Venture capital firm Speciale Invest to back Indian startups with $69 million by 2029
FILE PHOTO: Indian flag, people miniatures, and the word "Startups" are seen in this illustration taken, March 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
India's Speciale Invest will invest 6 billion rupees ($69 million) over the next four years in early-stage startups spanning across sectors including artificial intelligence and space technology, the venture capital company said on Tuesday.
The investment into "deep-tech" - innovations that require significant scientific research breakthroughs - comes as Prime Minister Narendra Modi aims to make India a "self-reliant" manufacturing hub and amid shifting trade relations globally, spurred by U.S. President Donald Trump's tariff policy.
Founded in 2017, Speciale Invest focusses on investing in companies that are at the "seed" and "pre-seed" level of fundraising.
It has previously backed air taxi startup ePlane Company and space startup Agnikul Cosmos, which launched India's second privately-built rocket last year.
As part of its third funding round, the venture capital company will invest in 18 to 20 companies through 2029, with initial ticket sizes between 70 million rupees and 100 million rupees, it said.
More than half of the $69 million will be reserved for follow-on investments, with some of the targets hailing from climate technology and dual-use defence sectors, it added.
($1 = 87.6050 Indian rupees)
