Investor Profile: IndusBridge Ventures — Thesis, Cheque Size & How to Apply

IndusBridge Ventures is a Mumbai-based, defence-focused investment firm backing Indian aerospace, defence and dual-use technology companies. Co-founded by former Citi banker Ravi Kapoor and Rahul Devjani, it argues that India's push for indigenisation, rising defence exports and long government contracts create a durable opportunity that generalist venture capital has under-served. For deep-tech founders in defence and aerospace, it is one of the most specialised pools of capital in India today.

Investment thesis

IndusBridge's thesis is the sovereign stack: India should not depend on foreign software and supply chains for national security, and patient capital is needed for sectors with high entry barriers and long gestation cycles. Its own investor materials say it targets aerospace and defence, space, communications and deep tech with dual-use applications, favouring proven technologies protected by intellectual-property moats and applicable across multiple markets. The firm takes significant minority stakes as an active co-promoter from day zero.

Fund size, stage and cheque size

IndusBridge raised ₹2,000 crore for its defence fund, doubling its original ₹1,000 crore target, according to reporting in October 2026 — described as the largest fund raised in this category. Capital came from family offices, high-net-worth individuals, defence companies and banks. No standard cheque-size range is published by the firm, so its per-company ticket is not publicly disclosed. Its deal history, however, spans seed to Series B: seed investments in BonV Aero and QuBeats, Series A rounds in Bellatrix Aerospace, and a Series B investment in Raghu Vamsi. Defence founders should therefore read the fund as stage-flexible within its sector, rather than as a seed-only vehicle.

Notable portfolio

IndusBridge's reported portfolio centres on propulsion, drones and space systems. Bellatrix Aerospace, a space propulsion company, appears in two Series A rounds backed by the firm. BonV Aero is a drone and aerial logistics company, QuBeats is an early-stage technology company backed at seed, and Raghu Vamsi is a precision engineering company backed at Series B. The pattern is hardware and engineering depth, not software alone: companies whose products must pass trials, qualify as suppliers and then stay on a platform for years through spares, upgrades and repeat orders.

Partners and programmes

Ravi Kapoor, general partner and co-founder, headed banking, capital markets and advisory for India and South Asia at Citi until 2023, after nearly three decades in investment banking. Rahul Devjani, managing partner and co-founder, previously worked with a division of RTX Corporation, and Yogesh Kulkarni is a fellow general partner. Former Navy chief Admiral Karambir Singh and former Defence secretary Gargi Kaul have joined as advisers. Its distinctive programme is the Indo-US I2A Launchpad, run with US deep-tech venture builder FedTech, which mentors Indian startups on navigating the US defence ecosystem, compliance, market entry and business-model refinement, with an eye to commercialisation in the United States.

How to apply for funding

IndusBridge publishes investor materials on its official website, indusbridgeventures.com, but no open pitch form or application portal was verified on the pages reviewed for this profile. Defence and dual-use founders should approach through the firm's website contact routes or, more credibly, through its I2A Launchpad ecosystem, an industry adviser, or an investor already active in aerospace and defence.