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IDBI Capital Markets & Securities Limited (ICMS), which manages the Maharashtra Defence and Aerospace Venture Fund (MDAVF), has announced successful exits from two of its portfolio companies: Sagar Defence Engineering Pvt. Ltd. and Zeus Numerix Pvt. Ltd. MDAVF, a SEBI-registered Category II Alternative Investment Fund (AIF), focuses on supporting innovative enterprises in India’s defence and aerospace sectors.
Both exits, completed with impressive internal rates of return (IRRs), reflect the strength of ICMS’ investment strategy and reinforce MDAVF’s commitment to fostering technological advancement and self-reliance in India’s critical sectors. To date, MDAVF has invested approximately INR 415 crore in 23 micro, small, and medium-sized enterprises (MSMEs) operating within the defence and aerospace ecosystem.
Sagar Defence Engineering Pvt. Ltd. is recognised for its work in the development of Unmanned Marine Systems, employing cutting-edge technology to enhance data collection, communication, and surveillance capabilities. Its Unmanned Marine Surface Vehicle (UMSV) serves as an autonomous ocean robot capable of collecting and transmitting ocean data in real-time, even under unpredictable conditions. The UMSV plays a key role in building an ocean network by connecting subsea data to satellites and terrestrial systems.
Zeus Numerix Pvt. Ltd. specialises in advanced engineering simulation services and has developed indigenous mission-critical systems, including precision-guided munitions. Supporting strategic institutions such as DRDO, ISRO, and BARC, Zeus Numerix addresses complex engineering challenges through computational simulations and modelling technologies, utilising methods such as Computational Fluid Dynamics (CFD), Finite Element Analysis (FEA), and Multiphysics modelling. Originating from the IIT Zeus group at the Department of Aerospace Engineering, IIT Bombay, Zeus Numerix was among the first startups incubated at the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay.
Commenting on the exits, Amey Belorkar, Senior Vice President at IDBI Capital Markets & Securities Ltd., stated that MDAVF and ICMS are proud to have contributed to the growth and success of Sagar Defence Engineering and Zeus Numerix. “They have played a pivotal role in advancing technological 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,” he added.
IDBI Capital Markets & Securities Ltd. (ICMS) is a wholly owned subsidiary of IDBI Bank Ltd. and has been a registered Portfolio Manager with the Securities and Exchange Board of India (SEBI) since 1998. ICMS currently acts as the investment manager for two SEBI-registered AIFs and serves as Project Advisor to a scheme of the Government of Maharashtra.
The Maharashtra Defence and Aerospace Venture Fund is a SEBI-registered Category II Alternative Investment Fund, established with the objective of promoting sustainable enterprises in the defence, aerospace, and allied sectors in Maharashtra.
