New Delhi, Jan. 27 -- Kolkata-based venture capital firm Navam Capital has closed its maiden fund above target, raising more than Rs 315 crore (around $34.3 million) for its India-focused early-stage vehicle.
The fund, Navam Venture Fund I, had a target size of Rs 250 crore and exercised its green shoe option following strong investor interest. The fund had raised Rs 50 crore for its first close in March 2024.
Founded more than 15 years ago, Navam Capital focuses on early-stage investments in frontier technology and science-led ventures, backing companies that aim to deliver performance and cost advantages through defensible intellectual property. The category II alternative investment fund (AIF) invests in intellectual-property-led deep technology startups built in India for global markets.
The funds' limited partners include technology founders, industrial groups, business operators, conglomerates, and family offices. Navam Capital said that the fund has drawn a diversified investor base aligned with its focus on research-driven and product-led innovation.
The fund's portfolio spans sectors such as advanced computing, semiconductors, robotics, drone technology, space technology, industrial automation, enterprise artificial intelligence, climate technology, and materials science.
Its portfolio companies include aerospace startups Aereo, GalaxEye, TechEagle, Vayudh and Agnikul Cosmos, healthtech firm Alyssum Therapeutics and EV company Ather Energy.
Several portfolio companies have emerged from Indian research institutions, including from the Indian Institute of Science (IISc) and multiple Indian Institutes of Technology (IITs), the firm said.
Navam Capital was planning to back around 15 to 18 startups from the fund, with initial investments typically ranging between Rs 3 crore and Rs 5 crore ($330,000 to $550,000). The firm also expects to increase exposure to select portfolio companies over time, with total capital deployment of up to Rs 12 crore to Rs 15 crore (around $1.3 million to $1.6 million) per company.
"India today offers a rare convergence of world-class engineering talent, deepening capital markets and cost-efficient R&D," said Rajeev Mantri, founder and managing partner of Navam Capital.
"Navam is partnering with founders who are pushing the technology frontier - developing IP-rich, proprietary platforms and products that are invented in India and built for the world," Mantri added.
Navam sources deals through founder networks, academia, research institutions, and industrial laboratories.
Published by HT Digital Content Services with permission from VC Circle.