Aum Ventures closes India Innovation Fund II

Aum Ventures, an early-stage venture capital firm based in Mumbai, announced the first close of its European Innovation Council Fund at Rs 225 crore (approximately $23.6 million), with a target corpus of Rs 750 crore (about $80 million). The fund will invest in early-stage, IP-led deep tech startups across sectors including space tech, artificial intelligence, semiconductors, aerospace, defence tech, robotics, energy transition, and advanced manufacturing. Over 65% of the first close commitments came from international limited partners across the US, the Middle East, and other global markets, including family offices, entrepreneurs, and strategic investors. The fund plans to invest in 25-30 startups at pre-seed and seed stages, with initial cheques ranging from $750,000 to $2 million, and reserves capital for follow-on investments through Series A and B rounds. Aum Ventures' first fund, launched in 2023, has delivered a gross MOIC of 2.23x and a gross IRR of 53%. The firm was an early investor in Skyroot Aerospace, which became India's first space tech unicorn after launching its Vikram-1 rocket. The fund close reflects growing investor interest in India's deep tech ecosystem, with several other VC firms also raising dedicated deep tech funds.