For decades, India’s military strength was paradoxical: a global powerhouse in manpower, but structurally dependent on foreign nations for its critical defence needs. Whether it was surveillance systems, loitering munitions, naval tech, or satellite propulsion, the heart of India’s defence capabilities came stamped with a foreign label. But not anymore.
In the past few years, something remarkable has happened. A quiet revolution, powered by Atmanirbhar Bharat, has begun transforming India’s strategic landscape — not with press releases, but with prototypes, patents, and military-grade deployments. Over 1,000 private defence startups have emerged, building indigenous technologies in domains long dominated by imports:
🛰️ Space situational awareness
🤖 AI-powered ground robots
🛩️ Autonomous aerial and naval systems
🎯 Smart munitions and surveillance payloads
🔫 Next-gen small arms and cyber-electronic warfare platforms
And this isn’t just an innovation story — it’s an ecosystem shift.
Startups that once built MVPs in garages are now securing orders from the Army and Navy. iDEX, SPRINT, and new procurement frameworks have created a level playing field. Venture capital is flowing into defence-tech like never before. And most critically, the Indian armed forces are actively deploying and scaling homegrown systems.
This report is a deep dive into that transformation, built on exclusive access to private financials, growth data, and funding intelligence, sourced from PrivateCircle.
This is Atmanirbhar Bharat, armed with innovation.
🌊 1. Sagar Defence Engineering
Founder: Nikunj Parashar
Headquarters: Mumbai
Focus: Autonomous boats (USVs), underwater drones (AUVs)
Products Offered:
- Spectre M – Modular unmanned aerial vehicle (UAV)
- Spectre P – Enhanced/customizable UAV variant
- Unmanned Surface Vehicles (USVs) – Fully autonomous boats for surveillance, data collection, and naval operations
- Autonomous Command & Control Unit – Real-time mission planning and autonomous navigation system
- Conversion Kits – Retrofit packages to convert conventional boats into USVs
- Sensor Payloads – Optical cameras, acoustic sensors, AIS tracking modules
Highlights:
- Developed “Mata Matangi” armed swarm boats and “Vimana” underwater AUVs.
- Secured Indian Navy orders under iDEX-SPRINT for 42 unmanned vessels.
- First Indian USV to complete a 1500 km autonomous trial.
Financially, Sagar saw a revenue boom in FY2024 from prototype sales:
| Metric | FY2024 |
| Revenue (₹ mn) | 400.94 |
| YoY Revenue Growth | 198.85% |
| PAT (₹ mn) | 34.64 |
| PAT Margin | 8.64% |
| 2-Year CAGR | 121.77% |
| 3-Year CAGR | 126.73% |
Sagar turned profitable with an 8.6% margin in FY24 as orders scaled.
Impact: Sagar Defence is directly enabling Atmanirbhar capabilities in the maritime domain. Its indigenous unmanned boats and submersibles give India a homegrown edge in naval warfare – an area where reliance on foreign drones or minesweepers could be risky. The Navy’s adoption of Sagar’s systems under the NIIO-iDEX SPRINT scheme shows confidence in local innovation. As these systems deploy, India will field advanced naval tech that is domestically supported, easier to upgrade, and free from export controls. Sagar’s success also signals to other startups that complex defence contracts are attainable, thus accelerating self-reliance across the ecosystem.
🎯 2. Optimized Electrotech
Founders: Sandeep Shah, Dharin Shah
Headquarters: Ahmedabad
Focus: AI-driven surveillance, electro-optics for ISR
Products Offered:
- Anti-Drone Surveillance Systems – Long-range detection and tracking of UAV threats
- Perimeter Surveillance Systems – AI-enabled EO platforms for border and critical asset monitoring
- People & Vehicle Monitoring – AI-based systems for tracking individuals and vehicles in secure areas
- Weapon Sights – Thermal/optical sights for enhanced targeting accuracy
- Access Control with Face Recognition – Thermal + facial recognition for secure facility entry
- Electro-Optic Payloads for Drones & Satellites – Rugged, multi-spectral ISR payloads for aerial platforms
- Multi-Spectral Vision Products – Includes:
- InfiVision (all-weather visibility)
- MistVision (fog-penetrating vision)
- ClearVision (day/night clarity)
- NoctVision (night surveillance)
- CatEye (long-range detection)
- RelEye (real-time tracking)
Highlights:
- Supplies payloads to Indian Navy, Bharat Dynamics, and missile OEMs.
- Developed multispectral and thermal cameras for drones and border security.
| Metric | FY2024 |
| Revenue (₹ mn) | 54.06 |
| YoY Revenue Growth | 42.74% |
| PAT (₹ mn) | -57.60 |
| PAT Margin | -106.56% |
| 2-Year CAGR | 122.60% |
| 3-Year CAGR | 171.51% |
Optimized Electrotech is in a scale-up phase – revenues grew 43% YoY in FY24, but PAT is negative as the company invests heavily in product development. It has maintained a high CAGR over 2-3 years due to a low starting base and successful project wins.
Impact: Through Optimized Electrotech, India is developing homegrown electro-optical surveillance tech that was previously sourced abroad (for example, night-vision sights or UAV camera gimbals). The Economic Times noted that Optimized “serves defence and aerospace clients and aligns with India’s push for self-reliance in strategic technologies.” Its recent funding also reflects investor confidence in Atmanirbhar defence startups, with Blume Ventures stating that AI-driven surveillance and electro-optic solutions “fit right into India’s push for self-reliance in critical sectors.” By creating indigenous IP in sensors and cameras, Optimized not only strengthens India’s supply chain autonomy but also positions the country as an exporter of high-tech surveillance systems in the future.
🛡️ 3. Big Bang Boom Solutions
Founders: R. Shivaraman, Praveen Dwarakanath
Headquarters: Chennai
Focus: Counter-drone systems, AI electronics, tactical hardware
Products Offered:
- Vajra Sentinel – Portable anti-drone defence system with radar, EO/IR tracking, and jamming capabilities
- Anti-Drone Defence System – Compact solution for detecting and neutralising small commercial drones
- See-Through Armour (STA) – 360° situational awareness system for armoured fighting vehicles
- Signal & Electronic Warfare Tools – Includes anti-IED jammers, signal analysers, and surveillance radars
Highlights:
- Won ₹210 Cr MoD order for indigenous counter-UAV system.
- Completed 5 iDEX challenges in 5 years.
- Export-ready anti-drone “Indrajaal Dome” in advanced talks with African buyers.
| Metric | FY2024 |
| Revenue (₹ mn) | 112.81 |
| YoY Revenue Growth | 335.75% |
| PAT (₹ mn) | 8.29 |
| PAT Margin | 7.35% |
| 2-Year CAGR | 129.05% |
| 3-Year CAGR | 119.41% |
BBBS saw a 4x jump in revenue in FY24, reflecting delivery on major contracts. It achieved profitability (₹8.3 mn PAT) after prior years of investment, and its multi-year CAGR is ~120%, indicating explosive growth from a small base.
Impact: Big Bang Boom epitomises the Atmanirbhar startup—leveraging government innovation schemes (like iDEX) to create disruptive indigenous solutions. The Armed Forces’ decision to award it a ₹210 crore contract for anti-drone systems – “the largest defence contract ever awarded under iDEX” – is a strong endorsement of homegrown tech. Every product in BBBS’s lineup, from counter-drone to cyber, is designed in India for Indian needs, meaning the country gains self-reliance in those domains. Moreover, BBBS’s export forays contribute to India’s image as a defence tech exporter (in line with Make in India for the world). As the startup’s co-founders note, they aim to “co-create intellectual property that can be used by the Indian Armed Forces to counter asymmetric threats”. This philosophy directly converts “Make in India” into “Made in India” IP ownership – exactly the transformation Atmanirbhar Bharat envisions for the defence industry.
🧠 4. Zeus Numerix
Founders: Abhishek Jain, Vishwas Virani
Headquarters: Mumbai
Focus: Defence simulations, computational modelling
Products Offered:
- CFDTutor – Tool for learning and teaching computational fluid dynamics (CFD)
- GridZ – Mesh generation software for structured and unstructured grids
- FlowZ – General-purpose CFD solver compatible with standard formats
- CFDExpert – Industrial CFD platform with modeling, meshing, solving, and post-processing tools
- CEMExpert – Electromagnetic simulation software for radar and stealth analysis
- Precision Guidance Kits (PGKs) – Retrofit kits that convert standard munitions into guided weapons
- UAV Weaponisation Kit (UVW) – Hardware to transform drones into armed platforms
- FanZ – Software for design and analysis of fans and turbomachinery
- CEMExpert® – Radar and waveguide analysis suite (reiterated with enhanced capability)
Highlights:
- Simulated BrahMos-Su30 integration (₹800 Cr cost savings).
- Developed stealth design tools for the Navy under iDEX.
- Serves all three Indian services and DRDO.
| Metric | FY2024 |
| Revenue (₹ mn) | 70.79 |
| YoY Revenue Growth | 22.52% |
| PAT (₹ mn) | 0.70 |
| PAT Margin | 0.99% |
| 2-Year CAGR | 25.67% |
| 3-Year CAGR | 27.52% |
Zeus Numerix has steady finances. FY24 revenue was ₹70.8 mn (growth ~22.5%), with a small profit (₹0.7 mn). Its CAGR of ~26% indicates consistent growth in contracts, likely as simulation gains importance. The slim PAT margin is typical for an R&D services firm reinvesting in capability.
Impact: Zeus Numerix quietly powers Atmanirbhar Bharat by providing India-made simulation software for designing defence platforms and munitions. Its tools help DRDO and private players innovate faster, without relying on foreign software. Success stories like the BrahMos-Su30 upgrade show how Zeus enables in-house innovation, cost savings, and IP retention. Its impact goes beyond tech—it has inspired a new wave of defence startups and secured backing from Maharashtra’s Defence Venture Fund. Zeus is a true enabler of self-reliance, helping India build cutting-edge systems entirely on Indian software.
🔫 5. Solar Defence and Aerospace
Founder : Satyanarayan Nandlal Nuwal
Headquarters: Nagpur
Focus: Ammunition, rockets, loitering munitions (Nagastra-1)
Products Offered:
- Artillery Shells & Ammunition – High-explosive rounds for field and medium artillery
- Warheads & Fuzes – Precision-engineered explosive components for various ordnance
- Pinaka Rocket System Components – Critical parts and boosters for India’s multi-barrel rocket system
- Nagastra-1 Loitering Munition – Indigenous kamikaze drone with over 75% local content
- Advanced Loitering Munition Variants – Next-gen Nagastra versions with extended range and payload
- Speciality Propellants & Energetic Materials – Proprietary explosives used in military-grade munitions
Highlights:
- Delivered 480+ Nagastra-1 kamikaze drones to the Army.
- Leading private producer of artillery shells, warheads.
- Exported ₹2,000+ Cr worth of defence products globally.
In FY2024, Solar’s defence and aerospace division earned revenue in the order of ₹9,250 million (₹9.25 billion), reflecting its significant scale.
| Metric | FY2024 |
| Revenue (₹ mn) | 9250.70 |
| YoY Revenue Growth | 5.38% |
| PAT (₹ mn) | 1565.60 |
| PAT Margin | 16.92% |
| 2-Year CAGR | 6.39% |
| 3-Year CAGR | 22.31% |
Solar Defence’s financials show it as a mature, revenue-rich player. ₹9.25 billion revenue in FY24 (5.4% growth) and a healthy PAT of ₹1.56 bn (16.9% margin) indicate a stable ammunition business. Its growth CAGRs are moderate, consistent with an established firm scaling up production capacity.
Impact: Solar Defence is a shining example of Atmanirbhar Bharat in action. Once reliant on imports for ammunition, India now benefits from Solar’s domestic production of explosives and shells for the Army and Air Force. Its rapid development of the Nagastra-1 loitering drone—with over 75% local content—marks a major leap in indigenous defence tech. With growing exports and next-gen systems underway, Solar has evolved from a local ammo supplier to a global R&D-driven defence player, proving that Atmanirbhar Bharat is about innovation and global competitiveness—not just self-reliance.
Conclusion
From drones in the sky to robots on land, from satellites in space to rifles in soldiers’ hands — India’s defence startups are rewriting the rules of engagement under Atmanirbhar Bharat.
The five companies profiled above represent more than innovation, they signal a structural shift in how India builds and deploys its defence capability. A few clear themes emerge:
- Hardware is the New Frontier – Startups are no longer limited to software or R&D services. They’re building mission-critical hardware, drones, guns, loitering munitions, naval platforms, previously thought too capital-intensive for young firms.
- Public-Private Synergy is Real – Government programs like iDEX and SPRINT are not token gestures. They’ve enabled startups to win real contracts and deploy at scale within the Indian Army, Navy, and DRDO.
- VCs Backing Bharat – Venture capital firms, once hesitant about defence, are now actively investing in dual-use defence-tech startups with strong IP and export potential.
- Strategic Sovereignty through Innovation – By reducing import reliance across critical systems — surveillance payloads, smart munitions, simulation tools, these startups are securing India’s technological independence.
- From Local to Global – Several of these startups (e.g., BBBS, Solar) are already exporting defence-grade systems, signalling that India can not only make for itself but also compete globally.
India’s defence startups are reshaping the landscape—shifting the nation from import reliance to self-reliance with cutting-edge indigenous tech. Backed by growing support, they’re set to equip Indian forces and drive exports. As force multipliers of Atmanirbhar Bharat, these startups are building India’s security and autonomy on homegrown innovation.
📊 All company financials, growth insights, and market activities in this report have been sourced and validated through PrivateCircle’s intelligence platform.
If you’re an investor, government body, or ecosystem enabler seeking early visibility into India’s high-impact startups, especially in critical sectors like defence, PrivateCircle gives you unparalleled access to verified data, filings, and funding activity.