Speciale Invest closes Rs 600 Cr fund III to back early-stage deeptech startups

Chennai-based venture capital firm Speciale Invest has closed its Fund III at Rs 600 crore, exceeding its Rs 500 crore target. The fund will invest in sovereign technology and globally scalable intellectual property from India.

Speciale plans to back 18–20 early-stage deeptech startups in areas such as AI infrastructure, spacetech, climatetech, quantum systems, advanced manufacturing, and dual-use defence. 

Initial investments will range from Rs 7 crore to Rs 10 crore, with flexibility for larger amounts. Around Rs 300 crore is reserved for follow-up investments.

The firm said over half of Fund III’s capital came from repeat Limited Partners, with new institutions and corporate venture capital funds also participating. It will continue investing in pre-seed “zero to one” startups.

Speciale’s portfolio includes Agnikul Cosmos, GalaxEye, ePlane Company, Ultraviolette, CynLr, and QNu Labs. The firm has recorded nine M&A exits to date. It aims to increase its average stake in startups to about 15% in Fund III, compared to 5% in Fund I and 10% in Fund II.

Speciale said it will continue to target global-first startups that aim to sell in international markets from inception, while maintaining its focus on early-stage deeptech with scalable, defensible IP.