Axon has exited Captronic Systems, an Indian company that develops test equipment for the aerospace and defence sector. Axon’s stake has been acquired by the international group Safran, which operates in the aviation, defence, and space markets, with 76,800 employees and sales of EUR 15.3 billion in 2021.
Axon entered the company in 2012 with an investment of approximately €2.5 million, the first of Axon’s investments in India and the last to be sold from its first fund, India Opportunities I FCR. Axon’s entry has enabled Captronic to consolidate its position as a leader in the test category in the Indian market, serving most of the major Indian manufacturers in the sector. From the beginning, the idea behind the investment was to find, consolidate and sell the company to European operators with an interest in the Indian defence market, one of the largest import budgets in the world.
In this regard, Axon helped the company to find Join Ventures and finally exit with the large European corporations in the sector.
With this exit, the India Opportunities I FCR fund closes its cycle in less than ten years and positions the firm as a European benchmark in venture capital investments in India. Axon is already planning a new investment program in the Asian subcontinent, learning from the experiences of the first fund and with a great deal of accumulated knowledge.
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