New fund · AI & Deep Tech

Navam Capital raises over 315 crore for its first fund

By Startup Enthusiast · 27 January 2026

What they do

Navam Capital is a venture fund focusing on early-stage deeptech and science-driven innovation in India

The firm closed its maiden fund at over ₹315 crore from domestic investors like family offices and industrial groups

Founder Rajeev Mantri targets 15-18 companies with initial checks of ₹3-8 crore across sectors like space and AI

Navam Capital has achieved the final close of its maiden fund named Navam Venture Fund-I (NVF-I).
The fund raised over ₹315 crore which is approximately $35 million in total capital.
This amount exceeds the initial target of ₹250 crore after exercising a green shoe option.
A first close of ₹50 crore was secured earlier in March 2024 before reaching the final total.
Capital comes largely from domestic sources including technology founders and industrial conglomerates.
Investors include family offices, UHNWIs, business operators, and corporate groups seeking exposure to deep tech.
The firm focuses on early-stage investments in IP-led science-driven innovation under the slogan Invented in India for the World.
It currently has 8 invested companies and aims to build a portfolio of 15 to 18 firms.

Interest in deeptech is rising as other funds like Speciale Invest and BYT Capital launched similar vehicles in late 2025.
The government's IDTA initiative launched in September 2025 targets $1 billion over a decade to support this sector.
Deal sourcing relies on founder networks, academia like IISc and IITs, and industrial labs for pipeline generation.
The fund structure allows for follow-on investment reserves up to ₹12-15 crore per company.

Navam Capital invests in seed and pre-Series A stages with selective participation in Series A or B rounds.
Initial investment checks range from ₹3 to 8 crore per company depending on the opportunity.
The fund targets sectors including aerospace, SpaceTech, electronics, semiconductors, robotics, and automation.
Other focus areas include climate tech, materials science, advanced computing, drone technology, and enterprise AI.
Portfolio companies include Agnikul Cosmos, Ather Energy, GalaxEye, and Morphing Machines.
Additional investments cover Unbox Robotics, TechEagle, Aereo, Vayudh, EnNatura, and Alyssum Therapeutics.
The strategy emphasizes IP-led innovation rather than simple service or software models.
Geographic focus is primarily India with a global outlook for the innovations developed.

The fund will continue deploying capital into 15-18 companies across its target sectors.
Management will leverage founder networks and academic institutions for new deal flow.
The team plans to support portfolio companies through Series A and B rounds if needed.

Technology founders (LP) — Founders from various tech companies providing capital to the fund.
Industrial groups (LP) — Large conglomerates seeking strategic exposure to deep technology startups.
Family offices (LP) — Private wealth management entities investing surplus capital into venture funds.