IDBI Capital Markets & Securities Ltd (ICMS), the investment manager of 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.
Both exits have reportedly delivered strong internal rates of return (IRRs), reinforcing MDAVF’s strategic focus on nurturing cutting-edge defence and aerospace technologies in India. To date, the fund has invested ₹415 crore across 23 MSMEs in the sector, demonstrating its commitment to the government’s Atmanirbhar Bharat vision.
Sagar Defence Engineering is a pioneer in Unmanned Marine Systems, developing real-time ocean data communication and surveillance capabilities through its autonomous Unmanned Marine Surface Vehicle (UMSV) platform.
Zeus Numerix, a spinout from IIT Bombay’s Aerospace Engineering Department and an early incubatee at SINE, is a leader in engineering simulation technologies, serving strategic institutions like DRDO, ISRO, and BARC with advanced CFD, FEA, and multiphysics modelling capabilities.
“Sagar Defence and Zeus Numerix have played a pivotal role in advancing technological innovation in India’s defence and aerospace sectors,” said Amey Belorkar, Senior Vice President at ICMS. “MDAVF remains committed to supporting high-potential ventures that drive indigenous capability and long-term impact.”
MDAVF is a SEBI-registered Category II AIF, launched in partnership with the Government of Maharashtra, to invest in defence and aerospace MSMEs. For more information, visit: MDAVF Webpage
