Private equity firm SKEGEN inks Rs 500 crore MoU with iDEX

Private equity firm SKEGEN Asset Management signed a memorandum of understanding (MoU) with the Ministry of Defence’s flagship initiative Innovation for Defence Excellence (iDEX) on Monday worth Rs 500 crore. Per the MoU, the investment will aim to accelerate the growth of design, product development, and manufacturing-led enterprises across industries in India.

Of the Rs 500 crore, SKEGEN will provide Rs 360 crore to support two iDEX winners -- Sagar Defence Engineering and Zeus Numerix. The PE firm will aid the two startups with innovation and creating intellectual property (IP) based on products or services. “The focus is on supporting companies that require growth capital to enable their expansion across product categories and territories,” the company said in a statement.

“The investment in Sagar Defence and Zeus Numerix was based on the passion and drive of the first-generation entrepreneurs, the uniqueness of their businesses, the high level of innovation and IP creation. The development of products makes a unique and cost-effective contribution to the armed forces of India and around the world,” said Navin Roy Vallabhaneni, president of the firm.


Going forward, on the completion of the deployment of Fund I, the firm has plans to raise additional capital for the launch of Fund II later in 2025.

The firm manages about Rs 4,000 crore across different financial instruments and intends to broaden its scope by managing the assets of corporates and ultra high net worth families, the firm said.