[Funding News] Yali Capital Launches Rs 810 Cr DeepTech Fund

The first fund of Yali Capital, a venture fund that focuses on deep technology, was unveiled on Monday. Its target corpus is Rs 810 crore, with a Rs 310 crore greenshoe option.

Ganapathy Subramaniam, a former partner at Celesta Capital, and Mathew Cyriac, an executive chairman of PE company Florintree Capital Partners and a former co-head of private equity (PE) for Blackstone in India, are in charge of the fund.

Walden International's chairman, Lip-Bu Tan, has joined as a fund advisor. Karthik Madathil, a seasoned industry veteran who has worked with companies like Texas Instruments, is becoming a partner in the fund.

Together, Tan, Cyriac, and Subramaniam will contribute $15 million (about Rs 125 crore) to the fund. At the fund's debut event, Subramaniam stated that by September 30th of this year, the fund would have invested in four businesses. It will use the present cash to make follow-up investments after making total investments in eight to ten businesses.

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In addition to its initial goal of Rs 500 crore, the fund will have a greenshoe option of Rs 310 crore. This option permits a fund to raise additional capital if demand turns out to be higher than anticipated.

The fund, a Category 2 Alternate Investment Fund (AIF) recognised by Sebi, seeks to make investments in deep tech-based fields including chip design, robotics, genomics, smart manufacturing, aerospace, and artificial intelligence.

Lip-Bu Tan, Chairman, Walden International, said: “Deep tech is a foundational technology, yet it is still difficult to sell. But I think things have changed a little with the advent of AI and Nvidia's success, and suddenly there is a lot of attention in deep tech and semiconductors… I think the big wave for the sector will happen in India and I'm very excited to be involved,”

Ganapathy Subramaniam, said: “We believe sectors like genomics and smart manufacturing will be huge opportunities in India in the near future… Beyond that, a lot of top talent in artificial intelligence is Indian,”

About Yali Capital

Founded in 2023 by Ganapathy Subramaniam, Yali Capital is a SEBI-approved Category 2 Alternative Investment Fund (AIF).

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