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INDIA-U.S. DEFENSE ACCELERATION ECOSYSTEM (INDUS-X)
During the historical state visit by Prime Minister Narendra Modi, a significant milestone was
achieved with the launch of the IndUS-X event. This event was initiated to strengthen the
multifaceted relationship between India and the U.S., particularly in pivotal domains like
technology, defense, and investment.
With the overarching goal of enhancing the India-U.S. partnership outlined during iCET and
INDUS-X, the Indus Tech Council presents an investment tracker. This tracker spans the years
2015 to 2023 and highlights a series of investment transactions involving Indian and American
firms. These transactions encompass investments made by U.S. entities in Indian companies,
Indian entities in U.S. companies, and collaborations within both Indian and American
companies. Notably, these investments have been undertaken by a range of investors from major
corporations to venture capital firms and underscore the robust landscape of innovation and
entrepreneurship across industries such as robotics, aeronautics, artificial intelligence, data
security, aerospace, and many more.
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U.S. investment in India (2015- 2023)
The time period chosen is crucial as in 2015 an expansion of the ten-year defense agreement renewed, the designation, which became law in August 2018, means that India will enjoy some of the benefits of being a U.S. treaty ally, such as access to defense technology, though the alliance is not a formal one. In 2016, U.S recognizes India as a major defense partner.
The investment data shows significant U.S. investments in diverse Indian sectors. Notable examples include Pratt and Whitney’s $36 million investment in India’s aeronautics, Google Capital’s support for Pixxel’s aerospace growth, and Collins Aerospace’s $200 million allocation for Collins Aerospace India. These investments extend to defense, energy, and technology sectors, reflecting collaboration, innovation, and economic ties between the U.S. and India.
India investment in United States
From 2015 to 2023, Indian ventures engaged in cross-border investments within the U.S. tech sector. PremjiInvest’s involvement in Anaplan’s Series-F funding in 2017 and Windrose Capital’s backing of U.S. AI firm Precily, Inc. in 2019 exemplify such endeavors. In 2021, The Chennai Angels and Exfinity Venture Partners extended investments to U.S. AI through NimbleBox.ai and Deep Vision. The trend persisted in 2022, with Peak XV Partners and Kalaari Capital supporting data science, AI, and robotics. By 2023, Kalaari Capital and IvyCap Ventures were endorsing U.S. AI startups. Reliance Strategic Business Ventures’ investment in Exyn underscored India’s expanding tech footprint abroad.
Domestic investment within U.S. and India
From 2016 to 2023, diverse investments span various sectors in both the U.S. and India. Early support for SP Robotic Works and Kalaari Capital’s aerospace focus kick off the timeline. Continuing momentum includes AI investments by Accel India and Exfinity Venture Partners in 2022. In 2023, Peak XV Partners fund across sectors—Ethereal Machines, Pixxel, Incore Semiconductors, and 3one4 Capital’s Ripplr investment. This dynamic data signifies innovation and collaboration in Indian industries. In the U.S., Bessemer’s Rocket Lab backing, defense investments in 2018, and Relativity Space’s funding in 2020 illustrate progress in aerospace, AI, and more, culminating in 2023 with investments in AI, data security, and quantum computing, showcasing innovation and collaboration in U.S. sectors.