Big Bang Boom Solutions, a defense sector start-up, has raised over ₹250 crores from investors as part of its latest funding round which was oversubscribed.
The round included marquee investors who led the round including the Mumbai Angels Network, the Vyom Family Office, the SBI Startup Branch Chennai, Asquare Investing and others which was facilitated by the team of Negen Wealth. Given heavy oversubscription, the firm also offered existing investors a chance to exit.
This funding comes on the back of the Defence Ministry signing over ₹200 crore in a deal for Indigenous Anti-Drone Technology and its successful foray into the African continent.
BBBS was part of the recently concluded Indian Ministry of Defence delegation to various countries in Africa including Kenya, Algeria, Tanzania and Mozambique. The impressive showcase of its products led to significant interest regarding the export of its solutions which it will be fulfilling in the next couple of months. Having made a dent in the African market, BBBS will be entering the European market in the coming quarter.
The company had already turned profitable in the previous financial and looks set to deliver on its expectations in the years ahead.
“Building a defense business requires patient capital. But expecting investors to have a 25 year horizon is a pipe dream. We therefore looked at the problem through a different lens. We decided to rotate the cap table 8 times in 25 years giving investors timely exits and an option to stay on. This can help build a company that can be a legacy brand and add real value. It is better to underprice a round than leave little on the table,” Praveen Dwarakanath, CEO of BBBS said.
“When we set out to build a product, we benchmark ourselves globally, allowing us to compete both in India and across the world and ensure longer product lifecycles. While R & D is in our DNA, and we will do what it takes to transform the landscape of Indian Defence, we are clear that the timeline to monetization must go hand in hand with adequate creation of core intellectual property. Credit is also due to the government, DDP’s flagship iDex initiative and the Indian Armed Forces, who have envisioned the policies that have enabled this transformative growth,” Dr R. Shivaraman, CTO of BBBS said.
In Indian operations, BBBS’ Naval Research and Development Center (NRDC) in Chennai is undertaking a pivotal role in product development in close collaboration with the Indian Navy on various projects including Non-Lethal Naval Deterrence, AI enabled Fire detection and Suppression, High Expansion Fire Fighting Systems, AI enabled Maintenance Modules, etc.
BBBS has also signed a strategic manufacturing partnership with renowned JCBL Group, to jointly expand into precision manufacturing.
BBBS core domains include Artificial Intelligence, Electronic Warfare and Nanotechnology. Having a talent pool with expertise in such diverse fields helps them stay one step ahead of the rest.
Founded by Dr Shiva and Praveen Dwarakanath, serial entrepreneurs in Deep Tech, it aims to co-create intellectual property that can be used by Indian Armed forces to counter asymmetric emerging threats.
