India's hottest new startup in the Defence Sector, Big Bang Boom Solutions (BBB) broke into the 100 crore club within its first year of operations and secured funding in the form of convertible notes from strategic investors. Adding another success, the company won the ‘See Through Armour’ challenge from the Ministry of Defence under the aegis of iDex, within which the Defence Minister had launched the Defence India Startup Challenge.
Praveen Dwarakanath, CEO, BBB
Elaborating on the funding, Praveen Dwarakanath, CEO, BBB, said, “As a part of treasury operations; the funds received will be invested into a Hedge Fund to generate superior returns besides running the general operations of the company and business development.”
“With this model the investors bite off on a much lower market risk as opposed to a much higher startup risk. An innovative precedent set by us which we feel must be the template for other firms/investors who wish to develop solutions in this space," he further added.
Detailing the winning entry at iDex, Praveen, said, “The recent win in the MoD competition was around See Through Armor. When one sits in an armored vehicle; situational awareness is much lower than being in the open field. The solution gives the tank crew an ability to move naturally and feel that the armor around them is invisible. This is accomplished using AR/VR technologies which are co-developed with our partners in the space. The extension of this solution will be into unmanned vehicles and other technologies of the future.”
The company is also one of the finalists in the Illegal Usages of Drones Category (results expected in a month). The MoD competition entitles a Rs. 1.5 Cr. grant and a chance to exhibit their defence credentials to the armed forces. The company is also open to explore alliances and partnerships in the defence sector.
Dr. Shivaraman Ramaswamy, Technical Head, BBB
Explaining their foray into the defence sector, Dr. Shivaraman Ramaswamy, Technical Head, BBB, shared, “Our interest in defence stems from the fact that defence technology has always been critical to defining super powers of the world. The country with advanced defence technology invariably ends up being the strongest. As a country, we have lagged on this. With the new initiatives and proactive policies, the current environment is conducive to a change, and we intend to drive this change.”
“Our ambition is nothing less than the complete independence for India from defence imports and we intend to achieve this by creating indigenous tech, integrating tech from other startups in solutions, consulting to ramp up indigenous manufacturing, facilitating tech transfer deals etc.,” he further added.
“The competition saw over 500 applications coming from the public over the various categories. This shows the level of interest that the industry is willing to show when the government throws out a feeler. We feel that India of 2018 in the defence sector; is the India of 1992 when it decided to open its economy. A good time to be here,” added Dr. Shivaraman Ramaswamy.
About Big Bang Boom Solutions (BBB)
Big Bang Boom Solutions is India's hottest new Startup in the Defence Sector. Founded by a couple of serial entrepreneurs who are comfortable in Deep Tech, it aims to co-create intellectual property that can reside within the borders of the country. The founders have great network in the research space which helps them develop technology that bolsters the capability of the Indian Armed Forces.
In addition to the 'See Through Armor' challenge announced by the Ministry of Defence, the company is working on several high-end technologies including new materials in armor, electronic warfare solutions, drone technologies and armor piercing incendiary rounds.
The company has also managed to setup channels for sales to friendly foreign nations.