IndiGo’s newly formed venture capital arm, IndiGo Ventures, has announced the first close of its inaugural alternative investment fund (AIF) at INR 450 crore. The development comes nearly eight months after receiving approval from the Securities and Exchange Board of India (SEBI) to set up the AIF.
The firm is targeting a total corpus of INR 600 crore for the fund, which is geared towards early-stage investments in startups operating within the aviation and related sectors. According to a company statement, IndiGo Ventures will focus on ventures between the pre-Series A and Series B stages, with a strong emphasis on fostering long-term strategic synergies.
Alongside the first close, the VC arm also revealed its first investment in Jeh Aerospace, a Bengaluru-based aerospace components manufacturer backed by General Catalyst. The size of the investment was not disclosed.
Jeh Aerospace was founded in 2022 by former Tata executives Venkatesh Mudragalla and Vishal Sanghavi. The company specializes in producing aerostructures and aero-engine components, offering build-to-print assemblies with capabilities in high-precision drilling, cold working, and wire harness assembly.
Since its inception, Jeh has delivered over one lakh flight-critical aeroengine parts and tools that meet AS9100 quality standards, and has secured long-term contracts valued at $100 million with global aerospace clients. The latest funding is expected to help scale its production operations and support timely delivery of precision components.
As Jeh cofounder and CEO Vishal Sanghavi noted, the capital infusion will “allow the startup to scale production capacity and ensure on-time delivery of high-precision components.”
Before this round, Jeh Aerospace had raised $2.8 million from investors including General Catalyst, Pratyush Kumar, and Dwarakanath Srinivasan. According to financial data from Tofler, the startup posted a net loss of INR 25 lakh in FY24 on an operating revenue of INR 88 lakh.
“Through IndiGo Ventures, we are excited to partner with Jeh Aerospace, a homegrown brand that shares our vision and spirit of strengthening the Indian aviation ecosystem. By combining our technical expertise and global footprint, this partnership will propel use of next-generation technology in the aerospace and aviation sector,” said IndiGo CEO Pieter Elbers.
IndiGo officially introduced its venture capital unit in December 2024, indicating at the time that it had already begun pre-investment processes and was engaging with potential portfolio companies. The airline anticipated launching investments before the end of FY25.
IndiGo’s Chief Digital and Information Officer Neetan Chopra serves as the founder, director, and investment committee member of IndiGo Ventures. The fund is led by Managing Partner Ankit Sharma, with the investment committee comprising CEO Pieter Elbers, Chairman Vikram Singh Mehta, and Managing Director Rahul Bhatia, among others.
