Deep-tech venture capital firm Speciale Invest has launched its ₹1,400 crore Growth Fund II, aimed at backing early-stage startups that have moved beyond technology validation but are yet to achieve predictable commercial revenues. The fund seeks to address a critical gap in India’s deeptech capital ecosystem, particularly for companies transitioning from R&D-led innovation to scalable businesses.
The Growth Fund II will invest in 12–15 startups, with an average cheque size of $5–8 million, supporting founders as they scale manufacturing, build capacity, and compete globally. Unlike its early-stage funds, Speciale expects this vehicle to attract a more institutional LP base, while family offices will continue to anchor its seed and early-stage strategies.
Sector-wise, the Chennai-based firm will continue to focus on spacetech, advanced manufacturing, energy storage, quantum computing, health and biosciences, and defence technologies. A significant portion of capital will be allocated to unmanned systems and maritime surveillance, areas seeing increased global demand and strategic relevance.
As part of the launch, Vijay Jacob has joined Speciale Invest as a General Partner to lead growth-stage investments. Jacob, a former founding member of NewQuest Capital, said the fund will prioritise startups that have largely mitigated scientific risk and are ready for scale-up, capacity building, and international expansion.
The Growth Fund II follows Speciale’s recent closure of Fund III at ₹600 crore, exceeding its initial ₹500 crore target. Fund III focuses on sovereign technologies and globally scalable IP from India, backing 18–20 startups with cheque sizes between ₹7–10 crore.
Since 2017, Speciale Invest has backed around 35 deeptech startups, including Agnikul Cosmos, GalaxEye, Ultraviolette, ePlane Company, CynLr, and QNu Labs, and has recorded nine M&A exits to date.
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