360 ONE Asset raises Rs 1,000 Cr to back defence and spacetech cos
The multi-stage fund will look to make investments in about 15-20 defence and spacetech startups.
Investment firm 360 One Asset on Tuesday raised Rs 1,000 crore in a multi-stage fund to back defence and space strategy companies in India.
The fund will look to provide a range of capital support from venture capital to private equity to growth-stage capital, among others.
360 One aims to back 15 to 20 companies working in defence, space, aerospace, and allied strategic technologies, with this fund.
The fund announcement comes at a time when there is rising opportunities in India’s defence and space-tech ecosystem with the FY25 defence budget touching Rs 6.22 lakh crore and defence export growth growing at 84% CAGR between FY21 and FY25, the firm said.
India has also seen setting up of over 250 private space entities, the firm pointed out.
According to the company, it has already closed four investments under this fund to-date. According to a report by The Economic Times report noted that these investments are in the space of defence electronics, space analytics, electronic warfare, and satellite-based ISR.
The report also noted that the fund will have an allocation mix of about 20% for venture investments, 30% for growth equity, and 50% for late-stage private equity and pre-IPO opportunities.
The firm noted that it has a robust investment pipeline for this fund and has evaluated over 100 companies.
360 One noted that the fund’s strategy will be backed by an advisory group with operating, policy, and strategic expertise which includes former heads of India’s defence R&D establishment, national space agency, and a former defence secretary, among others.