Startup fund: Deep technology venture capital firm Java Capital has made the final close of its Rs 50 crore fund from “established founders from the Indian startup ecosystem, HNIs based in India, Middle East and the US,” the company announced on Tuesday. The VC said it plans to open a greenshoe portion of Rs 25 Crores, responding to sustained interest from Limited Partners (LPs). Exercising a green shoe option allows a fund to raise more capital than its original target.
Java Capital said it already has five investments including AuditCue, Okulo Aerospace, Oorja, Pre-image, Frigate from the fund that focuses on startups in deep tech, climate tech, and B2B segments.
Karteek Pulapaka, Co-founder and Partner at Java Capital said, “We are deeply grateful for the trust and support of our esteemed investors and LPs, who share our vision for pioneering innovation and sustainability in the world of deep tech and climate tech startups. With the successful fundraise, we are well-positioned to continue identifying and supporting transformative companies in these sectors.”
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Java Capital said it aims to build a portfolio of 15 – 20 startups in the new fund with the first cheque of around Rs 2-3 crore. The firm had earlier invested in companies such as Agnikul Cosmos, The Eplane Company, Cynlr, KUKU FM, Eat Better, Codingal, YellowMetal. “The fund has doubled down on some of these companies giving LP’s access to winners for attractive risk adjusted returns,” it said.
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Found by Bhargavi V, Karteek Pulapaka, and Vinod Shankar, Java Capital majorly invests in pre-seed/seed stage deep tech startups.
According to the India tech quarterly funding report for the third quarter of 2023 by Tracxn, Indian tech startup ecosystem received $1.5 billion funding across 166 rounds, comprising of 57 Series A+ rounds, 60 first time funded companies, 4 IPOs, 33 acquisitions, and 2 new unicorns.