Mumbai-based early-stage venture capital firm Aum Ventures, founded by Chetan Mehta, has announced the first close of its India Innovation Fund II at Rs 225 crore. The fund carries a target corpus of Rs 750 crore, roughly $80 million, and will back early-stage startups building IP-led technology companies from India for global markets.
First close draws global investors
According to the firm, more than 65% of first-close commitments came from international limited partners across the US, the Middle East and other global markets. Existing and new investors took part, including family offices, entrepreneurs and strategic investors.
Aum Ventures said portfolio companies will get access to global markets, strategic partnerships, talent and industry expertise across India, the US, Israel and the Middle East.
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Where the fund will invest
The new fund will focus on space tech, AI, semiconductors, aerospace, defence tech, robotics, energy transition, advanced manufacturing and other IP-led technologies. Investments will mostly happen at the pre-seed and seed stages, with initial cheques typically ranging from $750,000 to $2 million. Capital is also reserved for follow-on rounds through Series A and Series B. Over its lifecycle, the fund is expected to invest in 25 to 30 companies.
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A track record behind the new fund
Aum Ventures was an early institutional investor in Skyroot Aerospace, India’s first space tech unicorn, which recently completed the launch of its Vikram-1 rocket. Fund II builds on the firm’s first fund, launched in 2023, which has recorded a gross MOIC of 2.23x and a gross IRR of 53% so far. The firm has also exited Sharang Shakti, which was acquired by LAT Aerospace. Its portfolio includes Skyroot Aerospace, Azimuth AI, Cosmoserve Space, Sanyark Space, Sully.ai and Latentai.
Why deep tech is suddenly hot
In recent months, Indian venture capital has turned sharply towards hard technology. Shastra VC launched a $100 million deep tech and AI fund in May 2026, while IIT Madras Research Park and Unicorn India Ventures announced the Rs 600 crore IIT Madras Unicorn Frontier Fund I. Piper Serica also raised Rs 300 crore in the first close of its Rs 800 crore Bharat Tech Fund.
For founders working on rockets, chips and robots, the message is simple – there is more money knocking on the door than ever before. For Aum Ventures, the first close of India Innovation Fund II is a vote of confidence in that same belief.