To support early-stage entrepreneurs, deep-tech venture capital firm Speciale Invest has established a Rs 1,400 crore Growth Fund II. The fund aims to fill a significant void in the deeptech funding ecosystem in India for firms that have advanced past technological validation but have not yet established steady revenue streams.
Key Highlights
- Speciale Invest launches ₹1,400 crore Growth Fund II to back deep-tech startups beyond early validation stages.
- Fund will invest in growth-stage technology companies with substantial capital for scaling and global competitiveness.
With an average investment of $5–8 million, the fund will support 12–15 companies as they transition from the stage where technology is ready for implementation to becoming a commercially viable enterprise. While early-stage funds will continue to see more family offices, this fund anticipates a more institutional LP base.
The Chennai-based venture capital business said it would keep concentrating on areas including advanced manufacturing, energy storage, quantum computing, health and biosciences, spacetech, and defense technology. Large sums of money will be invested in fields like maritime surveillance and unmanned systems.
Vijay Jacob has now joined the company as a general partner to oversee growth-stage investments. The new fund will prioritize supporting deeptech companies that have significantly reduced scientific risk and are prepared for capacity growth and international competition, according to Jacob, a former founding member of NewQuest Capital.
Also Read: Speciale Invest Closes Rs 600 Cr Fund III to Back Deeptech Startups
It exceeded its Rs 500 crore target three months ago when it closed its Fund III at Rs 600 crore. The fund pledged to invest in Indian intellectual property that is globally scalable and in sovereign technology. With cheque sizes ranging from Rs 7 crore to Rs 10 crore, it intended to support 18–20 early-stage deeptech firms in fields like advanced manufacturing, quantum systems, AI infrastructure, spacetech, climatetech, and dual-use defense.
About 35 firms were supported by Speciale's last three early-stage funds, which were established in 2017, 2021, and 2025. Agnikul Cosmos, GalaxEye, ePlane Company, Ultraviolette, CynLr, and QNu Labs are among the company's holdings. Nine M&A exits have been reported by the company thus far. Compared to 5% in Fund I and 10% in Fund II, it hopes to raise its average stake in startups to roughly 15% in Fund III.
