Analysis · AI & Deep Tech

L&T Innovation Fund increases focus on Indian deeptech

By Startup Enthusiast · 25 August 2026

What they do

L&T Innovation Fund is the corporate venture capital arm of engineering giant L&T, investing in deeptech startups globally and within India

The fund typically invests between $1 million and $10 million per startup while maintaining an ownership stake of less than 20 percent

The firm recently hosted the L&T Manthan Drone Demo Day in Bengaluru, showcasing 21 startups across various aerospace and defence technology themes

The L&T Innovation Fund is sharpening its focus on the Indian deeptech ecosystem.
The fund typically invests between $1 million and $10 million in its initial rounds.
It generally maintains an ownership stake of less than 20 percent in its portfolio companies.
The fund recently hosted the L&T Manthan Drone Demo Day in Bengaluru on August 7, 2026.
A total of 21 startups participated in the event to showcase their technologies.
The fund plans to evaluate Indian companies at Technology Readiness Level 4 or 5, which is earlier than its international investments.

The fund leverages L&T's extensive presence in engineering, construction, and energy to provide startups with operational support.
The L&T Manthan initiative connects startup founders directly with senior executives and business teams across the L&T group.
The fund has completed 8 investments globally over the past five years.

The fund invests in startups developing advanced technologies like AI-powered cybersecurity and digital twins for industrial infrastructure.
The recent drone demo day covered six themes including aerial platforms, defence systems, and geospatial intelligence.
Participating startups included drone manufacturers like Okulo Aerospace, EndureAir, and BonV.
The event also featured companies specializing in counter-drone systems and underwater drones like Megh Robotics and EyeROV.
Other participants focused on autonomous navigation and geospatial analytics, such as Vecros and inDrones.
The fund provides startups with access to L&T's business teams beyond just capital.

The fund intends to evaluate Indian startups at earlier technology readiness levels than its international portfolio.