Deep-Tech VCs in India
45 venture funds that back India's deep-tech startups, and which of the startups CoreVoice has worked with they invest in. 35 of these funds back at least one CoreVoice client.
Which VCs invest in deep tech in India?
Dedicated deep-tech funds in India include Speciale Invest, Navam Capital, YourNest, pi Ventures, Celesta Capital and Yali Capital. Mela Ventures, Rainmatter, IIMA Ventures, Elevation Capital and Accel run a deep-tech vertical or programme, and generalists such as Peak XV Partners, Kalaari Capital and Lightspeed India also back deep-tech startups. 7 of the funds below are reported among the first fund managers of the government's RDIF.
Reading the client links
A client with a solid outline is listed on the fund's own website. A dashed outline with a † means the investment is reported in press but isn't on the fund's own pages. Every client links to its sources below.
Government-backed (RDIF)
The Government of India's ₹1 lakh crore Research, Development and Innovation Fund named its first 19 fund managers in October 2026. The release gives the counts but not the names, so the badge marks funds that multiple outlets name in that cohort. Read the explainer.
Showing 45 of 45 funds
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Speciale Invest
Chennai, Bengaluru RDIF first cohort (reported) Backs 8 CoreVoice clientsCalls itself "The DeepTech VC": a seed-stage fund for science- and engineering-led hardware and software startups, run as Category II AIFs. About 60% of its capital is reserved for follow-on rounds.
CoreVoice clients: Mindgrove GalaxEye Morphing Machines VyomIC e-TRNL Energy Agnikul H2LooP (reported in press) InCore Semiconductors (reported in press)
Also backs: Cynlr, Newtrace, Anubal Fusion, Astrogate Labs, InspeCity
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IIMA Ventures
Ahmedabad (IIM Ahmedabad) Backs 4 CoreVoice clientsThe venture and incubation arm of IIM Ahmedabad (formerly IIMA-CIIE, rebranded in 2024). An early-stage investor with three themes: Deeptech, Digitalization and Climatetech. It is an incubator with a fund arm, not a classic VC.
CoreVoice clients: Morphing Machines Chara Agnikul e-TRNL Energy (reported in press)
Also backs: ideaForge, Cynlr, Bellatrix Aerospace, Unbox Robotics
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Mela Ventures
Bengaluru Backs 4 CoreVoice clientsA B2B-only firm running two Category II AIFs (MV Core Tech Fund I and II) across DeepTech, EnterpriseTech and ClimateTech. It usually writes the first institutional cheque once a startup has early revenue and product–market fit, in three to five deals a year.
CoreVoice clients: Mindgrove GalaxEye SimYog Solinas Integrity
Also backs: Flo Mobility, Optimized Electrotech, General Aeronautics, Indra Water
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Rainmatter
Backs 4 CoreVoice clientsZerodha's own venture fund, investing its own money (no outside LPs) in fintech, health, climate and deep tech. Its August 2026 post on climate and deep-tech investments names four CoreVoice clients.
CoreVoice clients: GalaxEye Agnikul Solinas Integrity Novorbis Itus
Also backs: SpaceFields, Quanfluence, Vecros, BluJ Aero
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Accel (Accel India)
Backs 3 CoreVoice clientsA global firm investing from seed to growth. In India it runs Atoms X, a hardware and "LeapTech" programme with Prosus (up to $2M per startup), and its ninth India fund targets AI and deep tech. Its own site describes it as a generalist.
CoreVoice clients: Chargebee Spendflo Wiom
Also backs: Sarla Aviation, Fabheads Automation, EtherealX
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3one4 Capital
Backs 3 CoreVoice clientsA generalist early-stage firm (SaaS, consumer internet, fintech, digital health) whose portfolio also includes deep-tech companies.
CoreVoice clients: Exponent Energy Wiom H2LooP (reported in press)
Also backs: AGNIT Semiconductors, Unbox Robotics, ePlane.ai, Vidyut Tech
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Anicut Capital
Backs 3 CoreVoice clientsA multi-strategy investor (private credit, seed, growth and late-stage equity) with a "DeepTech" sector filter on its portfolio.
CoreVoice clients: Agnikul GalaxEye (reported in press) e-TRNL Energy (reported in press)
Also backs: CynLr, Leumas, Astrogate Labs, InspeCity
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YourNest Venture Capital
RDIF first cohort (reported) Backs 2 CoreVoice clients"Nurturing DeepTech Founders from Idea to Success": an early-stage fund for IP-led Indian deep-tech startups. Its Fund III is anchored by NIIF, and Fund II by the Electronics Development Fund (Government of India).
CoreVoice clients: Exponent Energy Wiom
Also backs: QpiAI, Lightspeed Photonics, ThinkMetal, Cron AI
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Arkam Ventures
Backs 2 CoreVoice clientsAn early-stage fund whose sectors include deep tech, manufacturing and clean tech, according to press. Its website was only a "launching soon" placeholder when checked, so the facts here come from press.
CoreVoice clients: Chara (reported in press) BharatAgri (reported in press)
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DeVC
Backs 2 CoreVoice clientsAn early-stage fund built around a collective of founders and operators, with "Hardware & DeepTech" as one of its eight verticals.
CoreVoice clients: Morphing Machines (reported in press) VyomIC (reported in press)
Also backs: InspeCity
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IAN Alpha Fund (IAN Group)
Backs 2 CoreVoice clientsThe $100M second fund of the IAN Group (Indian Angel Network), a Category II AIF. The group's portfolio includes a Deeptech category. Press reports that Alpha led Morphing Machines' Series A and e-TRNL's seed round.
CoreVoice clients: Morphing Machines e-TRNL Energy
Also backs: Dhruva Space, Trishul Space, Endureair, SkyeAir
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India Quotient
Bengaluru Backs 2 CoreVoice clientsA pre-seed and seed fund for Indian startups, mainly SaaS, fintech and consumer. Its deep-tech bets include General Autonomy (humanoid robots).
CoreVoice clients: Propelld BharatAgri
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Peak XV Partners
Backs 2 CoreVoice clientsA global venture firm (formerly Sequoia India and Southeast Asia) investing from seed to growth, with a "DeepTech" tag on its company pages.
CoreVoice clients: Mindgrove InCore Semiconductors (reported in press)
Also backs: C2i Semiconductors, Horizon Quantum Computing, Digantara, Ethereal Machines
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Prosus Ventures
Backs 2 CoreVoice clientsProsus's corporate venture team, mostly in consumer and fintech. Its "frontier technologies" focus covers quantum, robotics and drones, and in India it co-runs the Atoms X hardware programme with Accel.
CoreVoice clients: Spendflo (reported in press) Wiom (reported in press)
Also backs: Oxford Ionics, CuspAI, Neara, Praan
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rocketship.vc
Los Altos, California Backs 2 CoreVoice clients -
Stellaris Venture Partners
Bengaluru Backs 2 CoreVoice clients -
8X Ventures
Chennai, Noida, Dubai Backs 1 CoreVoice clientInvests in companies "building the technological foundations of the next economy" across precision manufacturing, electronics and communication, energy and biotech. A SEBI Category II AIF, from pre-seed to Series A and beyond.
CoreVoice clients: Solinas Integrity
Also backs: Pantherun Technologies, LightSpeed Photonics, Trishul Space, Neuralzome Cybernetics
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Avaana Capital
Mumbai, Bengaluru Backs 1 CoreVoice client -
BYT Capital
Bengaluru, Gurugram Backs 1 CoreVoice client"We fund deep-tech companies built to reshape industries." A SEBI Category II AIF launched in December 2025, investing from pre-seed to Series A.
CoreVoice clients: VyomIC (reported in press)
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Celesta Capital
Silicon Valley Backs 1 CoreVoice client -
Exfinity Venture Partners
Bengaluru, Singapore Backs 1 CoreVoice client -
Golden Sparrow
US-domiciled Backs 1 CoreVoice clientA US-domiciled fund backing Indian-origin founders building deep tech and enterprise AI. Fund I was $8M (2023); Fund II had its first close in January 2026.
CoreVoice clients: Morphing Machines
Also backs: EtherealX, Gimbal Space, Quanfluence, Theranautilus
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Java Capital
Bengaluru Backs 1 CoreVoice client -
pi Ventures
Backs 1 CoreVoice client -
Theia Ventures
Backs 1 CoreVoice client -
AdvantEdge Founders
Delhi NCR Backs 1 CoreVoice client"India's first and most successful mobility fund": pre-seed and seed investments across mobility, EVs and energy. A mobility specialist, not a general deep-tech fund.
CoreVoice clients: Exponent Energy
Also backs: Skylark Drones, Zing Electric
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Elevation Capital
Bengaluru, Delhi NCR, San Francisco (offices) Backs 1 CoreVoice client -
Endiya Partners
Hyderabad, Cupertino Backs 1 CoreVoice clientAn early-stage fund for product startups, with deep-tech verticals in industrial tech and intelligent mobility (edge AI, robotics, fabless semiconductors, EV and autonomy), plus healthcare.
CoreVoice clients: AquaExchange
Also backs: Perceptyne, BluJ Aero, SteradianSemi, Verifaix
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Ideaspring Capital
RDIF first cohort (reported) Backs 1 CoreVoice client -
Artha India Ventures
Backs 1 CoreVoice clientA seed-stage fund. Press reports that its second fund (₹250 crore first close, October 2025) treats deep tech as one of four themes. Its own site shows only a tagline, so the facts here come from press.
CoreVoice clients: GalaxEye (reported in press)
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IvyCap Ventures
Mumbai, Bengaluru RDIF first cohort (reported) Backs 1 CoreVoice clientA generalist fund built around alumni of premier Indian institutions; deep tech is one of many listed sectors. Invests from seed to Series B.
CoreVoice clients: Morphing Machines (reported in press)
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Kalaari Capital
RDIF first cohort (reported) Backs 1 CoreVoice client -
Lightspeed India
Bengaluru, Delhi, Mumbai (offices) Backs 1 CoreVoice clientA generalist firm (Lightspeed India Partners) investing from seed to late stage. Its company list includes deep-tech names such as Pixxel and Exponent Energy.
CoreVoice clients: Exponent Energy
Also backs: Pixxel, Kalam Labs
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Mayfield India
Backs 1 CoreVoice client -
Antariksh VC Fund
A SEBI Category II AIF managed by SIDBI Venture Capital for Indian space-sector companies at TRL 4 and above. Press reports ₹1,000 crore from IN-SPACe (Government of India) as the anchor.
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Bluehill.VC
Bengaluru, Chennai"Frontier-tech venture capital": a SEBI Category I fund (Bluehill Capital Trust) backing frontier-tech startups.
Also backs: EtherealX, Zebu, OptoML, Sophrosyne
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Inflexor Ventures
A technology VC investing in "Science, Engineering & Technology", meaning IP-led innovation: four funds, 30 investments and 14 exits.
Also backs: Bellatrix Aerospace, Ayati Devices, A5G Networks, Steradian
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Lavni Ventures
Irving (TX), Bangalore, PuneFund II, a SEBI Category II AIF, backs foundational technologies in health and climate, from seed to Series A.
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Riceberg Ventures
Global (Zurich, San Francisco, London, Mumbai, Bangalore)"The world's first truly global early-stage deep-tech fund": pre-seed and seed across space, medtech and life sciences, cleantech, cybersecurity, compute and robotics.
Also backs: Manastu Space, Skylark Labs, EtherealX, Swisspod
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Transition VC
"India's first energy-transition focused venture capital fund" (Fund I closed at ₹723 crore), backing engineering-led companies in mobility, industrial processes, power electronics and energy storage.
Also backs: SUIND, Helionis Labs, ZeroDrag, Intrinsic Foundries
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Unicorn India Ventures
Mumbai, London, Delaware"Patient capital for deeptech founders": three funds plus the IITM Unicorn Frontier Fund I, co-managed with IIT Madras Research Park and aimed at IP-led, engineering-heavy startups from TRL 3 to 9. Fund-size figures differ between its site and press.
Also backs: OrbitAID, Netrasemi, Vervesemi, EyeROV, Genrobotics
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Yali Capital
BengaluruA deep-tech venture firm covering semiconductors, robotics, life sciences, aerospace, AI, smart manufacturing and defence, from pre-seed to Series A and late stage.
Also backs: Perceptyne Robotics, C2i, Ultraviolette, 4baseCare
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Chiratae Ventures
RDIF first cohort (reported)India's largest home-grown VC fund family ($1.4B under advisory, seven funds). Runs the Chiratae Sonic seed initiative, which includes a DeepTech programme.
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Blume Ventures
RDIF first cohort (reported)An early-stage fund investing from pre-seed to Series A. Its own site could not be read during verification, so the facts here come from press, which reports deep-tech bets including Pixxel and Dhruva Space.
Also backs: Pixxel, Dhruva Space
No funds match that. Try a different filter or clear the search.
Startups we've worked with, and who backs them
The other side of the list above: each startup, its institutional investors, and where the information comes from. Investors that appear in the directory link to their entry.
| Startup | Institutional investors | Sources |
|---|---|---|
| MindgroveRISC-V chips, including a secure IoT microcontroller Our case study → | Speciale Invest, Peak XV, Whiteboard Capital, rocketship.vc, Mela Ventures | YourStory, Dec 2024 ↗ Startup Intros, Feb 2023 ↗ |
| GalaxEyeMulti-sensor (optical plus SAR) Earth-observation satellites Our case study → | Speciale Invest, Mela Ventures, Anicut Capital, Rainmatter, Artha India Ventures, Navam Capital, Faad Capital, MountTech Growth Fund, UpSparks, Dholakia Ventures | BW Disrupt ↗ Inc42 ↗ |
| Morphing MachinesFabless semiconductor IP: a reconfigurable many-core processor for AI/ML, data centre and telecom | Speciale Invest, IvyCap Ventures, Golden Sparrow, Navam Capital, IIMA Ventures, DeVC, IAN Alpha Fund | Inc42 ↗ BW Disrupt ↗ |
| Solinas IntegrityRobotic inspection and cleaning of pipelines, sewers and sanitation infrastructure | 8X Ventures, Mela Ventures, Rainmatter | Venture Intelligence ↗ Rainmatter, Aug 2026 ↗ |
| Novorbis ItusRetrofit emission-control devices for diesel generators Our case study → | Rainmatter, Rockstud Capital | Tribune India ↗ |
| VyomICA low-Earth-orbit constellation for positioning, navigation and timing | Speciale Invest, DeVC, BYT Capital | Inc42 ↗ |
| SimYogEMI/EMC simulation software for chip and electronics design Our case study → | Mela Ventures, Ideaspring Capital, 1Crowd | Business Today ↗ |
| CharaRare-earth-free motors for EVs, industry and agriculture Our case study → | Arkam Ventures, Exfinity Venture Partners, Kalaari Capital, IIMA Ventures | Entrackr ↗ |
| e-TRNL EnergyChemistry-agnostic, physics-based next-generation battery cells | Speciale Invest, IAN Alpha Fund, Navam Capital, Anicut Capital, IIMA Ventures, Micelio Mobility | Entrackr ↗ Inc42 ↗ |
| H2LooPAn AI platform for embedded-systems engineering | Speciale Invest, 3one4 Capital | Business Today, Apr 2026 ↗ |
| InCore SemiconductorsRISC-V processor IP and SoC platforms | Peak XV, Speciale Invest, Whiteboard Capital | Entrepreneur India ↗ DigiTimes ↗ |
| Exponent EnergyRapid-charging EV battery packs and chargers for commercial EVs | Lightspeed, 3one4 Capital, YourNest, AdvantEdge Founders | AutoCar Pro ↗ |
| AgnikulPrivate launch vehicles and 3D-printed rocket engines | Speciale Invest, pi Ventures, Mayfield, Celesta Capital, Artha India Ventures, rocketship.vc, Java Capital, Rainmatter, Anicut Capital | Entrepreneur India ↗ Venture Intelligence ↗ |
| LemniscaAn AI companion for fermentation and biomanufacturing scale-up | Theia Ventures, PointOne Capital | BioSpectrum India ↗ |
| AquaExchangeAn aquaculture platform: farm IoT, financing and procurement | Endiya Partners, Accion Venture Lab, Ocean 14 Capital, Factor Analytics | Inc42 ↗ |
| TurnoCommercial EV financing, with battery-health underwriting Our case study → | Stellaris Venture Partners, Avaana Capital, B Capital, Quona Capital, Alteria Capital, InnoVen Capital | Entrackr ↗ |
| BharatAgriApp-based agronomy advice and farm-input e-commerce | Arkam Ventures, Capria Ventures, India Quotient, 021 Capital, Omnivore | YourStory, Oct 2023 ↗ |
| PlotlineNo-code in-app engagement and personalisation | Elevation Capital | Inc42 ↗ |
| PropelldEducation finance: study-now-pay-later loans | Stellaris Venture Partners, India Quotient, WestBridge Capital | YourStory, Feb 2022 ↗ |
| SpendfloSaaS buying and spend-management platform | Prosus Ventures, Accel, Together Fund, Signal Peak Ventures, Boldcap Ventures | Business Wire, Apr 2023 ↗ |
| WiomA platform for sharing home broadband through local ISPs | RTP Global, YourNest, Blume Founders Fund, Accel, Prosus Ventures | Entrackr ↗ YourStory, Jul 2023 ↗ |
| ChargebeeSubscription billing and revenue-management software | Accel, Insight Partners, Steadview Capital, Tiger Global, Sapphire Ventures | TechCrunch, Apr 2021 ↗ |
Questions
Which VCs invest in deep tech in India?
This directory lists 20 dedicated deep-tech funds, 12 with a deep-tech vertical or programme, and 13 generalists with deep-tech bets. Dedicated funds include Speciale Invest, Navam Capital, YourNest, pi Ventures, Celesta Capital, Yali Capital, Java Capital and Inflexor Ventures. Use the Focus filter to see each group.
What is the RDIF, and which funds are in its first cohort?
The Research, Development and Innovation Fund (RDIF) is a ₹1 lakh crore Government of India fund, launched under the RDI Scheme in November 2025 and managed by an independent unit within the Anusandhan National Research Foundation (ANRF). It channels capital through Second Level Fund Managers to technology companies at TRL 4 and above. On 12 October 2026 it announced a first cohort of 19 managers (14 funds and 5 research organisations) with ₹7,131 crore committed. The official release gives the numbers but not the names; multiple outlets name Speciale Invest, YourNest, Ideaspring Capital, IvyCap Ventures, Kalaari Capital, Chiratae Ventures and Blume Ventures and TVS Capital. Read the full RDIF explainer.
Which VCs have backed Mindgrove, GalaxEye or Agnikul?
Mindgrove: Speciale Invest, Peak XV, Whiteboard Capital, rocketship.vc and Mela Ventures. GalaxEye: Speciale Invest, Mela Ventures, Anicut Capital, Rainmatter, Artha India Ventures, Navam Capital, Faad Capital, MountTech Growth Fund, UpSparks and Dholakia Ventures. Agnikul: Speciale Invest, pi Ventures, Mayfield, Celesta Capital, Artha India Ventures, rocketship.vc, Java Capital, Rainmatter and Anicut Capital. Sources for each are in the startups table below.
How much do deep-tech funds invest per startup?
Most funds do not publish a cheque size. Those that do state: Speciale Invest (sweet spot $750K–$1M); Rainmatter (₹50 lakh–₹100 crore, not stage-based); YourNest (typically $500K–$1.5M); DeVC (first cheque $50K–$500K); Exfinity Venture Partners ($500K–$3.5M, per its About page); Golden Sparrow ($400K–$1M initial); Java Capital ($600K–$1M); pi Ventures ($250K–$3M); AdvantEdge Founders (up to $1M in the first round); Endiya Partners (first cheque up to $2M); Lavni Ventures (initial ₹2–8 crore); Transition VC (about $0.5M–$5M). These are each fund's own figures and change between funds.
How should a deep-tech founder approach a VC?
Match sector and stage first (the filters above help), then read the fund's own portfolio page to see what it has actually backed. Lead with how ready the technology is and which customer problem it solves, not the science alone. If you want help turning your technology into a fundraising story, that is what CoreVoice's fundraising communications work covers.
How was this list put together?
We opened each fund's own website and read its about and portfolio pages. A client shows with a solid outline only if it appears there; claims we could only find in press are marked with a dagger. See How we checked.
How we checked
Funds. For each fund we opened its own website and read its about and portfolio pages. A client is shown with a solid outline only when it appears there. Where a fund's site couldn't be read, or doesn't list the company, we use press reports and mark the link with a †.
Startups. Investor names come from the company's own announcements and news reports from Entrackr, Inc42, YourStory and similar outlets. We list institutional investors only, not individual angels or banks that lent debt.
Not a ranking. This is a working directory, not a recommendation, and funds change focus, size and team over time. Check a fund's website before you approach it. If anything here is out of date, email amrut@corevoice.in and we'll fix it.
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