**Speciale Invest Launches Second Growth Fund Targeting ₹1,600 Crore**
Speciale Invest, a venture capital firm focused on deeptech, is preparing to launch its second growth-oriented fund, aiming to raise between ₹1,400 crore and ₹1,600 crore (approximately $177 million). This new initiative, named Speciale Invest Growth Fund II, will primarily target larger investments ranging from $5 million to $8 million, while also leading funding rounds for promising startups. The firm plans to invest in 12 to 15 companies throughout the fund’s lifecycle.
Co-founder and managing partner Vishesh Rajaram indicated that the first close of the fund is expected in 2026. The allocation strategy includes 60% of the fund dedicated to new investments and 40% reserved for follow-on rounds in both new and existing portfolio companies. Rajaram noted that the cheque sizes are anticipated to increase in the second and third years of the fund, allowing for round sizes of up to $20 million with just a few investors.
Vijay Jacob, a general partner at Speciale Invest, highlighted a significant shift in the capital landscape for deeptech, stating that the funding gap has transitioned from pre-seed and seed stages to the growth phase. Jacob, who recently joined the investment team, will focus on growth investments.
The firm’s first growth fund, launched in 2023 with a corpus of $25 million, successfully validated market needs and demonstrated the leverage effect of pro-rata allocations, enabling companies to raise two to five times more capital.
Speciale Invest will continue to focus on sectors it has traditionally invested in, including space, advanced manufacturing, energy, and health. The firm anticipates increased interest in areas such as quantum computing, semiconductor fabrication, space, and nuclear energy over the next year. The nuclear energy sector, in particular, is drawing attention as the government considers opening it to private investment, following the introduction of the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India Bill, 2025.
The deeptech sector has seen a notable increase in funding rounds this year, reflecting its evolution and growing importance in the investment landscape.
**FAQ**
**What is the focus of Speciale Invest’s new growth fund?**
Speciale Invest’s new growth fund will focus on deeptech investments, targeting larger funding rounds and supporting both new and existing portfolio companies.
