Aavishkaar and Jamwant partnership: Aavishkaar Group has started a new platform called OneAavishkaar to help small and upcoming venture funds grow faster and manage their work more smoothly. Aavishkaar has joined forces with Jamwant Ventures to launch a huge INR 500-crore fund that will focus on defence and deeptech startups in India.
Jamwant Ventures, started in 2023 by former Indian Navy officers Navneet Kushik and Kartik Gopal along with Jyotsana Dalal, earlier raised a smaller INR 40-crore fund. That fund backed companies like rocket propulsion startup Spacefields, aerospace firm Axial Aero, and marine tech company AstraYAN.
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Tarun Mehta who is Partner for Funds and Strategy at Aavishkaar Capital, said, “Jamwant is one of India’s only veteran-run defence-tech funds. Not only is the founding team from the armed forces, but they have also been on the operational side of things. This is one of the sectors where entrepreneurs will not come seeking money from you if you don’t understand their language.”
The new fund, Jamwant Ventures Fund 2, plans to support 20–25 startups in defence and deeptech. Each company may get between USD 1 million and USD 5 million, with about 15%–20% of the fund saved for follow-on investments in the same startups.
Navneet Kushik said, “Partnering with OneAavishkaar helps us focus on what we know best—mentorship and helping portfolio companies grow. If I had to do everything on my own, it would probably take another five years to reach the stage of raising an INR 500-crore fund, managing everything from compliances to structuring.”
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He added, “Instead of going individually, we decided to go together. Similarly, if Aavishkaar were to enter defence, they would need time to learn about the sector. This partnership allows both sides to leverage expertise effectively.”
