Navam Capital closes maiden venture fund at over Rs 315 crore, bets on deeptech startups

Navam Capital has marked the final close of its maiden alternative investment fund, Navam Venture Fund I (NVF-I), at over Rs 315 crore (about $35 million), after exercising its green shoe option.

The Category II AIF had a target corpus of Rs 250 crore and was oversubscribed at final close, the firm said.

The early-stage, India-focused fund is backing intellectual-property-led deep-technology startups that are built in India for global markets. Its investment thesis spans advanced computing, semiconductors, robotics, drone technology, space technology, industrial automation, enterprise AI, climate tech and materials science.

Navam Capital said NVF-I has attracted a diversified limited partner base, including technology founders, business operators, family offices, industrial groups and conglomerates. The fund is largely backed by domestic capital, with commitments from family offices, corporate groups, ultra-high-net-worth individuals and founders.

The firm has already invested in eight startups and plans to back 15–16 companies in total. It typically writes first cheques of Rs 5–8 crore at the seed and pre-Series A stages, while reserving capital for follow-on rounds. Navam Capital also selectively participates in Series A and Series B rounds to maintain stage diversity across its portfolio.

The fund’s portfolio includes companies working on reconfigurable computing architectures, swarm robotics, multi-sensor satellite imaging, quantum-safe cybersecurity hardware, AI-driven industrial inspection systems, advanced drones and novel sensing technologies. Named portfolio companies include Aereo, Agnikul Cosmos, EnNatura, GalaxEye, TechEagle and Vayudh.

“Navam is partnering with founders who are pushing the technology frontier – developing IP-rich, proprietary platforms and products that are invented in India and built for the world,” said Rajeev Mantri, founder and managing director at Navam Capital.

Founded by Mantri, who is also the cofounder of Vyome Therapeutics and a director at GPSK Investment Group, Kolkata-based Navam Capital focuses on seed and early-stage investments in frontier technologies and science-driven innovation. The firm announced the first close of NVF-I at Rs 50 crore in March 2024.