Chennai, September 20, 2024: Big Bang Boom Solutions (BBBS), a deeptech startup specializing in defense technology, has secured a significant funding round of $30 million (INR 250 crore). The investment came from a group of investors, including Mumbai Angels Network, Vyom Family Office, SBI Startup Branch Chennai, and Asquare Investing.
The Chennai-based company plans to utilize the fresh capital to expand its operations and develop innovative new technologies. This funding follows a previous order worth over INR 200 crore from the Indian Air Force and Indian Army for its anti-drone technology.
Founded in 2018 by Praveen Dwarakanath and R. Shivaraman, BBBS aims to develop intellectual property for the Indian armed forces to counter emerging threats. In addition to the anti-drone system, the startup has successfully completed five iDEX challenges and three projects in diverse fields like drones, advanced chemical engineering, computer vision, and cybersecurity.
The founders emphasized the importance of patient capital in building a defense business. They highlighted their strategy of rotating the capital table eight times in 25 years to provide investors with timely exits and the option to stay involved.
The company’s focus on global benchmarking and intellectual property creation ensures that their products can compete both domestically and internationally. While R&D is a core part of their business, they prioritize monetization and the creation of valuable intellectual property.
In response to increasing border security concerns, the Indian army announced plans earlier this year to establish a fully indigenous anti-drone system along the country’s western borders to counter threats of arms and narcotics smuggling. The Defence Research and Development Organisation (DRDO) also invited companies like BEL, Larsen and Toubro, and Adani Group to develop anti-drone technology.
Other drone startups catering to the defense sector include EndureAir Systems, ideaForge, and IoTechWorld. IdeaForge has recently expanded its operations to the US, Oman, Nigeria, and Bhutan. However, the company faced challenges in Q1 FY25, with a significant decline in net profit and revenue.
