IDBI Capital Markets & Securities Ltd has announced its exit from two portfolio companies, Sagar Defence Engineering Pvt. Ltd. and Zeus Numerix Pvt. Ltd. The investments were made through the Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund managed by IDBI Capital. The fund has invested approximately INR 4.15 billion in 23 micro, small and medium enterprises in the defence and aerospace sectors.
Sagar Defence Engineering develops Unmanned Marine Surface Vehicles (UMSVs), which facilitate real-time ocean data collection and transmission. These autonomous systems are designed to operate in dynamic marine conditions and support functions such as surveillance and subsea communications.
Zeus Numerix offers engineering simulation and modelling solutions, including Computational Fluid Dynamics (CFD), Finite Element Analysis (FEA), and Multiphysics modelling. The company has contributed to the development of systems for applications such as precision-guided munitions and provides technical support to organisations including DRDO, ISRO, and BARC. It originated from a research group at the Department of Aerospace Engineering, IIT Bombay, and was among the initial startups incubated at SINE (Society for Innovation and Entrepreneurship).
“They have played a pivotal role in advancing technological innovation and self-reliance in India’s defence and aerospace sectors by pushing the boundaries of technology,” said Amey Belorkar, Senior Vice President, IDBI Capital Markets & Securities Ltd.