Ajay Kumar, former Defence Secretary and 1985-batch IAS officer, is making a bold career shift by co-founding the MountTech Growth Fund (MGF-Kavachh), a venture capital firm focused on defence tech startups. Retiring as India’s longest-serving defence secretary in 2022, Kumar aims to support innovation in defence technology, particularly in areas like space and unmanned aerial vehicles.
MGF-Kavachh has already surpassed its initial target of ₹250 crore, with the potential to raise an additional ₹250 crore. The fund plans to invest in startups creating significant intellectual property rather than service-based businesses.
Kumar emphasizes the importance of providing startups with more than just capital, including access to the defence procurement process and industry networks. The fund, backed entirely by Indian investors, seeks to capitalize on global shifts in defence sourcing, leveraging India’s growing defence tech ecosystem.
Kumar’s transition from a senior bureaucrat to a venture capitalist highlights a rare path for retired officials, reflecting a shift towards entrepreneurial ventures in the Indian startup landscape.
