IvyCap Ventures is sharpening its investment focus on deeptech and emerging technology sectors, with particular interest in robotics, IoT, spacetech, defence tech, biotech, and newer AI models such as agentic and native AI. These areas, according to the firm, are poised to define the next wave of innovation and offer strong investment potential. “These are some of the sectors that I believe will shape the future and present interesting investment opportunities,” Vikram Gupta, founder and managing partner at IvyCap Ventures, told Fe.
VC firms gear up for more Series A deals
The homegrown venture capital firm is currently investing out of its third fund, a $250 million (Rs 2,100 crore) corpus raised entirely from domestic investors. IvyCap plans to make at least 8–10 more Series A investments by the end of FY26. It is also evaluating select early-stage bets. This year, the firm has already deployed around Rs 600–700 crore and intends to invest an additional Rs 800–1,000 crore. The average cheque size will be around Rs 50 crore, though investments could range from Rs 3–4 crore for early bets to up to Rs 100 crore in later-stage Series B rounds where the firm may have missed earlier entry. Its portfolio includes brands such as Snitch, Eggoz, Celcius, Agraga and Blitz.
Gupta said that the firm’s investment approach is anchored in three considerations — founder–market fit, clarity of the problem being addressed, and overall capital and operational efficiency. The team spends considerable time assessing the founder’s vision and motivation, and how differentiated and scalable the product or solution is. Equally important, he said, is understanding how capital will be deployed to help the company scale faster and more efficiently than its competitors.
Stronger local capital boosts investor outlook
The firm is also drawing confidence from broader shifts in the startup investment landscape. Domestic capital, including government-backed funds, has become more visible. Gupta pointed to the government’s Rs 1,00,000 crore RDI fund and multiple state-level pools from states like Odisha and Kerala that are helping strengthen the funding pipeline. Family offices too, he said, have become more experienced investors in this asset class. Meanwhile, founders themselves have matured, with many now building second or third ventures, creating more predictability and confidence for investors.
At the same time, Gupta acknowledged gaps in scale-up capital. India still lacks sufficient Series C and D funding depth, he said, particularly when global macro conditions lead foreign investors to pull back. Historically, about 85% of capital in Indian startups has been dollar-driven, making the ecosystem vulnerable to global market swings.