VC Firm Raises ₹225 Crore in First Close to Back India’s Next Wave of Deep-Tech Startups
Early-stage venture capital firm Aum Ventures has announced the first close of its India Innovation Fund II, securing ₹225 crore towards its target corpus of ₹750 crore (approximately $80 million). The Mumbai-based investment firm will use the fund to back early-stage startups building IP-led technology companies from India for global markets.
According to the firm, more than 65% of the commitments in the first close came from international limited partners across the US, the Middle East and other global markets, including family offices, entrepreneurs and strategic investors.
Focus on India’s Frontier Technology Ecosystem
The new fund will primarily invest in pre-seed and seed-stage startups developing technologies across artificial intelligence (AI), space technology, semiconductors, aerospace, defence technology, robotics, energy transition, advanced manufacturing and other IP-driven sectors.
Initial investments will typically range between $750,000 and $2 million, while the fund will also reserve capital for follow-on investments through Series A and Series B rounds. Over its lifecycle, India Innovation Fund II is expected to invest in 25 to 30 startups.
Beyond capital, Aum Ventures plans to help founders access global markets, strategic partnerships, talent and industry expertise across India, the US, Israel and the Middle East.
Building on a Strong Investment Track Record
The new fund builds on the success of India Innovation Fund I, launched in 2023. According to Aum Ventures, its first fund has delivered a gross MOIC of 2.23x and a gross IRR of 53% so far. The firm has also completed an exit from Sharang Shakti, which was acquired by LAT Aerospace.
Aum Ventures was also among the early institutional investors in Skyroot Aerospace, India’s first space-tech unicorn, which recently achieved a major milestone with the launch of its Vikram-1 rocket.
Its portfolio also includes startups such as Azimuth AI, Cosmoserve Space, Sanyark Space, Sully.ai and Latentai, spanning multiple frontier technology segments.
Outlook
The launch of India Innovation Fund II comes amid rising investor interest in India’s deep-tech ecosystem. With several venture capital firms launching dedicated funds for AI, space, defence, semiconductor and robotics startups, Aum Ventures is positioning itself to back globally competitive technology businesses emerging from India. The fund’s international investor participation also reflects growing confidence in India’s innovation-led startup ecosystem and its long-term global potential.
