AUM Ventures has launched its second fund, the India Innovation Fund II, targeting ₹750 crore ($80 million) to invest in deeptech startups. The fund will focus on sectors including spacetech, semiconductors, AI, and defence technology. Initial investments will range from $750,000 to $2 million, with follow-on funding options through Series A and B rounds, the company announced this week, according to inc42.com.
The fund operates as a Category II Alternative Investment Fund (AIF) and aims to back 25-30 startups. General partner Nisha Shah, who joined AUM Ventures last year after serving as COO of Narotam Sekhsaria Family Office, will lead the investment activities. Since its 2022 inception, AUM Ventures has deployed around $30 million across 24 companies, including spacetech unicorn Skyroot Aerospace and AI startup Azimuth AI, inc42.com reported.
This fund launch adds to the growing momentum in India's deeptech venture capital landscape, with other recent initiatives including Fundamentum Frontier Advisors and Piper Serica’s Bharat Tech Fund. AUM Ventures’ focus on sectors like spacetech and semiconductors aligns with the rising interest in strategic technologies critical to India’s innovation ecosystem, according to inc42.com.
AUM Ventures’ India Innovation Fund II will provide initial investments between $750,000 and $2 million, with provisions for follow-on funding, aiming to support 25-30 startups in deeptech sectors, inc42.com said.