Welcome to our 'Fund in Focus' series where we profile our member VC funds, underscore their investment philosophy, and highlight some of their interesting work. With deep roots in the Indian Navy and public sector innovation, Jamwant Ventures brings a mission-driven lens to venture capital. Founded by veterans who've led multi-crore defence projects and evaluated over 500 tech ventures, the fund is focused on high-impact startups in defence, aerospace, and deeptech. In this edition of Fund in Focus, we speak with Navneet Kaushik, Founder & Managing Partner of Jamwant Ventures, about translating national service into startup stewardship, bridging technology with commercial viability, and why India is poised to become a global defence-tech powerhouse.
Fund In Focus: Backing Grit, Tech & Nation Builders - Jamwant Ventures' Investment Playbook
Navneet Kaushik, Founder & Managing Partner, Jamwant Ventures
Spokesperson: Navneet Kaushik, Founder & Managing Partner, Jamwant Ventures
1. From Navy to Venture Capital – Tell us about your transition from a decorated naval career and public sector leadership to launching Jamwant Ventures. What inspired this pivot into venture capital?
It's been an unexpected and fascinating journey. I never imagined I'd enter the financial sector—let alone set up a fund. My story began at the National Defence Academy, a place that shapes you through discipline, adversity, and an unwavering 'never say die' spirit. I joined the Engineering Branch of the Indian Navy, earned my B.Tech in Mechanical Engineering from the Naval College of Engineering, and later completed my Master's in Materials Science and Engineering from IIT Kharagpur.
Over two decades in the Navy, I held diverse roles—from managing operations and maintenance onboard warships to senior leadership positions in planning, procurement, and quality assurance. Key postings, including at the Naval Ship Repair Yard (Kochi), the Defence Acquisition Wing, and DGQA, gave me deep insights into project execution and defence procurement. I've managed projects worth ₹400 crore and worked on RFPs exceeding ₹50,000 crore.
The real turning point came when I took premature retirement and joined the Technology Development Board (TDB), under the Department of Science and Technology on absorption as a scientist. TDB plays a vital role in commercializing indigenous technologies and has deployed over ₹2,000 crore across sectors. It was here that I got my first exposure to the financial side of innovation and venture funding. We evaluated hundreds of companies for technology commercialization—TDB, in fact, was an early LP in funds like Blume, IvyCap, and CIIE.
Along with my co-founders Dr. Jyotsana Dalal and Cdr Kartik Gopal, we bring complementary strengths. Jyotsana and I worked together at TDB and evaluated over 500 companies. Kartik and I served together in the Navy—he brings expertise in logistics, supply chain, ERP systems, and team management. With Jamwant, we aim to identify and back high-potential startups in defence, aerospace, and deeptech—and support them beyond capital, with experience, insight, and hands-on guidance.
2. Jamwant's brand draws from the character of Jamwant in Indian mythology—symbolising strength, guidance, and trust. How does this ethos translate into your approach as an investor?
Jamwant in Indian epics is a very important and understated character. He has seen both the Dwapar and Treta Yugs. In Ramayana, when Lord Hanuman and Lord Shri Ram's army was sitting on shore trying to find a way to cross the ocean, it was Jamwant who reminded Lord Hanuman of his powers that he had forgotten on account of a curse. Jamwant himself was an astute warrior who fought Shri Krishna in Dwapar Yug. Further, he was also spectator of Sagar Manthan where the "Amrit" along with other Navratnas were found.
For us, it's a simile that our startup founders need to be reminded of their own strengths so that they can cross the ocean of challenges, create solutions in India and move forward in their journey towards creating a successful enterprise. We also have some impressive 'Jamwants' in our advisory as well who guide the startups in the right direction.
3. You've previously evaluated hundreds of deep-tech and defence-tech startups for the government. How does that experience inform your diligence and portfolio selection at Jamwant Ventures?
Honestly, TDB experience is the base on which the foundations of Jamwant Ventures are based. While the Navy gave me the strength, it's TDB that gave me the wings. During TDB stint that I realized that in large number of cases, while the technologist has a good handle on technology, he/she fails to communicate or visualize the impact that their technology can bring to the world. And for purely financial analysts it becomes difficult to visualize and foresee the minefields that are required to be managed to make the technology a commercial success.
Therefore, the startup founders, most of the times, need a translator who can translate their technology jargon into the financial jargon without losing the essence. We realized that we could do that well and understand the essence of the technology along with its commercial potential. When we evaluated proposals at TDB, our primary focus was always on the understanding and impact of the technology, followed by the team's ability to execute and convert the technology into a commercially viable enterprise.
4. There's growing momentum around defence-tech in India, especially post the 'Make in India' and iDEX initiatives. What specific gaps or unmet needs do you see in the Indian defence startup ecosystem—and how is Jamwant trying to solve them?
That's true. The armed forces have understood the importance of the startup ecosystem and their ability to create new and innovative solutions that not only gives them a cutting edge but also keeps the supply chain secure. The initiatives like iDEX, ADITI etc. are a game changer of sorts. At iDEX, you get a clear problem statement that the forces need and if the startup comes up with a solution, then in addition to the financial assistance they also get a minimum order quantity.
While there is a very positive interaction between the startup and officials at iDEX, there are still gaps. The nuisances of the defence requirements are not always understood well by the industry, so we at Jamwant try and give insights in the thought processes of the services, like why is something needed, what are the possible use case scenarios and what are the potential threats that needs to be kept in mind while designing any system or solution.
5. Many defence startups struggle with commercial viability and scale. What advice do you give them to cross the 'valley of death' from prototype to procurement?
That is true. There are challenges regarding commercial viability and scale. But there are advantages as well since the margins in the defence equipment are high in case of niche technology. Further, the government has opened up the export route and if the product can compete at the global level then definitely there is a huge market. In addition, defence is one of the use cases that demands higher reliability and quality standards. Other use cases can often be met more easily with a bit of creativity.
Consider technologies like GPS and satellite imaging—both began as defence innovations with restricted access. But look at them now: GPS is used in our daily lives, from travel to food delivery. The same goes for satellite imaging—what began in defence is now integral to sectors like agriculture and beyond. So, I believe a lot of the hesitation is psychological. If it weren't, defence companies around the world wouldn't be sitting on piles of cash!
Our advice to the startup founders would be to have a real understanding of the use cases and the scenarios in which their solutions and products will be deployed. It is critical that they understand that since their product can be the difference between life and death in certain scenarios.
6. What are you seeing in your deal pipeline—any emerging subsectors or technologies that are gaining traction?
These are exciting times considering that "Operation Sindoor" has opened our eyes to the realpolitik. I always used to wonder why people in civil world don't understand the importance of technology in defence. But this operation has made everyone aware of the importance of drones, autonomous systems, secure communication, electronic counter measures, AI, advance materials etc. These are the subsectors and technologies we shall be focussing on. We believe that these technologies are not only important for the defence but also has huge commercial potential.
7. As a mentor and ecosystem builder, what's one common mistake you see deep-tech founders make, and how can they course-correct early?
The most important part, I believe, for a founder is to have a clear understanding of use cases or problem statement. I feel even before they start to plan something, they should talk to the user and the buyer, who may be different, and understand their point of view viz a viz what they are trying to develop. A large number of founders, start with believing that whatever they are making is going to be useful and is being done for the first time.
They believe that their use case is unique, and solution therefore will be a hit. They do not understand the ground realities and therefore need critical insights from the users. Also, they need to cater for the time frame of procurement and plan accordingly. The Indian Defence procurement has been traditionally slow, but a very strong push is being given by the MoD to hasten and streamline the process. Also, the defence equipment on account of its qualitative requirements will be expensive.
8. India is on the cusp of becoming a defence manufacturing hub. Do you see Indian defence startups going global? What will it take to get there?
I have absolutely no doubt about our startups competing at the global level. The statement may look like one of a true fuaji, but I am more of a realist and practical in my views. See, we always had the talent, what we lacked was the belief and aspiration. Today's generation is not only aspirational but holds ambition of competing at the global scale. The private sector and private equity are just getting warmed up to enter the game seriously.
The government has the intent and the tailwinds for the sector on account of the current geopolitical situation. The investment in this sector is bound to increase once the investors understand that without a thriving defence sector, the economy will always be at risk. Today we don't have a choice but to be self-dependent in defence sector and be "atmanirbhar". To add on, the defence sector is hugely profitable sector considering that it is the playground where new technologies are created and tested.
We have huge export potential specially in the developing countries. Mainly because, we do not come with strings attached, unlike the other military equipment suppliers in the world. India is growing in confidence and has considerable influence in the current geopolitical landscape making us ideally poised to grow in the defence market. We have the technological skills and the manufacturing ability. What we need is more policy support in ease of doing business and easy access to export licenses.
With the current geopolitical turmoil and the collapse of the world order, the defence market is only expected to increase. Europe will be looking to build its own defence once again rather than relying solely on the USA. The game has just opened, and we have a huge opportunity in the current uncertain world. The uncertainty doesn't always work against us; in today's scenario I believe status quo is detrimental and we have much more to gain if only we believe in our strength and dive into the new uncertain world with poise and confidence.