[Funding alert] Defence tech startup BBBS raises $1M through Mumbai Angels Network
, a Chennai-based defence tech startup, has raised $1 million through Mumbai Angels Network in their overall $1.5 million Series A funding round-size.
Praveen Dwarkanath, Co-founder and CEO of BBBS, said,
"We are thrilled to partner with MA Network who have not only supported us in raising funds but also connected us to their vast network of investors for business synergies. We will now have an addition of highly intellectual and well-placed people across the country."
Founded in 2018 by Praveen Dwarkanath and Dr Shivaraman Ramaswamy, Big Bang Boom Solutions (BBBS) is developing integrated intellectual properties for defence purposes. Some of the innovative defense solutions being built by BBBS are T-Series Unmanned Tank Development, Next Generation Hybrid Personal Combat Armour, 360 Advance Battle Interface, and Anti-drone Defense System, among others.
The company said it has won two iDEX grants in two product categories, with SPARK grants of Rs 3 crore from the Department of Innovation. It claims to have collaborations with high technology players and individuals across the country, and is on track to deliver technology systems to the Indian Armed Forces.
The company had earlier received investment to the tune of Rs 5 crore from an individual investor.
Mahesh Agarwal, MA Investor, added,
"BBBS has a lot of potential to grow with FDI Investment policy and now Indian government tenders up to Rs 200 crore to Indian companies-only policy will boost innovations. BBBS has proven records of winning iDEX challenges."
Started in 2006, Mumbai Angels Network (MA Network) has a 140+ portfolio with 45+ exits and has invested over Rs 150 crore. The network is today 450+ members strong, across nine chapters (Mumbai, Delhi, Bengaluru, Kolkata, Hyderabad, Goa, Pune, Jaipur, and Chennai).
In February 2019, GVFL Ltd, a venture capital firm, had invested an undisclosed sum for a Series A investment round in an Ahmedabad-based defence tech startupPvt Ltd. Odisha-based aerospace and defence startup Tzar Aerospace also secured $15 billion in May last year from Dreamvision Overseas in exchange for 37 percent private equity.