Former Defence Secretary Raises Rs 250 Crore VC Fund

Ajay Kumar, a former bureaucrat who retired as India's defense secretary in 2022, has ventured into the world of venture capital. He is now the chairman of Mounttech Growth Fund, a venture capital firm that has already raised over ₹250 crore in its first round, aptly named "Kavach."

The fund focuses on investing in startups operating in the fields of defense, deeptech, aerospace, and space. Kumar's transition from government assignments to finance and startups reflects his eagerness to explore new horizons. As he embarks on this second innings, he aims to create value for both the fund and the innovative startups it supports.

Mounttech Growth Fund aims to back early-stage startups operating in the defense, aerospace, and deeptech sectors. It has a total corpus of ₹250 crore (approximately $33.5 million). The fund has already secured approval from the Securities and Exchange Board of India (SEBI).

Mounttech Growth Fund seeks to support innovative ventures related to space technology, Aerospace and Deep Tech. The fund will also invest in companies leveraging cutting-edge technologies.

The first scheme of the fund is called "Kavach." MGF-Kavachh is a Category-Il AIF involved in the business of venture capital investments in Aerospace &, Defence, Space Tech and Deep Tech sectors.

The chairman of Mounttech is Ajay Kumar while the CEO of the fund is Ravi Sethi who is former senior telecom industry executive

The fund has onboarded retired armed forces officers, including former Indian Air Force chief RKS Bhadauria and former Indian Navy vice chief SN Ghormade, along with other industrialists and business professionals.

Ajay Kumar's transition from government service to venture capital reflects his commitment to fostering innovation and supporting startups in critical sectors. 

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