BBB Solutions breaks into the Rs 100 Cr. club within its first year of operations
Chennai (Tamil Nadu) [India], April 8 (ANI/NewsVoir): 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.
ANI
Apr 08, 2019 14:18 IST
Chennai (Tamil Nadu) [India], April 8 (ANI/NewsVoir): 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.
“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,” said elaborating on the funding, Praveen Dwarakanath, CEO, BBB.
“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 whom we feel must be the template for other firms/investors who wish to develop solutions in this space," he further added.
“The recent win in the MoD competition was around ‘See Through Armor’. When one sits in an armoured 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 armour 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,” said detailing the winning entry at iDex, Praveen.
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 crore grant and a chance to exhibit their defence credentials to the armed forces. The company is also open to exploring alliances and partnerships in the defence sector.
“Our interest in defence stems from the fact that defence technology has always been critical to defining superpowers 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,” said while explaining their foray into the defence sector, Dr Shivaraman Ramaswamy, Technical Head, BBB.
“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.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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