Zen Technologies to buy majority of defence-tech startup Cogknit for ₹135 crore

Zen Technologies' board has approved an investment of ₹135.15 crore for a 51.98% fully diluted stake in Cogknit Semantics, a Bengaluru-based defence technology startup, according to Zen's press release filed with the stock exchanges on 18 October. The investment combines a subscription to Cogknit's primary funding round with the purchase of existing shares. Investor Ashish Kacholia and his associates will also invest in the primary round. On completion, which is subject to customary closing conditions, Cogknit becomes a Zen subsidiary and its founding team continues to lead it. Cogknit won the iDEX challenge to build a Battlefield Management System for main battle tanks, received the Raksha Mantri's Award for Innovation in 2022 and has completed field trials with the Indian Army. Zen says the system adds a command-and-control layer that complements Samvid, its proposed AI platform for shared battlefield awareness.

DTT summary based on Zen Technologies press release (BSE) via The Financial Express's report. The full article is on the publisher's site.