Defence Tech Exits in India: Why IPOs Stay Rare
India's defence tech sector has seen exactly two meaningful exits in five years. Government procurement timelines and foreign ownership caps make IPOs nearly impossible. Acquisitions remain the only viable path—mostly to larger PSUs or private players.
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Amit Tyagi
Founder, AletheiaAI & GP, Fitoor Capital
Veteran of India's startup ecosystem. Writing about fundraising, investor psychology, and what it takes to build fundable startups in India.
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