Defence sector startup Big Bang Boom has secured Rs 250 crore funding in its latest round.
The funding was led by marquee investors, including Mumbai Angels Network, Vyom Family Office, SBI Startup Branch Chennai, Asquare Investing, and others, which were facilitated by the team of Negen Wealth, the company said in a statement.
“Given heavy oversubscription, the firm also offered existing investors a chance to exit,” the company shared in a statement.
“Building a defence business requires patient capital. But expecting investors to have a 25 year horizon is a pipe dream. We therefore looked at the problem through a different lens. We decided to rotate the capital table 8 times in 25 years giving investors timely exits and an option to stay on,” said Praveen Dwarakanath, CEO, Big Bang Boom Solutions (BBBS).
The company, whose core domains include Artificial Intelligence (AI), Electronic Warfare, and Nanotechnology, has also forayed into the African continent as part of the recently-concluded Indian Ministry of Defence delegation to various countries, including Kenya, Algeria, Tanzania, and Mozambique.
“While R&D is in our DNA, and we will do what it takes to transform the landscape of Indian Defence, we are clear that the timeline to monetisation must go hand-in-hand with adequate creation of core intellectual property, said Dr R Shivaraman, CTO, BBBS.
“Credit is also due to the government, DDP’s flagship iDex initiative and the Indian Armed Forces, who have envisioned the policies that have enabled this transformative growth,” he added.
The funding comes in the backdrop of its recent Rs 200 crore deal with the Ministry of Defence for indigenous anti-drone technology in March this year.
