Bengaluru, Early-stage venture capital firm Aum Ventures has announced the ₹225 crore first close of its ₹750 crore India Innovation Fund II, aimed at backing Indian startups developing deeptech and intellectual property-led technologies.
More than 65% of the commitments in the first close have come from international limited partners across the US, Middle East and other global markets. The investor base includes family offices, entrepreneurs and strategic investors.
India Innovation Fund II will primarily invest in pre-seed and seed-stage startups, with initial cheque sizes ranging from $750,000 to $2 million. Aum Ventures also plans to reserve a significant portion of the fund for follow-on investments through Series A and Series B rounds. The fund expects to back around 25 to 30 companies over its lifecycle.
The fund will focus on technology-intensive sectors including artificial intelligence, spacetech, semiconductors, aerospace, defence technology, robotics, energy transition and advanced manufacturing. Its investment strategy will primarily target IP-led businesses capable of developing globally competitive technologies from India.
“The successful first close of India Innovation Fund II reflects the confidence our investors have placed in our team, our investment philosophy and, most importantly, the founders we back,” said Chetan Mehta, Founding Partner at Aum Ventures.
The second fund builds on Aum Ventures’ inaugural fund launched in 2023. According to the firm, Fund I has recorded a gross multiple on invested capital of 2.23 times and a gross internal rate of return of 53%.
Aum Ventures’ portfolio includes companies such as Skyroot Aerospace, Azimuth AI, Cosmoserve Space, Sanyark Space, Sully AI and Latent AI. The venture firm focuses on Indian founders building proprietary technologies with applications across domestic and global markets.
