New fund · AI & Deep Tech

Exfinity files for ₹1,100 crore Fund IV

By Startup Enthusiast · 21 January 2026

What they do

Exfinity Venture Partners is a venture capital firm investing in deep tech startups

It filed with SEBI for Fund IV with a target corpus of ₹1,100 crore, focusing on early-stage deep tech

Fund II achieved full capital return, and exits include Kinara.ai, Locus, and AI Palette

Exfinity Venture Partners filed with SEBI for its Fund IV with a target corpus of ₹1,100 crore.
Fund IV will follow an early-stage investment strategy with a larger share for follow-on rounds.
The fund will target sectors such as semiconductors, physical AI, advanced computing, robotics, enterprise AI software, photonics, quantum computing, hydrogen, energy systems, life sciences, climate tech, and mobility.
Cheque sizes will rise modestly, targeting 10-20% ownership per portfolio company.
Exfinity expects to stay invested longer in select Fund IV companies, up to Series C.
Fund II (2016 vintage) achieved full capital return to investors.
Exits in the past 12 months include Kinara.ai (acquired by NXP Semiconductors), Locus (acquired by Ingka Group/IKEA), and AI Palette (acquired by GlobalData).
A partial exit from Pixis delivered 60X MOIC; Exfinity still holds a significant stake.

Exfinity has invested in about 40 startups to date, with 17 investments from Fund III and one more deal expected.
The firm invested in Kinara in 2018 and Chara Technologies more than three years before critical minerals concerns.
Managing Partner Shailesh Ghorpade noted that strategic M&A of Indian deep tech by Fortune 500 companies is a viable exit path on par with IPOs.
Partner Jesper Ludolph said life sciences and drug discovery are attractive because founders with deep research backgrounds are returning to build companies in India.
Partner Chinnu Senthilkumar highlighted the value created by staying longer in deep tech, up to Series C.

Exfinity Venture Partners is a venture capital firm that invests in deep tech startups.
It focuses on early-stage companies in sectors like semiconductors, AI, robotics, quantum computing, and life sciences.
The firm typically targets 10-20% ownership per portfolio company and stays invested up to Series C.
It has invested in about 40 startups to date, with 17 from Fund III.
Exfinity generates returns through exits via M&A and IPOs, with recent exits including Kinara.ai, Locus, and AI Palette.

Exfinity expects to make one more deal from Fund III.
Fund IV will focus on early-stage deep tech with larger follow-on rounds.
The firm plans to stay invested longer in select Fund IV companies, up to Series C.