IDBI Capital Exits Two Deep-Tech Defence Startups with Strong IRRs

IDBI Capital Markets & Securities Limited (ICMS), which manages the Maharashtra Defence and Aerospace Venture Fund (MDAVF)—a SEBI-registered Category II Alternative Investment Fund (AIF) focused on supporting funding innovative companies in the defence and aerospace sectors—has announced successful exits from two of its portfolio companies: Sagar Defence Engineering  and Zeus Numerix.

These exits, delivered with impressive Internal Rate of Returns (IRRs), underscore the strength of ICMS’s strategic collaborations and reaffirm MDAVF’s commitment—under ICMS’s guidance—to nurturing technological innovation and self-reliance in India’s defence and aerospace ecosystem. To date, MDAVF has invested approximately ₹415 crore in 23 MSMEs in the sector.

Pioneering Innovations in Defence and Aerospace

Sagar Defence Engineering  (SDE) is a pioneer in Unmanned Marine Systems, enhancing data collection, communication, and surveillance through cutting-edge technology. Its Unmanned Marine Surface Vehicle (UMSV)—an autonomous ocean robot—sits on the surface, capable of collecting and transmitting real-time ocean data through unpredictable conditions. This technology forms a critical part of the ocean data network, linking subsea sensors to satellites and terrestrial systems.

Zeus Numerix, a leader in advanced engineering simulation, is recognized for its indigenous development of mission-critical systems such as precision-guided munitions. The company supports institutions like DRDO, ISRO, and BARC in solving complex engineering challenges through computational fluid dynamics (CFD), finite element analysis (FEA), and multiphysics modelling. Originating from the IITZeus group in IIT Bombay’s Department of Aerospace Engineering, Zeus Numerix was one of the first startups incubated at SINE (Society for Innovation and Entrepreneurship).

Amey Belorkar, Senior Vice President, IDBI Capital Markets & Securities said, “MDAVF and ICMS are proud to have been part of the growth and success of Sagar Defence Engineering and Zeus Numerix. These ventures have played a pivotal role in advancing 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.”