India, July 9 -- Eight months after getting SEBI nod to set up an alternative investment firm (AIF), aviation major Indigo's VC arm Indigo Ventures has announced the first close of its maiden fund at INR 450 Cr.

The VC arm of the airline is eyeing raising INR 600 Cr for its first AIF. It will invest in early-stage startups in aviation and allied sectors.

In a statement, Indigo Ventures said it will target startups in pre-Series A to Series B stages, with an emphasis on long-term strategic alignment.

Along with the first close, Indigo Ventures announced its first startup investment in General Catalyst-backed Jeh Aerospace. However, it didn't disclose the size of the deal.

Founded in 2022 by ex-Tata executives Venkatesh Mudragalla and V...