In a significant development for India’s defence-tech ecosystem, IDBI Capital Markets & Securities Limited (ICMS) has announced successful exits from two of its key portfolio companies—Sagar Defence Engineering Pvt. Ltd. and Zeus Numerix Pvt. Ltd.—under the Maharashtra Defence and Aerospace Venture Fund (MDAVF). The exits, completed with strong internal rates of return (IRRs), mark a milestone for the SEBI-registered Category II Alternative Investment Fund, reinforcing its role as a catalyst for innovation and self-reliance in the strategic defence sector.
Launched with the vision of backing indigenous innovation, the Maharashtra Defence and Aerospace Venture Fund (MDAVF)
has so far invested approximately ₹415 crore across 23 micro, small, and medium enterprises(MSMEs) in the defence and aerospace sectors. The successful exits from Sagar Defence and Zeus Numerix are seen as a testament to the fund’s strategic foresight and effective portfolio management.
Pioneers of Indigenous Innovation
Sagar Defence Engineering Pvt. Ltd. (SDE) has emerged as a trailblazer in the field of unmanned marine systems. The company’s flagship innovation—the Unmanned Marine Surface Vehicle (UMSV)—is an autonomous ocean robot that enables real-time data collection, communication, and surveillance even under challenging marine conditions. These UMSVs act as vital nodes in a comprehensive ocean communication network, relaying subsea data to satellites and ground stations. This capability is crucial for India’s maritime security and strategic intelligence infrastructure.
Zeus Numerix Pvt. Ltd., on the other hand, has established itself as a leader in computational engineering simulations. Known for developing mission-critical technologies such as precision-guided munitions, Zeus Numerix supports top-tier Indian institutions, including DRDO, ISRO, and BARC. The company specialises in Computational Fluid Dynamics (CFD), Finite Element Analysis (FEA), and Multiphysics modelling—tools essential for aerospace design and defence innovation. Zeus Numerix was incubated at IIT Bombay under SINE and emerged from the prestigious IITZeus research group in the Department of Aerospace Engineering.
A Boost to ‘Atmanirbhar Bharat’
Mr. Amey Belorkar, Senior Vice President at IDBI Capital, expressed pride in the fund’s association with both companies. “MDAVF and ICMS are proud to have supported the growth and success of Sagar Defence Engineering and Zeus Numerix. These companies have played a pivotal role in advancing technological innovation and promoting self-reliance in India’s defence and aerospace sectors. We remain committed to the Atmanirbhar Bharat vision by backing ventures that build indigenous capabilities and create long-term impact.”
The exits not only highlight the maturity of India’s defence startup ecosystem but also validate the investment approach adopted by MDAVF. The fund’s performance highlights the potential of public-private collaboration in developing advanced, dual-use technologies that serve both strategic and commercial purposes.
As India continues to prioritise defence indigenisation and advanced technology development, initiatives like MDAVF are playing a crucial role in ensuring the country is not just a consumer of global defence tech but also a creator of cutting-edge solutions.
