Navam Capital Closes Maiden ₹315 Crore Venture Fund: A Major Boost for India’s Deep-Tech Ecosystem
Navam Capital announces the final close of its maiden deep-tech fund at over ₹315 crore. Explore the fund’s focus on semiconductors, space-tech, and AI, its investment criteria for startups, and the leadership of Rajeev Mantri.
In a significant milestone for India’s frontier technology landscape, Navam Capital has announced the final close of its inaugural vehicle, Navam Venture Fund-I (NVF-I). Surpassing its original target of ₹250 crore, the fund exercised its green-shoe option to settle at over ₹315 crore (approximately $35 million).
This capital infusion arrives at a pivotal moment as India transitions from a global IT service hub to a powerhouse of original, IP-led hardware and software innovation.
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The Fund: Navam Venture Fund-I (NVF-I)
Navam Venture Fund-I is a SEBI-registered Category II Alternative Investment Fund (AIF). Its primary mission is to back Indian startups that are “invented in India, built for the world.” The fund focuses on sectors where high-end engineering meets global scalability.
Core Investment Sectors
The fund’s mandate covers a wide array of frontier technologies, including:
- Semiconductors & Advanced Computing
- Space Technology & Drones
- Robotics & Industrial Automation
- Enterprise AI & Quantum-safe Hardware
- Climate-Tech & Materials Science
The Leadership: Founders and History
Navam Capital was founded in 2008 by Rajeev Mantri, who serves as the Managing Director.
- Rajeev Mantri: Before Navam, Mantri honed his expertise at Lux Capital in New York, a world-renowned firm specializing in deep-tech and “science-driven” ventures. He is also a co-founder of Vyome Therapeutics and a prolific writer on the “Innovation Premium” in India.
- The Team: The firm is supported by a network of heavyweights, including Investment Partner Dr. Anjan Ray (formerly of CSIR-IIP) and Venture Advisors like Tarun Mehta (Co-founder of Ather Energy) and Shiladitya Sengupta.
Also Read: Angel Investing in Bharat: The New Wave of Micro-Angels
Investors (Limited Partners)
The fund is notably backed by domestic capital, reflecting the growing appetite of Indian high-net-worth individuals (HNIs) for long-gestation, high-reward technology bets. The LP base includes:
- Prominent Family Offices and Conglomerates.
- Industrial Groups and Business Operators.
- Successful Technology Founders looking to pay it forward.
Portfolio Track Record
Even before the final close, Navam has been an active early partner to some of India’s most recognized deep-tech names. Its portfolio includes:
- Ather Energy: Pioneers in the Indian premium EV scooter market.
- Agnikul Cosmos: Developing 3D-printed rocket engines for small satellite launches.
- GalaxEye: Building the world’s first multi-sensor (SAR + Optical) satellite constellation.
- Unbox Robotics: AI-powered warehouse automation (which recently raised $28 million).
- Morphing Machines: A fabless semiconductor startup born out of IISc Bangalore.
Investment Terms and Criteria for Startups
For founders looking to pitch Navam Capital, the firm operates with a clear, thesis-driven approach:
Feature | Details |
|---|---|
Typical Check Size | ₹5 crore to ₹8 crore for initial investments. |
Investment Stage | Primary focus on Seed and Pre-Series A. |
Follow-on Capital | Significant reserves are kept for Series A and Series B rounds. |
Key Requirement | Must be IP-rich (Intellectual Property) with a global market focus. |
Value Add | Access to a “lab-to-market” network, helping translate R&D into manufacturable products. |
Please Read: Family Office Investments in India: The New Powerhouse Fueling Startups, Scaleups, and Growth-Stage Enterprises in 2026.
What Navam Looks For:
- Technical Moat: Startups must have a proprietary technology platform that is difficult to replicate.
- Global Relevance: While the company must be built in India, the product should solve a problem for a global customer base.
- Scientific Excellence: A preference for founders coming out of premier academic institutions (IITs, IISc) or those with deep domain expertise in hard sciences.
Team: IntellexCFO.com
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