Deep tech-focused VC firm Speciale Invest closes fund III at Rs 600 Cr

Deeptech investment firm Speciale Invest said its Fund III closed at ₹600 crore, exceeding its ₹500 crore target. The fund will back sovereign tech and globally scalable intellectual property (IP) developed in India.

The VC firm plans to invest in 18–20 early-stage deeptech startups in areas like AI infrastructure, spacetech, climatetech, quantum systems, advanced manufacturing, and dual-use defence. Initial investments will range from ₹7–₹10 crore, with the option to invest more in select cases.

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“We will start making investments immediately. For this fund, domestic HNIs, ultra HNIs and family offices form the biggest chunk of LPs. There are some small institutions and strategic players as well. However, the majority is domestic capital,” Arjun Rao, partner at the VC firm.

“A large learning from our Fund I and II has been that this is the best time to build sovereign-edge technologies in the country and begin serving global needs,” said Speciale’s Rajaram. He also added that india’s geopolitical position also calls for reducing dependence on certain foreign technologies. Out of the Rs 600 crore fund, Rs 300 crore will be reserved for follow-up investments.

About Speciale Invest 

Founded in 2017 by Vishesh Rajaram and Rao, Speciale Invest focuses on seed-stage deeptech startups and has backed companies like Agnikul Cosmos, The ePlane Company, GalaxEye, QNu Labs, Fermbox, and InspeCity.

Its first fund in 2017 was ₹60 crore, followed by a ₹300 crore second fund in 2021. In 2023, it launched a ₹185 crore growth fund for follow-on investments in its portfolio. The firm has achieved nine exits through mergers and acquisitions so far.

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