Premji Invest has held discussions to back two Bengaluru-based strategic manufacturers - defence electronics maker Sanlayan Technologies and aerospace components manufacturer Hical Technologies - as the private investment firm intensifies its bets on deeptech and strategic manufacturing, people familiar with the development told the Economic Times.
Premji Invest and Singularity AMC are likely to lead a $30-40 million round in Sanlayan at a valuation of about $200 million, the people said. Separately, Premji Invest is in advanced talks to lead Hical's first institutional funding round of $30-40 million, alongside TVS Capital. Both transactions remain at the discussion stage; none of the firms has confirmed a signed deal.
Sanlayan, incorporated in 2023, has climbed valuation steps quickly. It raised a $4.4 million seed led by Jungle Ventures, then a $22.4 million Series A in June 2025 - also led by Jungle Ventures, with public-market investor Ashish Kacholia participating - at a post-money valuation of $64.5 million, according to Tracxn data cited by Mint. A $200 million mark would triple that in under 18 months. The fresh capital is expected to fund acquisitions and R&D.
Hical, an established supplier of aerospace and defence components, is expanding into precision manufacturing for defence, and this would be its first institutional round. Premji Invest has also put Rs 300 crore into JS Auto Cast, a Bharat Forge subsidiary, underscoring that the deeptech push extends beyond early-stage cheques.
The context is India's defence indigenisation drive: the push to cut defence imports, raise domestic procurement and expand exports is opening order books for private manufacturers, and growth capital is following. Strategic manufacturing - defence electronics, aerospace components, precision casting - has moved from the margins of venture portfolios to a category funds now compete to enter.
FundForge Insight: Azim Premji's investment arm does not chase fashions, so its concentration on defence and aerospace manufacturing is a signal worth reading: patient private capital now sees multi-decade revenue in India's rearmament, not just pilot projects. For founders in deeptech, the lesson is that the money has moved downstream - from labs to factories that can supply indigenisation at scale. Watch whether these rounds close at the reported valuations; that will price the whole sector. Sources: Economic Times (November 4, 2026), Mint (October 6, 2026). This is not investment advice.
