StartupXseed Ventures is looking to increase the corpus to INR 200 Cr over the next 6-9 months.
It will focus on deep technology, including, semiconductor, cyber security, drone and aerospace sectors
Fund-II also has a green shoe option of INR 50 cr.
StartupXseed Ventures, that launched Aaruha Technology Fund for burgeoning startups in deep tech, has made the first close of its second investment vehicle – at INR 65 Cr, and is looking to raise a corpus of INR 200 Cr over the next 6-9 months.
According to a Mint report, it will focus on placing bets across deep technology, including, semiconductor, cyber security, drone and aerospace sectors. It will also look at the artificial intelligence and machine learning segments.
Fund-II also has a green shoe option of INR 50 Cr. It has been backed by a number of family offices and professionals from the information technology sector.
StartupXseed Ventures counts former Infosys senior executives, TV Mohandas Pai, invested from his fund Aarin Capital, and V Balakrishnan who pitched in his personal capacity, as general partners.
According to BV Naidu, managing partner and Ravi Thakur, co-founding partner, the fund’s general partners have put in a little over a third of the total fund corpus. The Sebi-registered, Category-I Alternative Investment Fund will look to make 15-odd investments, writing a first cheque of between INR 3 Cr and INR 10 Cr.
Thakur said that around 12 companies are in his radar, which operate across the ad-tech, cloud-tech and Internet of Things (IoT) sectors.
StartupXseed has made its first investmentin Bengaluru-based ShieldSquare and it also announced the MoU’s with leading Incubators in Bangalore set up by IIITB, Dayanand Sagar University and eHealth Technology Business Incubator in PES University.
Deeptech is also the key focus of the government’s Aatmanirbhar Bharat scheme. The Department for Promotion for Industry and Internal Trade (DPIIT) said last week that import substitution and export boost will be the spotlight.