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Satellite view of India and South Asia at night, with cities and highways lit across the subcontinent.
India at night, 2016 / NASA Black Marble

Backing India’s strategic capabilities

Havon Capital invests in companies building India’s defence, aerospace and deep-tech capability, from frontier technologies to the systems and infrastructure that support them.

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  • India-focused
  • Stage agnostic

Capital for the capabilities India needs to build.

A partner for technical founders. We pair decades of sector experience with a long-term commitment to building enduring businesses.

What Havon brings to founders

Sector expertise

Decades of operating experience in defence and aerospace.

Ecosystem relationships

Connections across founders, government and industry.

Long-term alignment

Disciplined growth and a commitment to innovation.

Where we invest

Three connected sectors sit at the core of our mandate, together with the ancillary systems that support them.

Defence

Mission‑critical capability.

Systems and components that support India’s defence requirements.

Aditya Precitech

Aditya Precitech

Precision components and assemblies, actuators, motors and control systems for defence and aerospace.

Aerospace

Flight and space.

Technologies for aviation, launch and the infrastructure that supports them.

Agnikul Cosmos

Agnikul Cosmos

Orbital-class launch vehicles for small satellites, with semi-cryogenic engines 3D-printed in a single piece.

Deep-tech

Enabling technologies.

Semiconductors, advanced materials and precision engineering.

Polymatech

Polymatech

Opto-semiconductor chips, designed, fabricated and packaged in-house, and compound semiconductor technologies.

Why this moment matters

Demand for domestic capability is growing, and more of it is open to private companies.

Strategic demand

The drive for strategic autonomy is expanding demand for domestic capabilities.

₹1.39 lakh crore

Domestic procurement allocation, FY2026–27, 75% of the capital acquisition budget1

Private participation

Reforms are opening more of the defence and space value chain to private enterprise.

₹1.78 lakh crore

Defence production, FY2025–26, 24% from private industry2

Routes to adoption

Funding, testing and procurement programmes create pathways for new technologies.

58 iDEX prototypes

Cleared for procurement, worth about ₹3,853 crore; 45 contracts signed, worth about ₹2,326 crore3

Industrial scale

Companies are moving beyond prototypes into production, contracts and exports.

₹38,424 crore

Defence exports, FY2025–26, 45% from private industry4

Sector-wide figures from the Ministry of Defence / PIB. They describe the market, not Havon’s portfolio.

What we look for

Important capabilities with a credible path to market.

Tell us what you’re building

  1. Mission and market relevance

    A consequential problem with identifiable demand and relevance beyond one programme or customer.

  2. Technical defensibility

    Differentiated technology and engineering depth, supported by credible qualification and integration capabilities.

  3. A path to scale

    A viable route to adoption, repeatable economics, reliable delivery and expansion into new markets.

The people behind Havon

  • Gautam Gurdas Rajani

    Mumbai-based entrepreneur who leads a family-owned printing and packaging manufacturer serving the food, paints and lubricants industries. Brings decades of investing in Indian capital markets and first-hand experience of scaling manufacturing.

    Printing Technology, University of the Arts London

  • Dhairya Choudhrie

    20+ years managing family investments across hospitality, aviation and real estate in India and abroad. Director on 15+ Indian companies and an active investor in venture funds and start-ups, working with management on growth strategy and follow-on fundraising, with several portfolio companies now preparing to go public.

    Economics, Northeastern University, USA

  • Joel Rupani

    Dubai-based investor with 12+ years running a research-led, concentrated public-markets portfolio across Indian and global markets. Has run real estate and food manufacturing businesses in Dubai, and holds a strategic stake in Lakshya Foods, an Indian dairy company he helps scale.

    Food Science, University of Wisconsin–Madison, USA

  • Ashish Kapur

    20+ years across finance, private equity, defence and cybersecurity. Began in audit at KPMG and EY, then joined a London family office investing across sectors including defence. Since 2009, CISO and adviser to defence manufacturers, working with the Indian and Israeli Ministries of Defence.

    B.Com (Hons), University of Delhi; The Doon School

  • Parth Jagirdar

    Chartered Accountant with nearly nine years at a Delhi-based family office, managing its portfolio across listed equities, private markets and start-ups. Leads the group’s M&A structuring and negotiation and oversees 30+ group entities, bringing a CA’s grounding in finance, compliance and governance to deal execution.

    Chartered Accountant (ICAI); B.Com (Hons), University of Delhi

  • Srijan Tiwari

    Previously at Evalueserve delivering market research, competitive intelligence and IP research to Fortune 500 clients. Worked across sectors with a focus on chemicals and energy, covering competitor benchmarking and patent landscaping.

    Chemical Engineering, HBTU Kanpur

Building a capability India needs?

We welcome conversations with technical founders and industry partners in defence, aerospace and deep-tech.

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