. Our plan is to invest in 30 startups in sectors like defence, space and deep tech,» Kumar told ET in a phone interview from Washington DC, where he is currently on a work trip.
The 61-year-old former Indian Administrative Services (IAS) officer said the fund has closed its first deal, but declined to disclose further details ahead of a formal announcement expected later this week. At least three more deals are in the pipeline, he said.
Delhi-headquartered MGF-Kavachh, backed by contributions from 32 limited partners, primarily high-net-worth individuals and family offices, is focused on bolstering India's growing defence sector, as more and more startups have begun production of cutting-edge weapons, ranging from drones to drone-dropped bombs.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By — Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI: Unveiling Tomorrow's Innovations
By — Metla Sudha Sekhar,
