Yali Capital, a venture capital firm floated by Cosmic Circuits co-founder Ganapathy Subramaniam and former Blackstone executive Mathew Cyriac, has launched a Rs 810-crore ($97 million) fund to invest in early-stage deep tech startups in India.
Of the total amount, Rs 310 crore is a greenshoe option. The firm will also have a dedicated GIFT City vehicle to provide seamless participation for foreign investors, it said in a statement.
Yali Capital aims to invest in chip design, robotics, genomics, smart manufacturing, aerospace, AI, and other sectors with deep tech as its base.
The firm has also onboarded Lip-Bu Tan, ex-CEO of Cadence, as an advisor.
“Indians have been powerful in deep tech due to a strong emphasis on STEM in their education system. I have backed many deep tech companies led by Indian-origin CEOs in the US,” Tan said in a statement.
Yali Capital claims to have already approved investments in four deep tech companies and expects to complete these investments by Q3 2024.
Despite the gloomy global economic landscape, investors are increasingly raising capital to invest in Indian companies, aiming for significant returns.
DealStreetAsia on Tuesday reported that Stellaris Venture Partners, an early-stage investment firm and backer of Indian unicorns Mamaearth and Glance, is currently on the road to raise its third fund, targeting a corpus of about $300 million.
Among other investors who raised capital this year, Anicut Capital closed a $36-million equity continuum fund last week for IPO-ready startups. The firm said in a statement that it wants to invest in companies preparing to go public over the next 2-4 years.
