Big Bang Boom Solutions (BBBS) Pvt. Ltd, which operates a defence-technology company focused on developing indigenous intellectual property, has raised $1 million (Rs 7.5 crore at current exchange rate) from Mumbai Angels Network.
Chennai-based Big Bang was set up in 2018 by Praveen Dwarkanath and Shivaram Ramaswamy. It is involved in developing technologies focused on the needs of the Indian armed forces.
In a statement, the company said that it has also previously received an angel investment of Rs 5 crore and has been the recipient of grants from iDEX – Innovations for Defence Excellence, a ministry of defence initiative.
“We are seeing a dynamic shift in how the government is looking at defence as a sector for startups to innovate, research and build technologies from ground up and put India on the global map,” Mumbai Angels Network co-promoter and chief executive Nandini Mansinghka said.
According to Big Bang’s website, some of these under-development technologies include personal combat armour and anti-drone defence systems.
Mumbai Angels Network
The investment platform has marked several deals in the previous few months. The angel investment group was established in 2006 and says it has over 400 members across chapters in regions including Delhi, Bengaluru and Kolkata.
The group says it has over 140 companies in its portfolio and claims more than 45 exits with a cumulative investment of over Rs 150 crore.
Last month, it invested in agri-tech startup Concinnity Agro2o Pvt. Ltd, which develops products focused on making hydroponics-based farming accessible to both small farmers and commercial institutions.
Also last month, it announced a Rs 1.75 crore (around $230,732) commitment to Crimson Healthcare Pvt. Ltd, a health-tech startup focused on ostomy care.
Mumbai Angels Network also invested in news distribution platform Knocksense Media Services Pvt Ltd. and Tecso Charge Zone Pvt. Ltd, which operates an electric vehicle (EV) charging startup Charge+Zone.
According to VCCEdge, the data research arm of Mosaic Digital, some of the companies in its portfolio include CarterPorter Pvt. Ltd, Dhruva Space Pvt. Ltd and Leadstart Publishing Pvt. Ltd.