Raj Sethia
Founder, Managing Partner and Investment Committee member
Investment leadership, business building, finance and operating strategy.
LinkedIn profile ↗India / Direct investor
Stronger India. Safer world.
Strategic and dual-use technologies across defence, aerospace, space and digital communications.
Connect NowTypical chequeNot publicly specified
Official stage focusEarly to growth stage
2024 base target, not final closeINR 250 crore
Primary-supported investments8 companies
01 / The fund
Technology for strategic self-reliance
MountTech Growth Fund's Kavachh scheme is a SEBI-registered Category II AIF focused on technologies relevant to national security, defence, aerospace and digital communications. The manager's FAQ says it invests from early to growth stage and prefers to lead or co-lead rounds, or join reputable value-adding investors. It looks for technically strong founders, growing revenue opportunities, multi-industry applications and potential customers in India and global markets.
The official pages checked do not publish a typical cheque range. Total funding rounds are not the same as MGF's individual cheque, so no range is inferred from them. July 2024 coverage reported a first close above the original INR 250 crore target, with a further INR 250 crore greenshoe option. November 2024 coverage reported INR 400 crore raised. These are dated fundraising reports, not proof of a current final close or an available allocation.
The portfolio below combines seven companies on the current official grid with Aeron Systems, whose September 2026 investment is confirmed separately by the manager and the company's announcement. The grid alone would miss that investment. Earlier coverage credits former defence secretary Ajay Kumar with originating the fund; this page uses the current official investing and committee roster rather than treating a historical founder reference as a current contact role.
Official investment criteria ↗ · July 2024 first-close report ↗ · November 2024 fundraising report ↗02 / Portfolio
Explore by sector
Eight primary-supported investments: seven current official portfolio entries plus Aeron Systems from the manager's September 2026 announcement. These are not eight investments newly made today. DTT sectors describe technology, not fund marketing labels. Optical communications and navigation electronics remain in Others because they do not fit the site's narrower sector labels. DeepLase is grouped under Quantum for its single-photon and specialty-photonics work, while its description also covers non-quantum uses.
Energy & Materials 1
Develops compact 50-200 kW gas turbines for power and propulsion uses. It is validating fuel-flexible combustion, including hydrogen and blends, alongside heat exchangers and high-speed rotating hardware for cleaner backup power.
Holding source ↗Physical AI 1
Builds remotely operated underwater robots and autonomous surface vehicles. Cameras, sonar, navigation sensors and robotic arms let operators inspect submerged structures and carry out maritime tasks without sending divers.
Holding source ↗Quantum 1
Makes specialty optical fibres, fibre lasers and single-photon sources. Its light-generation and control technology serves quantum research as well as communications, healthcare and industrial applications; not every product is a quantum computer component.
Holding source ↗Space Tech 3
Builds compact electro-optical and infrared imaging payloads for satellites, drones and ground platforms. These are the camera and optical systems that capture visible or heat-related information for observation and surveillance.
Holding source ↗
Earth-observation satellites combine optical cameras and radar on one platform. Radar sees through clouds and darkness, while optical images add familiar visual detail for agriculture, infrastructure and security users.
Holding source ↗
Develops in-orbit mobility, robotic inspection and satellite-support technologies. Its propulsion and servicing work aims to help satellites keep operating longer and reduce the need for replacements.
Holding source ↗Others 2
Builds inertial-navigation, avionics and weather-sensing hardware. Inertial systems estimate motion and position from onboard sensors, helping aircraft and other platforms operate when satellite navigation is unreliable or unavailable.
Holding source ↗
Optical wireless communication sends data using visible or infrared light instead of radio waves. Its indoor LiFi and outdoor light-communication systems serve secure links, telecom, enterprise and industrial connectivity.
Holding source ↗03 / Team & connect
Investment team
Suryakant Dalmia
Founder & Investment Committee Member
Private investments and capital markets; official committee role, not a full-time employment claim.
LinkedIn profile ↗
Abhinav Munshi
Founder & Investment Committee Member
Fundraising, portfolio management and restructuring; official committee role alongside his own investing business.
LinkedIn profile ↗
Sanjay Chamria
Investment Committee Member
Entrepreneurship and portfolio management; official committee role alongside Magma Ventures.
LinkedIn profile ↗
Harjeet Kohli
Investment Committee Member
Corporate finance, digital infrastructure and governance; official committee role alongside Bharti Enterprises.
LinkedIn profile ↗
Vandana Swarup
Director - Investments
Investment evaluation, strategy, corporate finance and financial analysis.
LinkedIn profile ↗
Abhranil Chatterjee
Director - Investments
Investing across DeepTech, aerospace and defence.
LinkedIn profile ↗
Yashika Gupta
Head – Investments & Platform
Investment sourcing, evaluation and due diligence, with platform and strategic relationships.
LinkedIn profile ↗
Iha Bhatia
Analyst - Investments
Startup evaluation, technology research and investment analysis.
LinkedIn profile ↗Nine investing or investment-committee contacts, each checked through a direct personal LinkedIn profile. Committee membership does not imply full-time MGF employment: several members have current roles at other businesses. The official team page calls Yashika Sharma, but the manager's October 2026 introduction and her current personal profile use Yashika Gupta; the verified current name is used here. Finance and compliance staff, advisory-only roles, and the iPACT platform manager without a clear investment-decision remit are excluded.
Official team and investment committee ↗04 / Fund network
Limited partners
One named institutional LP relationship is supported by the manager's public announcement. Earlier fundraising reports describe domestic family offices and high-net-worth investors without naming each one. Founders, sponsors, committee members and portfolio co-investors are not automatically treated as LPs.
Singularity Fund of Funds
Named institutional LP
On 3 January 2025, MGF-Kavachh publicly welcomed Singularity Fund of Funds as a limited partner. The announcement does not disclose the commitment amount. This is a fund-of-funds relationship, not a direct investment by every institution or individual backing Singularity.
Primary LP announcement ↗Research checked 2 November 2026. Public fund statements are not investment advice or confirmation of an available allocation.