VC firm Speciale Invest to back India’s early-stage deep-tech startups with $69 million

Speciale Invest is betting $69 million on India’s next wave of deep-tech startups. The Chennai-based venture capital firm will spread the investment over the next four years, backing 18 to 20 startups through 2029. Initial tickets will range from 70 million to 100 million rupees, with more than half of the capital reserved for follow-on rounds.

Early-stage founders in India face a far steeper climb to secure funding than their counterparts in the United States. While U.S. startups can often tap a broad network of venture funds and angel investors, Indian entrepreneurs — particularly in deep-tech — work with far fewer options. The path from idea to prototype can take years, requiring scientific breakthroughs and patient capital, both in short supply for first-time founders.

That’s the gap Speciale Invest wants to close. The firm said on Tuesday that the new fund will target early-stage startups in artificial intelligence, space technology, climate tech, and dual-use defence. Its definition of “deep-tech” covers innovations that demand significant research and development before reaching the market.

Founded in 2017, Speciale Invest focuses on “seed” and “pre-seed” stage companies. Its portfolio includes air taxi startup ePlane Company and space venture Agnikul Cosmos, which launched India’s second privately built rocket last year, according to a report from Reuters.

More than half of the $69 million will be held back for follow-on rounds, giving the firm the flexibility to double down on winners. For deep-tech startups, that extra runway can be critical — the leap from prototype to commercial scale often demands far more capital than the initial raise.

The move comes as Prime Minister Narendra Modi pushes for a “self-reliant” India and as shifting global trade dynamics, spurred in part by U.S. tariff policies, create new openings for local manufacturing and innovation.