Deeptech-focussed venture capital fund Yali Capital on Friday announced the final close of its maiden fund at Rs 893 crore (around $104 million).
The fund, launched in July last year, has exceeded the target corpus of Rs 810 crore, which included a greenshoe option of Rs 310 crore. This is a provision that allows a fund to raise more capital than originally targeted in case of higher-than-expected demand.
Through this fund, Yali plans to invest across early- and late-stage companies with a focus on deeptech sectors, including semiconductors, artificial intelligence (AI), robotics, genomics, aerospace/surveillance, and smart manufacturing.
Yali has already deployed capital in five companies, including fabless chip design company C2I Semiconductor, healthcare startup 4basecare, and robotics startup Perceptyne. It plans to invest in three more companies by the end of this year.
The fund is helmed by Ganapathy Subramaniam, a former partner at Celesta Capital, and Mathew Cyriac, former private equity (PE) co-head for Blackstone in India and executive chairman of PE firm Florintree Capital Partners.
“Nearly a third of our fund will be invested in late-stage deep tech companies. India has a real opportunity to build globally competitive public companies in this space,” said Cyriac.
The Bengaluru-based fund is a Securities and Exchange Board of India (Sebi)-approved Category 2 Alternate Investment Fund (AIF). Infosys, Qualcomm Ventures, Tata AIG, DPIIT Fund of Funds for Startups (managed by SIDBI), Self-Reliant India (SRI) Fund, and Evolvence are among other investors who participated in the fundraise.
“We firmly believe in India's deeptech potential and are committed to backing visionary founders with patient capital,” said Subramaniam.
In June, ET had reported that Indian deeptech funds are raising fresh funds to step up investments as more companies come into this space on the back of government initiatives, a favourable geopolitical landscape, and rapid technological advancement.
Investments in deeptech companies doubled in the first four months of 2025 to $324 million across 35 deals against $156 million from 21 deals in the same period last year, as per data from Venture Intelligence.
The fund, launched in July last year, has exceeded the target corpus of Rs 810 crore, which included a greenshoe option of Rs 310 crore. This is a provision that allows a fund to raise more capital than originally targeted in case of higher-than-expected demand.
Through this fund, Yali plans to invest across early- and late-stage companies with a focus on deeptech sectors, including semiconductors, artificial intelligence (AI), robotics, genomics, aerospace/surveillance, and smart manufacturing.
Yali has already deployed capital in five companies, including fabless chip design company C2I Semiconductor, healthcare startup 4basecare, and robotics startup Perceptyne. It plans to invest in three more companies by the end of this year.
The fund is helmed by Ganapathy Subramaniam, a former partner at Celesta Capital, and Mathew Cyriac, former private equity (PE) co-head for Blackstone in India and executive chairman of PE firm Florintree Capital Partners.
“Nearly a third of our fund will be invested in late-stage deep tech companies. India has a real opportunity to build globally competitive public companies in this space,” said Cyriac.
The Bengaluru-based fund is a Securities and Exchange Board of India (Sebi)-approved Category 2 Alternate Investment Fund (AIF). Infosys, Qualcomm Ventures, Tata AIG, DPIIT Fund of Funds for Startups (managed by SIDBI), Self-Reliant India (SRI) Fund, and Evolvence are among other investors who participated in the fundraise.
“We firmly believe in India's deeptech potential and are committed to backing visionary founders with patient capital,” said Subramaniam.
In June, ET had reported that Indian deeptech funds are raising fresh funds to step up investments as more companies come into this space on the back of government initiatives, a favourable geopolitical landscape, and rapid technological advancement.
Investments in deeptech companies doubled in the first four months of 2025 to $324 million across 35 deals against $156 million from 21 deals in the same period last year, as per data from Venture Intelligence.
