Aum Ventures has successfully raised ₹225 crore in the first closing of its new ₹750 crore fund, which is dedicated to supporting Indian startups in the field of deep technologies. This move adds private capital to sectors that are also receiving growing support from government policies.
The fund, named India Innovation Fund II, will focus on pre-seed and seed stage companies in areas such as space technology, semiconductors, defense technology, artificial intelligence, robotics, energy transition, and advanced manufacturing.
The Mumbai-based venture firm reported that over 65% of the commitments in the first round came from international limited partners—investors who invest capital into venture funds—from the USA, the Middle East, and other markets.
The total target funding for the fund is approximately $80 million (₹750 crore), and it is expected to invest in 25–30 companies. Initial checks are anticipated to range from $750,000 to $2 million, with capital reserved for subsequent Series A and Series B rounds.
The new fund continues the work of Aum's first fund, launched in 2023. Aum notes that Fund I demonstrated a gross MOIC (multiple of invested capital) of 2.23x and a gross IRR (rate-based return measure) of 53%. It was also noted that two portfolio companies increased their valuation by more than 14 times compared to initial figures.
Skyroot Aerospace exemplifies the type of enterprises Aum aims to support. This firm was an early institutional investor in the rocket company. On July 18, Vikram-I from Skyroot became the first private Indian rocket to reach orbit from Indian territory. Prior to this, in May, Skyroot became the first Indian space technology startup to achieve a $1 billion valuation after a $60 million funding round.
Chatan Mehta, founding partner at Aum Ventures, noted that the investment landscape has changed since the firm began working in deep technology. He stated: 'With Fund II, our goal is to support outstanding Indian entrepreneurs from the earliest stages and help them build global companies; companies that solve problems not just for India, but for the entire world. We want to play a significant role in taking Indian innovations out of the laboratory and production floor into global markets.'
These ambitions align with the expansion of government support for research in India. A ₹1 lakh crore R&D and innovation fund approved in 2025 aims to increase private sector participation in high-risk R&D and includes quantum computing, robotics, space, AI, and energy transition. By July 2026, the Technology Council approved 22 projects with a total project value of ₹4,744 crore, including ₹2,192 crore in R&D support.
The Startup India Fund of Funds 2.0 has a corpus of ₹10,000 crore and includes deep technology and advanced manufacturing. In February, the government also created a special category for deep technology startups, extending the recognition age limit to 20 years and the turnover limit to ₹300 crore, reflecting the longer development cycles associated with such enterprises.
Meanwhile, in July, the Cabinet approved the Semicon 2.0 program with allocations of ₹1,27,500 crore. The government announced in May that 12 semiconductor fabrication and packaging projects and 24 design projects were approved under this broader program.
Private capital is moving in parallel with this process. Piper Serica raised ₹300 crore in the first closing of its ₹800 crore Bharat Tech Fund in August after launching an instrument to invest in areas such as semiconductors, AI, defense, and space.
The broader picture suggests deeper institutional support for Indian deep technologies, rather than just a venture funding boom. These enterprises may require long development periods, significant R&D expenditure, and specialized talent before achieving commercial scale.
The investment house Piper Serica, based in Mumbai and engaged in public and private market investments, has raised ₹300 crore during the first close of its Bharat Tech Fund, which has a total size of ₹800 crore.
According to the statement, nearly half of the commitments made at the first close came from existing Fund I investors, including institutional investors, family offices, and high-net-worth individuals.
Bharat Tech Fund, classified as an AIF Category 2, will focus on Indian startups in areas such as semiconductors, defense industry, space technology, fintech, robotics, biomedicine, and advanced electronics.
The fund plans to invest approximately between ₹25 and ₹50 crore in each startup, aiming to support companies developing world-class technologies in India.
At the first close, Ajay Modi, Director of Piper Serica, noted that the interest in Bharat Tech Fund demonstrates that investors view deep technology as a long-term opportunity, supported by the strong momentum shown through Fund I. He expressed confidence that the next generation of global Indian companies will emerge from founders solving complex problems through research, development, and science.
Piper Serica also reported having a very high-quality deal portfolio where deep technology companies generate significant revenue and secure large orders. Startups supported by Fund I included Alt Mobility, Pantherun, Rupeeflo, OTPless, Yaanendriya, Vobiz, and Six Sense Mobility.
The firm has been investing in the deep technology segment since 2022 and possesses an experienced investment team and expert staff. Modi emphasized: 'Our goal is to support entrepreneurs who create strong intellectual property and globally competitive businesses from India. We believe that India has the talent, policy support, and market opportunities to become a global leader in deep technology.'
Piper Serica had initially planned to complete the closing of Bharat Tech Fund by December of this year, but due to investor interest, it now expects to close the fund ahead of schedule.
Aurelius Systems has successfully raised $40 million in a Series A round, with the funds intended to be used by the company to expand production, increase operational activities, and support the supply chain in the United States amid growing demand for high-performance drone countermeasures.
Draper Associates and KAS Venture Partners participated in the round, leading the process, along with General Catalyst, Hanwha Defense USA, Outlander, Alumni Ventures, Bravo Victor Venture Capital, Detroit Venture Partners, Decisive Point, and other investors.
The new funding reflects the increasing need for autonomous defense technologies as governments increase spending on drone countermeasure capabilities. Defense organizations are seeking systems capable of rapidly responding to evolving aerial threats while reducing operating costs and enhancing mission readiness.
The received funds will accelerate the technical development and increase the production capacity of Aurelius's flagship defense platform, Archimedes. The company also plans to achieve vertical integration to strengthen production readiness and significantly reduce risks of long-term supply chain disruptions.
This strategy improves access to necessary materials supporting reliable production and future expansion of product output across various defense markets. In addition to Archimedes, the company plans to expand its product range and enter additional segments of the global defense industry.
CEO Michael Laframbois noted that coordinated drone attacks have fundamentally changed the modern global defense landscape. He emphasized that Archimedes was developed as a scalable platform to protect people, infrastructure, assets, and critical defense targets.
Aurelius Systems, based in San Francisco, develops AI-based autonomous air defense systems utilizing robotics and directed energy. These technologies allow for the detection, tracking, and neutralization of aerial threats without the need for constant human intervention during active operations worldwide.
Archimedes is an autonomous laser anti-drone system designed to protect military forces and critical infrastructure from attacks. This platform provides faster response times and lower operational costs compared to many traditional air defense systems today.
Autonomous directed energy technology ensures continuous protection against increasingly sophisticated and rapidly evolving drone threats globally. Andy Tang from Draper Associates praised Aurelius for demonstrating key technologies and successfully building strategic deployment partnerships.
The financing followed a series of important operational achievements by Aurelius. He stated that these successes position Aurelius as a leader in autonomous directed energy systems—from concept to commercial deployment and adoption.
Recently, the company entered into an integration partnership with American Rheinmetall to expand the deployment capabilities of the Archimedes platform. Furthermore, it completed compatibility testing with control and management systems during Operation Jailbreak and successfully tested its platform under the T-REX 26-2 program.
These achievements have strengthened confidence in the platform's readiness for future defense deployments while supporting further investment in manufacturing capabilities. Aurelius is currently hiring 19 people and expects to grow its staff to over 40 employees by the end of 2026 as production scales up.
The Series A round allows Aurelius to scale up production and ensure long-term manufacturing sustainability in the United States. The company is investing in domestic supply chain infrastructure alongside strategic partnerships to improve delivery times and reduce reliance on external suppliers.
As autonomous aerial threats become more prevalent in military and critical infrastructure environments, Aurelius aims to provide scalable, AI-based protective systems that can be rapidly deployed across various sectors.
This latest investment provides the resources needed to expand the company's production capacity, strengthen its technological platform, and accelerate deliveries to customers amidst the continued growth of the autonomous defense technology market.
Ardee Industries Ltd, a leading firm in the secondary metals and circular economy sectors, raised an amount of 128 crore rupees from anchor investors on Tuesday ahead of its Initial Public Offering (IPO), which is set to begin on Wednesday.
According to a circular published on the BSE website, the company allocated 2.41 crore equity shares to anchor investors at a price of 53 rupees per share, corresponding to the upper end of the IPO price band.
Structures that participated in the book-building process include Bank of India Mutual Fund, Bengal Finance & Investment Pvt Ltd led by Ashish Kacholia, Winro Commercial (India) Ltd led by Rohit Kotari, The Wealth Company Alternates Trust, India Max Investment Fund Ltd, Cognizant Capital Dynamic Opportunities Fund, IMAP India Capital Investment Trust, and Catalyst New India Fund.
The company's IPO is scheduled to open on August 5th and close on August 7th. The price band for the issue is set at 50–53 rupees per share, valuing the company at 1,671 crore rupees.
Last week, Ardee Industries completed an off-market pre-IPO deal worth 115 crore rupees at a price of 53 rupees per share.
The IPO includes a primary placement of equity shares worth up to 320 crore rupees and an Offer for Sale (OFS) of up to 1.99 crore shares by promoters. At the upper end of the price band, the total offering amounts to approximately 426 crore rupees.
Ardee Industries operates in the circular economy segment, focusing on the recovery and recycling of end-of-life energy storage products and non-precious scrap. The company also extracts critical resources from waste streams and produces pure lead and lead alloys used in industries such as energy storage, electric mobility, automotive, and chemical industries. Pantomath Capital Advisors is acting as the lead manager for this offering.
