In January, 360 One made an unusual bet in private capital. The asset-management company raised Rs 1,000 crore ($108 million) for one of the country’s first dedicated defence and aerospace funds.

The fund plans to back 15–20 companies across stages, and has already invested in four, including space-surveillance startup Digantara and defence-electronics firm Core El Technologies. To meet high investor demand, the company is also exercising a Rs 500-crore greenshoe optionA provision that allows fund managers to raise more money.

“These........

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