Aum Ventures, an early-stage venture capital firm focused on Indian deep tech startups, said on August 10 that it completed the first close of India Innovation Fund II at 2.3 billion rupees (US$23.6 million).

The fund has target of 7.5 billion rupees (US$78.8 million), to back 25 to 30 companies.

The fund plans to invest at the pre-seed and seed stages across AI, semiconductors, spacetech, defense tech, robotics, and advanced manufacturing, with initial cheques of US$750,000 to US$2 million.

Aum said more than 65% of commitments came from international limited partners and that its first fund posted a 2.23x gross multiple on invested capital and a 53% gross internal rate of return.

It also made an early investment in Skyroot Aerospace.

Its maiden fund launched in November 2022 and had invested in 11 companies at the time, including Smiles.ai, GlobalFair, and Fenix.

The first close comes as Indian deep tech funding doubled to US$1.06 billion across 137 rounds by July 2025 from a year earlier.

India’s deep tech policy framework calls for patient capital and stronger support for sectors such as semiconductors, space, defense, and advanced manufacturing.

🔗 Source: Aum Ventures

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