The Maharashtra Defence and Aerospace Venture Fund (MDAVF) has made a significant investment of approximately Rs 415 crore in 23 micro, small, and medium enterprises (MSMEs) within the defence and aerospace sectors.

These exits were achieved with impressive internal rates of return, highlighting the effectiveness of ICMS's investment strategy and commitment to fostering technological advancement.

Zeus Numerix, which originated from IIT Bombay, provides advanced engineering simulation services and develops mission-critical systems for institutions like DRDO, ISRO, and BARC.

Sagar Defence Engineering specializes in Unmanned Marine Systems and has developed an Unmanned Marine Surface Vehicle (UMSV) that enhances real-time ocean data collection and communication.

The MDAVF model exemplifies how government-backed venture capital can mitigate risks and stimulate growth in strategic industries, particularly in defence and aerospace.

The Indian aerospace and defence market, valued at $27.1 billion in 2024, is projected to grow to $54.4 billion by 2033, reflecting a compound annual growth rate of nearly 7%.

The future of India's defence-tech sector looks promising, driven by geopolitical challenges, domestic demand, and a government push for indigenization.

MDAVF, a SEBI-registered Category II Alternative Investment Fund, aims to promote sustainable enterprises in Maharashtra's defence and aerospace industries.

On April 29, 2025, IDBI Capital Markets & Securities Limited (ICMS) announced successful exits from two portfolio companies under MDAVF, namely Sagar Defence Engineering Pvt. Ltd. and Zeus Numerix Pvt. Ltd.

Amey Belorkar, Senior Vice President at ICMS, expressed pride in supporting these companies, emphasizing their contributions to India's technological innovation and self-reliance in defence.

MDAVF's investment in 23 MSMEs showcases the potential of strategic funding to enhance domestic enterprises in the defence and aerospace sectors.

These successful exits signify a cultural shift in India's defence innovation landscape, moving away from reliance on public-sector units and international players.