Private Equity

Liquidity Events

MDAVF exits two defence startups; realizes over Rs.73-Cr

APN News   The Maharashtra Defence and Aerospace Venture Fund  

The Maharashtra Defence and Aerospace Venture Fund (MDAVF), a Category II Alternative Investment Fund (AIF) managed by IDBI Capital Markets & Securities (ICMS), has exited from two of its portfolio companies, viz., Pune-headquartered Cyronics Innovation Labs Pvt Ltd (CILPL) and Nagpur-based JSR Dynamics Pvt Ltd realizing INR 14.46 crore and INR 59.15 crore respectively. Both exits have been marked by impressive internal rates of return (IRR).CILPL, founded in 2020, operates in the Artificial Intelligence and Machine Learning sectors, specializing in software-defined radio technologies for the defence and aerospace sectors. CILPL’s clients include Kirloskar Oil Engines Ltd, Navstar Integrated Systems Pvt Ltd (Navy) and Theta Controls (Army), among others.JSR Dynamics, founded in 2018, is engaged in the development and manufacturing of advanced munitions, including glide bombs and loitering munitions.