Speciale Invest Launches Rs 1,400 Crore Growth Fund II for Deeptech Startups

Chennai-based deeptech venture capital firm Speciale Invest has launched its ₹1,400 crore Growth Fund II to support early-stage startups. 

The fund aims to fill a key funding gap for Indian deeptech startups that have proven their technology but have not yet started generating steady revenues.

The fund plans to invest in 12–15 startups, with an average investment of $5–8 million each. It will help startups move from having ready-to-use technology to building a financially sustainable business. 

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Speciale will continue to focus on areas such as spacetech, advanced manufacturing, energy storage, quantum computing, health and biosciences, and defence technologies.

Vishesh Rajaram, founding partner at Speciale Invest, said that although more investors are entering the deeptech space, most of them are still focused on very early stages and invest only small amounts. “India does not have a deeptech problem at the seed stage. The real gap is growth capital. Many startups have de-risked science, but they still need capital to become self-sustaining institutions,” he said.

Rajaram said that sectors such as unmanned systems and maritime surveillance remain strong areas of confidence. 

He also added that India’s limited partners have become more knowledgeable and strategic when it comes to investing across different risk–reward opportunities. “For this fund, we expect a more institutional LP base, while early-stage funds will continue to see more family offices.”

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The firm has also appointed Vijay Jacob as a general partner to lead growth-stage investments. Jacob, who was a founding member of NewQuest Capital (now TPG NewQuest), said the new fund will support deeptech companies that have reduced scientific risk and are ready to scale and compete globally.

Between 2017, 2021, and 2025, Speciale invested in about 35 startups through its three early-stage funds.

Rajaram added that the new growth fund will continue to look for startups founded by professors.

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