New Delhi, Dec. 5 -- When Chennai-based space-tech startup Agnikul pitched to Artha Venture Fund in 2020, managing partner Anirudh Damani said it took only minutes to recognise the founders' deep domain expertise.

"It was obvious they weren't theorizing. They understood propulsion because they had lived it, tested it, failed, and learned in real labs," said managing partner Anirudh Damani. Back then, the venture capital firm wrote a small cheque in a $3 million seed round.

Five years on, that technical depth has become a magnet for investors. Artha returned for Agnikul's Series B this April with about $3 million. More recently, in November, the startup raised another $17 million at a $500 million valuation, backed by Artha and other inv...