Content Cabinet
The short answer
India's dedicated deep tech venture funds include pi Ventures, Yali Capital and Exfinity in Bengaluru, Speciale Invest in Chennai, Endiya Partners in Hyderabad, Inflexor Ventures and Ankur Capital in Mumbai, and Bharat Innovation Fund in Ahmedabad. For the very first cheque, look at Java Capital and Ideaspring Capital; IAN Group pairs an angel network with its Alpha Fund, and deep tech is about 46% of its portfolio.
Disclosure: Content Cabinet is a film and content studio, not an investor. No fund paid to be on this list.
How we picked
Every fund here describes itself as deep tech, science-led or IP-led, has raised money for that strategy, and has named deep tech companies in its portfolio. Fund sizes and portfolios come from each fund's announcements and press coverage, checked on 10 October 2026; links are under Sources. We left out large generalist funds that also do deep tech deals, so the list stays useful to a founder looking for a specialist.
The eleven, side by side
| Fund | Based in | Backs | Latest fund, as reported | Deep tech portfolio, examples |
|---|---|---|---|---|
| pi Ventures | Bengaluru | AI and deep tech, seed to Series A | Fund II, ₹702 crore (about $85M) | Agnikul, Niramai, Ottonomy, Silence Laboratories |
| Speciale Invest | Chennai | Pure-play deep tech, early stage | Fund III, ₹600 crore | Agnikul Cosmos, GalaxEye |
| Yali Capital | Bengaluru | Semiconductors, AI, robotics, genomics, aerospace | Fund I, ₹893 crore (about $104M) | Perceptyne Robots, C2i Semiconductors, 4baseCare |
| Endiya Partners | Hyderabad | Deep tech, semiconductors, edge AI, life sciences | Fund III, targeting about $100M | Perceptyne, Maieutic Semiconductor, BluJ Aerospace |
| Exfinity Venture Partners | Bengaluru | Deep tech, enterprise SaaS, B2B | Raising Fund IV | Log9 Materials, CloudSEK, NeuralGarage |
| Inflexor Ventures | Mumbai | IP-led science, engineering and technology | Fund III, first close ₹400 crore | Steradian Semiconductors, CloudSEK, PlayShifu |
| Ankur Capital | Mumbai | Deep science, agtech, climate | Fund III, targeting ₹1,200 crore | String Bio, Offgrid Energy Lab, Turiyam |
| Bharat Innovation Fund | Ahmedabad | IP-driven deep tech, pre-Series A and A | $100M target, first close about $50M | Detect Technologies, Zumutor Biologics, FireCompass |
| Java Capital | Bengaluru | Pre-seed and seed | First fund ₹75 crore | Agnikul Cosmos, ePlane, Okulo Aerospace, CynLr |
| Ideaspring Capital | Bengaluru | Science and technology enterprise products | First fund ₹125 crore | Accelequant, Ambee, BluJ Aero, Okulo Aerospace |
| IAN Group | New Delhi | Angel network plus the Alpha Fund | Alpha Fund, $100M | About 50 deep tech startups over two decades |
The funds, one at a time
pi Ventures
Best for: AI-first and science-led startups at seed and Series A
pi Ventures closed its second fund at ₹702 crore, about $85 million, after a first fund of ₹225 crore. Fund II widened the mandate from AI to deep tech more broadly, including space, material science and the life sciences. Its first fund backed Agnikul, Niramai, Locus and Wysa; early Fund II companies include Ottonomy, Silence Laboratories and Zero Cow Factory.
Check first: how much of Fund II is still set aside for new companies rather than follow-ons.
Speciale Invest
Best for: space, hardware and science founders raising their first institutional round
Speciale has grown from a ₹60 crore first fund to a ₹300 crore second and a ₹600 crore third fund, which closed above its ₹500 crore target and plans 18 to 20 early-stage companies. It led early rounds in GalaxEye, the satellite imaging company, and backs Agnikul Cosmos, the rocket maker.
Check first: the size of a typical first cheque from Fund III, which reports put at ₹7 to 10 crore.
Yali Capital
Best for: semiconductor, robotics and genomics companies
Yali closed its first fund at ₹893 crore, about $104 million, well above its original target, with backers including Infosys and Qualcomm Ventures. Co-founder Ganapathy Subramaniam co-founded the chip company Cosmic Circuits. Named investments include Perceptyne Robots, C2i Semiconductors and the genomics company 4baseCare.
Check first: the stage it is leading now: the fund backs both early and later rounds, and the portfolio is still young.
Endiya Partners
Best for: semiconductors, edge AI and life sciences at seed and pre-Series A
Endiya's third fund targets about $100 million, after funds of ₹175 crore and ₹500 crore. Its first cheques go up to $2 million. Deep tech investments include Perceptyne, Maieutic Semiconductor and BluJ Aerospace, alongside SigTuple and Eyestem in health; Steradian Semiconductors, an Endiya company, was acquired by Renesas.
Check first: how the Cupertino team helps portfolio companies selling into the US.
Exfinity Venture Partners
Best for: B2B deep tech companies selling to global customers
Exfinity backs seed to Series A companies in deep tech, enterprise SaaS and B2B platforms. Its second fund, about $44 million, has returned its full capital, and the firm is raising a fourth fund aimed at physical AI and robotics, next-generation semiconductors and other emerging sectors. Portfolio companies include Log9 Materials, CloudSEK and NeuralGarage.
Check first: where Fund IV's fundraise stands before you plan around a new cheque.
Inflexor Ventures
Best for: IP-led companies from pre-Series A to Series A+
Inflexor describes its focus as science, engineering and technology with defensible IP. It manages about ₹1,300 crore across 27 companies, and its third fund made a first close of ₹400 crore against a target of about $135 million. Its portfolio includes Steradian Semiconductors, CloudSEK and PlayShifu.
Check first: whether your company fits the IP test; the firm looks for technology that is hard to copy.
Ankur Capital
Best for: science-led climate, agriculture and health founders
Ankur's third fund targets about ₹1,200 crore ($150 million), with commitments from British International Investment and the MacArthur Foundation. Entry cheques run $1 to 2 million at pre-Series A, with support up to $10 million. Its companies include String Bio, Offgrid Energy Lab, Niramai and the semiconductor company Turiyam.
Check first: whether your market fits its climate and agriculture themes; the firm is not a general technology fund.
Bharat Innovation Fund
Best for: IP-driven startups at pre-Series A and Series A
BIF launched in 2018 with a $100 million target and a first close of about $50 million. It invests in IP-driven technology across AI, hardware and deep science, with first cheques of $1 to 3 million and up to $5 million per company. Its portfolio includes Detect Technologies, Zumutor Biologics, FireCompass, Entropik and PlayShifu.
Check first: where the current fund is in its deployment; most public figures on BIF date from its launch years.
Java Capital
Best for: the very first cheque, before anyone else will write one
Java invests at pre-seed and seed. Its first fund was ₹75 crore, with an average first cheque of about ₹2 crore and half the fund kept for follow-ons. Its deep tech portfolio includes Agnikul Cosmos, the ePlane Company, Okulo Aerospace, CynLr and LightSpeed Photonics.
Check first: the size of its current fund; later funds have not been widely reported.
Ideaspring Capital
Best for: enterprise deep tech built on algorithms or other IP
Ideaspring launched with a fund of about ₹125 crore to back technical founders building enterprise products from India, investing up to ₹3 crore at seed. Its portfolio includes the quantum computing company Accelequant, Ambee, BluJ Aero and Okulo Aerospace.
Check first: how much it can invest in follow-on rounds from its current fund.
IAN Group
Best for: founders who want an angel network and a fund in one place
IAN Group says it has put close to ₹625 crore into about 50 deep tech startups over two decades, and that deep tech is now about 46% of its portfolio. Its $100 million Alpha Fund has invested in about 20 companies. Manufacturing, hardware and materials, biotech, and defence, drones and cybersecurity are its biggest areas.
Check first: whether your round suits the angel network, the Alpha Fund, or both.
How to choose a deep tech investor
- Stage first. Java Capital and Ideaspring write the first cheque; Endiya, pi Ventures and Speciale lead seed and pre-Series A rounds; Inflexor, BIF and Ankur often come in at pre-Series A and Series A.
- Reserves. Deep tech takes more rounds before revenue. Ask how much of the fund is kept for follow-ons, and whether your cheque comes from a new fund or the tail of an old one.
- Technical depth. Ask which partner has built or sold hardware, chips or a science product. That is the person who will defend you in the partnership meeting.
- Patience. Ask how long the fund's life is, and how its other companies have been treated when timelines slipped.
- Portfolio fit. A fund that already backs a supplier or customer of yours can open doors. One that backs a competitor will not.
Telling your story to these investors
Deep tech pitches often lose investors in the first minute, because the product cannot be seen. A short film showing the technology working, made with your engineers, does more in a first meeting than another slide. It is the work we do for deep tech companies, and for the funds that back them.
Questions people ask
Which VC funds invest in deep tech in India?
Dedicated deep tech funds include pi Ventures, Yali Capital, Exfinity, Java Capital and Ideaspring in Bengaluru, Speciale Invest in Chennai, Endiya Partners in Hyderabad, Inflexor Ventures and Ankur Capital in Mumbai, Bharat Innovation Fund in Ahmedabad, and IAN Group in New Delhi.
How much do deep tech VCs invest in India?
First cheques range from about ₹2 crore at the pre-seed end to $1 to 3 million at pre-Series A and Series A, depending on the fund. Several funds keep half or more of their money for follow-on rounds.
Which deep tech investors are in Bengaluru?
pi Ventures, Yali Capital, Exfinity Venture Partners, Java Capital and Ideaspring Capital are based in Bengaluru.
How big are India's deep tech funds?
Recent dedicated deep tech funds range from about ₹75 crore at the pre-seed end to ₹893 crore for Yali Capital's first fund and ₹702 crore for pi Ventures' second. Ankur Capital is raising toward ₹1,200 crore and Inflexor about $135 million for their third funds.
Do angel networks invest in deep tech?
Yes. IAN Group says deep tech is about 46% of its portfolio, with close to ₹625 crore invested across about 50 deep tech startups over two decades.
What counts as deep tech?
Companies built on a scientific or engineering advance that is hard to copy: semiconductors, space, robotics, advanced materials, biotech and similar. They usually need more time and capital before revenue than software companies.
Sources
- Outlook Startup, pi Ventures closes second fund with ₹702 crore
- Entrackr, Speciale Invest closes ₹600 crore Fund III
- Inc42, Yali Capital closes maiden deeptech fund at ₹893 crore
- Inc42, Endiya Partners to launch third fund with over $100M corpus
- Global Private Capital Association, Exfinity completes $44M final close of second fund
- DealStreetAsia, Inflexor Ventures makes first close of $135M Fund III
- Entrackr, Ankur Capital receives commitments from BII and MacArthur for its third fund
- IIM Ahmedabad, incubator marks first close of $100M deep-tech VC fund
- Outlook Startup, Java Capital launches ₹75 crore seed-stage fund
- BusinessWorld, ₹125 crore venture fund targeting products (Ideaspring)
- Entrepreneur India, IAN backs 50 deep-tech startups with ₹625 crore
- Entrepreneur India, IAN Group closes $100M Alpha Fund
