Aum Ventures raises Rs 225 Cr first close for new deeptech fund

Aum Ventures successfully raised Rs 225 crore in the initial offering of its new Rs 750 crore fund, dedicated to supporting Indian deeptech startups. This funding bolstered the sectors receiving increasing policy backing. The India Innovation Fund II aims to invest in pre-seed and seed-stage companies in areas like spacetech, semiconductors, defence-tech, AI, robotics, energy transition, and advanced manufacturing.

Over 65% of the first close's commitments originated from international limited partners, hailing from the US, Middle East, and other regions. The Mumbai-based firm expects to invest in 25 to 30 companies, with initial capital ranging from $750,000 to $2 million, slated for Series A and B rounds. Building upon its inaugural fund, Aum Ventures reported a gross multiple of invested capital (MOIC) of 2.23x and a gross internal rate of return (IRR) of 53% for Fund I, alongside two portfolio companies witnessing valuations surge by over 14 times.

Skyroot Aerospace exemplifies the type of enterprise the fund intends to back; they were the inaugural private investors in the rocket company, with Skyroot's Vikram-I rocket achieving orbit from Indian soil on July 18. Chetan Mehta, Aum Ventures' founding partner, expressed the firm's ambition to support exceptional Indian entrepreneurs from their nascent stages, aiding them in constructing globally impactful companies.

This ambition aligns with India's increased public support for research-intensive technology, including the Rs 1 lakh crore Research, Development and Innovation Fund, approved in 2025.