With a focus on assisting innovative companies in the aerospace and defense sectors, the Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund (AIF) managed by IDBI Capital Markets & Securities Limited (ICMS), announced the successful exit of two of its portfolio companies, Cyronics Innovation Labs Private Limited (CILPL) and JSR Dynamics Private Limited (JSR Dynamics), realizing ?14.46 crores and ?59.15 crores, respectively.
About ?406 crore has been invested in 22 MSMEs by MDAVF thus far. The fund has effectively completed both full and partial exits from 12 businesses, generating about ?281 crore in divestment proceeds and a robust Internal Rate of Return that demonstrates the firm’s methodical and calculated approach to value generation.
Cyronics Innovation Labs Private Limited (CILPL)
CILPL was established in 2020 and works in the AI and machine learning fields, with a focus on software-defined radio technologies for the aerospace and defense industries. Leading defense and aerospace companies such as Kirloskar Oil Engines Ltd., Navstar Integrated Systems Pvt. Ltd. (Navy), and Theta Controls (Army) are among those that CILPL has worked with.
JSR Dynamics Private Limited (JSR Dynamics)
JSR Dynamics was established in 2018 with the goal of using domestic design, development, and manufacturing to significantly aid in the defense industry’s transition to self-reliance. Advanced weapons, including as glide bombs and loitering munitions, are developed and produced by JSR Dynamics. The company’s goods are expected to have a big impact on the defense sectors in India and beyond.
These exits demonstrate MDAVF’s dedication to fostering high-potential endeavors in the aerospace and defense sectors, advancing technology, and producing substantial returns for its stakeholders. Outstanding internal rates of return (IRR) for both exits highlight the fund’s successful investing approach and aptitude for spotting high-growth businesses.
Managed by IDBI Capital Markets & Securities Limited, MDAVF continues to play a revolutionary role in supporting domestic innovation, developing self-reliance, and boosting India’s global competitiveness in the defence and aerospace sectors.
Leadership Comments
Amey Belorkar, Fund Manager – Maharashtra Defence and Aerospace Venture Fund (MDAVF), IDBI Capital Markets & Securities Ltd, speaking about the exits said, “Both, Cyronics Innovation Labs and JSR Dynamics, are instrumental in driving technological progress and self-reliance within India’s defence and aerospace industries with a focus on enhancing the operational effectiveness of defence forces.”
“MDAVF remains focused on supporting India’s journey towards self-reliance by investing in high-potential ventures that foster technological breakthroughs and enhance indigenous capabilities. These milestones reflect the strength of our investment strategy and our ongoing commitment to driving innovation in India’s defence and aerospace sectors. By backing sustainable growth in these critical industries, we’re proud to contribute to India’s defence ecosystem and the vision of Atmanirbhar Bharat added Amey.”
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