Venture capital firm Theia Ventures has announced the first close of its inaugural fund, raising $15 million towards a $30 million target. The firm plans to focus Fund I investments on deeptech, energy transition, and decarbonisation, supporting startups working in green mobility, sustainable materials, battery technologies, clean logistics, and industrial decarbonisation.
Structured as a Category II Alternative Investment Fund (AIF) under SEBI regulations, Theia has already secured commitments exceeding 50% of its target, reflecting strong investor confidence in its strategy. The firm has also onboarded British International Investment (BII) as its anchor investor, alongside global partners including Allocator One (Germany), Cisco Foundation (US), and Vitality Capital Partners (Australia). Domestically, the fund has attracted support from family offices and industrial groups such as Anand Mahindra, Thermax’s Meher Pudumjee, JM Financial, Vimson Group, and Shivanand Salgaocar Group.
The fund intends to make 18–20 early-stage investments, with individual cheque sizes ranging between $500,000 and $1 million. Approximately 50% of the capital will be reserved for follow-on rounds to support portfolio companies through successive growth phases.
Theia has already deployed capital in Sarla Aviation, a company in the aerospace sector, and Climitra Carbon, which focuses on industrial biochar solutions. The firm has also committed investments to startups working on precision fermentation and AI-driven energy modeling, signaling a strong emphasis on sustainability and technological innovation.
The final close of Fund I is expected by the end of fiscal year 2026 (FY26). By combining global and domestic investor support with a focused investment mandate, Theia Ventures aims to catalyse innovative solutions in energy and deep-tech sectors, enabling startups to scale while addressing pressing environmental and industrial challenges.
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