July 9, 2024: Mounttech Growth Fund, ‘Kavachh’ a new venture capital firm fund launched by Ajay Kumar, India’s former defense secretary who retired in 2022, has raised over ₹250Cr in an initial funding round with a commitment to fostering the growth of startups in niche sectors such as defense, aerospace, deeptech, and space technology.
The fund’s inaugural scheme, named “Kavachh,” will focus to support startups pioneering innovations that contribute to national defense capabilities and technological advancements. Ajay Kumar will head the VC as its Chairman, while Ravi Sethi helms the role of CEO of the fund. Ravi Sethi is a former senior telecom industry executive.
Mounttech Growth Fund ‘Kavachh’ backed by Ajay Kumar, India’s former defense secretary
Kumar’s transition from a distinguished career in government to venture capital demonstrates his passion to exploring new avenues for innovation and growth. His leadership at Mounttech Growth Fund reflects a commitment to bridging the gap between cutting-edge technology startups and strategic investment opportunities.
The fund, is an AIF II Category SEBI registered Venture Capital Fund working at the intersection of innovation , deep tech and India’s ‘Aatmanirbhar agenda’ in Defence & Space. With a substantial corpus of nearly $33.5 million, Mounttech Growth Fund aims to catalyze growth and scalability for emerging ventures in critical sectors.
Mounttech Growth Fund has assembled a robust team, including former armed forces personnel like Air Chief Marshal RKS Bhadauria and Vice Admiral SN Ghormade, alongside experienced industry professionals. This diverse expertise ensures comprehensive guidance and strategic direction for portfolio startups, enhancing their prospects for success.
The new VC believes in the growth narrative of India. Citing, by 2030, its GDP will have doubled to US$7 trillion thanks to several structural reforms and policy-driven improvements as well as natural demographic advantages.
Ajay Kumar’s stewardship of Mounttech Growth Fund signifies a pivotal moment in his career trajectory, aiming to drive technological advancements and entrepreneurial spirit within India’s defense and aerospace sectors.
