Deeptech venture capital fund, Java Capital, has successfully closed its INR 50 Cr fund, with participation from founders in the Indian startup ecosystem and High Net Worth Individuals (HNIs) located in India, the Middle East, and the United States.
Encouraged by continued interest from Limited Partners (LPs), Java Capital intends to open an additional INR 25 Cr greenshoe portion.
The fund will be investing in startups in domains such as deeptech, climate tech, and B2B. The fund’s dedication to fostering technology and sustainability aligns with the global demand for innovation in these areas.
Thus far, the fund has made five investments in companies, including AuditCue, Okulo Aerospace, Oorja, Pre-image, and Frigate.
Founded in 2020 by Bhargavi V, Vinod Shankar, and Karteek Pulapaka, Java has a portfolio of 23 startups including the likes of Agnikul Cosmos, The Eplane Company, Cynlr, KUKU FM, Eat Better, Codingal, YellowMetal. The fund has doubled down on some of these companies giving LP’s access to winners for attractive risk-adjusted returns.
In a statement Java Capital LP Nizam, cofounder, Where Is My Train (Acquired by Google) said, “Java capital has a clear focus on long-term bets and invests in interesting companies in deep tech. Their super transparent team helps me feel close to the startup ecosystem as an LP. Trustworthy fund in the market.”
Karteek Pulapaka, cofounder and partner at Java Capital said, “…With the successful fundraise, we are well-positioned to continue identifying and supporting transformative companies in these sectors.”
In December 2022, Java Capital, had announced the launch of its first alternative investment fund (AIF), with a total corpus of INR 75 Cr ($9 Mn), which included a green shoe option of INR 25 Cr.
Since the beginning of 2023, 63 funds worth $5 Bn have been announced for Indian startups. Of these, around 46% of the funds, investment corpus and plans announced in the first nine months of 2023 are focussed on early stage startups.
In terms of segments, we have seen launch of several thematic funds which cater to domains such as deeptech, healthtech, gaming, cleantech among others.
Some of the deeptech focussed funds announcements this year include — pi Ventures’ $85 Mn second fund, Speciale Invest’s $24 Mn fund, among others.
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