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In a bid to broaden its investment portfolio, 360 ONE Asset, a wholly-owned subsidiary of 360 ONE WAM, has now launched a multi-stage defence tech and spacetech early stage VC fund. 360 ONE Asset’s early stage VC head Abhishek Nag told Inc42 that the fund’s target corpus of INR 1,000 Cr has already been raised.

Now, the firm is mulling to exercise INR 500 Cr greenshoe option, taking the total size of the fund to INR 1,500 Cr. As per Nag, the greenshoe would accommodate incremental investor demand and provide flexibility to scale exposure to high quality opportunities identified in the pipeline.

The firm is looking to back about 15-20 portfolio deeptech companies across growth, late-stage or pre-IPO stages. Target segments would include defence tech, defence electronics, spacetech, aerospace, electronic warfare as well as allied sectors.

“The strategy explicitly avoids single-program, purely launch-dependent businesses and prioritises scalable, IP-driven platforms with commercial and export potential,” he said.

The average ticket size of investments typically range from INR 40 Cr to INR 70 Cr, depending on stage and conviction. Early stage investment would also be evaluated based on strategy and conviction, Nag added.

So far, the fund has completed four investments in startups like Digantara, Sisir Radar and CoreEL, while two more are under advanced negotiation.

The development was first reported by ET. In a clarification issued to the bourses yesterday, 360 ONE said that the launch of various mutual fund or AIF schemes and mobilisation of the funds and deployment in various investments takes place on a day-to-day basis, as a part of the recurring activities. “The referred 360 ONE Multistage Defence Fund is one such on-going scheme, under our AIF business,” the firm noted.

Important to highlight that the firm had last announced the launch of an INR 500 Cr early stage VC fund in May 2025 via which it intended to back seed and Series A startups across sectors, including spacetech, defence and precision manufacturing.

360 ONE’s dedicated investment vehicle for the emerging Indian new-age defence tech segment comes at a time when institutional investors are turning more bullish on homegrown defence ingenuity. As per Inc42 data, of the approximately $78 Mn raised by defence tech startups over the last 10 years, $68 Mn was raised in 2025 alone.

According to Inc42’s India’s Defence Tech Startup Ecosystem Report 2025, the country’s defence tech market is projected to grow from $7.6 Bn in 2025 to $19 Bn by 2030, reflecting a compound annual growth rate (CAGR) of 20%.

Based out of Mumbai, 360 ONE Asset has overall alternates and public markets AUM of almost $10 Bn, and its venture capital and private equity platform has an AUM of more than INR 30,000 Cr. Its product suite includes AIFs, PMS and MFs spanning asset classes of public and private equity, fixed income and real assets.

On the financial front, the company’s PAT for Q3 FY26 increased 20% YoY to INR 331 Cr while its top line zoomed 33% YoY to INR 806 Cr.

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