Speciale Invest closes ₹600 crore Fund III, overshooting the original ₹500 crore target
Will make 18–20 new deeptech investments between 2025–2029 across sectors like space, AI, advanced manufacturing, energy, and health
50% of the fund reserved for follow-on investments to support long-gestation hard-tech ventures
Deeptech-focused VC firm Speciale Invest has announced the closure of its third fund at ₹600 crore. The fund is oversubscribed as it had a primary corpus of ₹500 crore. The Fund III will support nearly 18-20 new investments between 2025 and 2029, with a focus on sectors like space, advanced manufacturing, energy, health, AI, etc.
The VC firm, in an official statement, stated that half of the FUND III will be reserved for follow-on investments. Vishesh Rajaram, managing partner of Speciale Invest believes that the next generation of global champions will emerge from India’s labs, R&D, centers, and workshops.
“In a geopolitically complex and technologically interdependent world, building for India’s resilience and sovereign capabilities is not just a national imperative—it is also a generational venture opportunity,” Rajaram added.
Since its inception in 2018, Speciale Invest has been the first institutional investor in several of India’s category-defining deeptech start-ups. These include Agnikul Cosmos (orbital-class launch vehicles), the ePlane Company (electric aerial mobility), GalaxEye (multi-sensor satellite intelligence), etc.
The VC has evolved to become one of the largest funds in India investing at the pre-Seed stage in deeptech. This scale allows the firm to lead early rounds, take meaningful positions, and support founders through long gestation cycles inherent to hard-tech ventures.
“Deep-tech represents one of the most exciting frontiers for venture capital in India. The combination of world-class technical talent, increasing policy support, and global market access has created an unprecedented window to back companies solving some of humanity’s most complex challenges from India,” said Arjun Rao, Partner, Speciale Invest.
Speciale Invest’s differentiated approach centers on being the first believer in companies building hard technologies with real-world impact.
With Fund III, the firm will double down on sovereigntech and deeptech bets—across spacetech, dual-use defense innovation, frontier computing, and sustainable energy—while ensuring these innovations are globally competitive from day one.
The fund is backed by a strong base of returning LPs including family offices, institutions, and strategic investors, all of whom share the long-term conviction in India’s deeptech potential.
Speciale has not only invested capital but also helped founders navigate policy frameworks, global certification pathways, and dual-use markets, ensuring that Indian technologies meet and exceed global standards.
