Former defence secretary Ajay Kumar has unveiled MountTech Growth Fund (MGF) – Kavachh, a unique venture capital fund dedicated to defence, space, and national security.
This initiative is a significant boost for the Deep Tech ecosystem in India, which has long struggled to attract private capital. It also aligns with the government's 'Aatmanirbharta' mission, emphasizing self-reliance and innovation.
Kumar, who was instrumental in creating the IDeX program to stimulate the tech ecosystem, has continued his efforts post-retirement by collaborating with investors, policymakers, and other stakeholders to establish this fund.
MGF – Kavachh aims to drive the growth of startups in these strategic sectors, presenting an unparalleled opportunity for innovation and advancement.
Public information reveals that MountTech Growth Fund: Kavachh, a SEBI-registered Category II Alternative Investment Fund, reflects a vision of a stronger India and a safer world. The fund focuses on nurturing startups that contribute to advancements in deep-tech and strategic sectors.
Kumar has assembled a team of experts, including telecom executive Sethia, an Indian Army veteran, a former Senior Invest India executive, and experienced venture capital professionals, to lead this initiative.
By emphasizing intellectual property and technology-driven businesses, the fund aims to position India as a leader in strategic and technological innovation.