Venture Capital company Yali Capital has introduced an early-stage fund worth Rs 810 crore for startups in the deep-tech industry. The funds will be utilized for robotics, AI, smart manufacturing, chip design, genomics, and aerospace in the sector. Additionally, Cadence’s ex-chief executive has been added to the firm as an advisor.
The Venture Capital firm Yali Capital was floated by Ganapathy Subramaniam and Mathew Cyriac. Subramaniam is also a part of Ideaforge and Tonbo Imaging boards, is the Chairman of Cirel Systems, and holds an experience of more than 25 years in the semiconductor industry. Cyriac is currently a board member at Fino Paytech, Aerial Financial Technologies, and CMS IT Services while having held the office of senior managing director and co-head of private equity in India at The Blackstone Group.
Both Subramaniam and Cyriac commented upon the opportunities that await the firm in the deep-tech industry and the optimistic outcomes that the partnerships shall generate for the sector in India.
Of the total Rs 810 crore, the SEBI-authorised category 2 AIF’s target close is Rs 500 crore along with greenshoe options worth Rs 310 crore.
As part of the India’s AI mission, The government invested a sum of Rs 10,372 crore over five years. In the interim budget earlier in February, funds worth 1 lakh crore were allocated for the expansion of deep-tech sector along with close to zero-interest loans.
Many deep-tech startups have gained interest of investors in recent times, with VC firm 8X Ventures closed funds worth Rs 200 crore along with greenshoe option worth Rs 100 crore. Earlier in 2023, Java Capital had also closed funds worth Rs 50 crore lead by high net worth individuals (HNIs) of the Indian startup ecosystem, the Middle East, and the US.
