Month: August 2021

Veyrah Law advises Redkenko on its pre-Series A round


Redkenko Health Tech Private Limited, a Mumbai-based health insurtech startup, has raised funds in pre-Series A round from Beenext, Orios Venture Partners, Waveform Ventures, 9Unicorns and certain Angel Investors.

Veyrah Law advised Redkenko, led by partner Ajay Joseph; principal associate Arun Mohanty; senior associate Anshul Pandey and associate Pooja Agarwal. Veyrah Law team assisted Redkenko with the structuring of their group entities; and drafting and negotiating the transaction documents.

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Towards an Indian ‘Military-Industrial Complex’?

General Corporate, M&A and VC/PE

As of 2021, India has the second largest armed forces and the third largest defence budget in the world. However, historically, the defence sector in India has been a monopoly for public sector companies. In 2001, the defence sector was unlocked for domestic private businesses subject to certain licensing requirements. This was also the same time foreign investors were permitted to invest in the defence sector. Initially, foreign direct investment (FDI) was permitted up to a maximum of 26%. Over the years, the FDI cap has been substantially increased and currently stands at 100%, subject to certain conditions. More recently, due to external aggression from neighbouring states, the Government has been keen to further develop the Indian defence manufacturing sector. The thrust has been to encourage the development of indigenous solutions for its defence requirements and reduce its external dependency. In this article, we will discuss the opportunities for foreign and domestic investors in the Indian defence industry.

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