Venture capital firm Navam Capital on Tuesday announced the final close of its maiden fund at nearly $35 million (about Rs 315 crore), exceeding its original target.
The early-stage Category II Alternate Investment Fund (AIF) was initially targeting Rs 250 crore but exercised its green shoe option after being oversubscribed, bringing the total corpus to over Rs 315 crore, the firm said in a statement.
The fund is backed by a diverse group of limited partners, including technology founders, industrial groups and conglomerates, experienced business operators, and prominent family offices, according to the statement.
Founded over 15 years ago, Navam Capital’s portfolio focuses on deeptech startups across a wide range of sectors, including advanced computing, semiconductors, robotics, drone technology, space tech, industrial automation, enterprise AI, climate tech, and materials science.
“India today offers a rare convergence of world-class engineering talent, deepening capital markets and cost-efficient R&D. This trifecta is expanding the opportunity set of ventures being created and built, and these ventures are catering to buyers of cutting edge technology, both in India and abroad,” said Rajeev Mantri, Founder & Managing Partner, 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.”
Navam’s portfolio includes commercial drone solutions startup Aereo, spacetech startup Agnikul Cosmos, biotech startup Alyssum Therapeutics, electric scooter manufacturer Ather Energy, clean materials startup EnNatura, agritech platform Fasal, deeptech startup Frinks AI, and indigenous satellite maker GalaxEye, among others.
