Whalesbook
New Defence and Spacetech Fund Launched
360 ONE Asset, a subsidiary of 360 ONE WAM, has introduced a new multi-stage venture capital fund dedicated to the defence technology and spacetech sectors. The fund has an initial target corpus of ₹1,000 crore and is backed entirely by domestic investors. Abhishek Nag, head of early-stage VC at 360 ONE Asset, indicated that the firm is considering exercising a greenshoe option that could potentially increase the fund's total size to ₹1,500 crore, accommodating further investor demand.
The fund aims to invest in approximately 15 to 20 deeptech companies across growth, late-stage, or pre-IPO phases. Key target segments include defence technology, defence electronics, spacetech, aerospace, electronic warfare, and allied industries. The investment strategy explicitly prioritizes scalable, intellectual property-driven platforms with commercial and export potential, while avoiding businesses solely dependent on single programs or launch cycles. [cite:SOURCE A from prompt]
The average investment ticket size is expected to range between ₹40 crore and ₹70 crore, depending on the company's stage and the firm's conviction. To date, the fund has already completed four investments in startups such as Digantara, Sisir Radar, and CoreEL, with two additional investments reportedly in advanced stages of negotiation.
Market Tailwinds and Strategic Context
The launch of this specialized fund aligns with a significant surge in institutional investor interest in India's burgeoning defence and space technology ecosystems. India's defence exports have demonstrated substantial growth, increasing from ₹12,815 crore in FY22 to ₹23,622 crore in FY25, representing an 84% compound annual growth rate. While specific projections for the defence tech market vary, the overall Indian defence market is substantial, with estimates suggesting a size of USD 18.41 billion in 2025, projected to reach USD 24.39 billion by 2030 at a CAGR of 5.79%. The original source material projected India's defence tech market to grow from $7.6 billion in 2025 to $19 billion by 2030 at a 20% CAGR. [cite:SOURCE A from prompt]
This new fund follows 360 ONE Asset's prior launch in May 2025 of a ₹500 crore early-stage VC fund aimed at seed and Series A startups across various high-growth sectors, including spacetech and defence.
The company's broader asset management platform manages over INR 30,000 crore in its venture capital and private equity arm, with total alternative and public market assets under management approaching $10 billion. [cite:SOURCE A from prompt] More recent figures indicate that overall Assets Under Management (AUM) stood at ₹7,11,398 crore as of December 2025.
Financial Performance and Market Standing
In parallel with the fund launch, 360 ONE WAM reported strong financial results for the third quarter of fiscal year 2026 (ending December 31, 2025). Profit After Tax (PAT) saw a year-on-year increase of 20.3%, reaching ₹331 crore. Total revenue for the quarter grew by 21.8% year-on-year to ₹826 crore, with revenue from operations climbing 33.2% to ₹806 crore.
As of January 21, 2026, 360 ONE WAM stock was trading at approximately ₹1,095.30. The company's Price-to-Earnings (P/E) ratio is approximately 38.0 to 38.92, reflecting its market valuation.
In a clarification issued to the stock exchanges, 360 ONE stated that the launch and mobilization of various mutual fund and Alternative Investment Fund (AIF) schemes are part of its ongoing, recurring business activities. [cite:SOURCE A from prompt]