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Venture Capital firm Bluehill.VC on Thursday announced the final close of its maiden fund at INR 400 crore, including an exercise of a INR 50 crore greenshoe option. The fund has attracted participation from institutional investors including SIDBI and the governments of Kerala and Uttar Pradesh, along with family offices, founders and UHNIs from India and the Middle East.
The fund will back IP-led startups from seed to series A across energy, EVs, nuclear, semiconductors, advanced materials, defense, space, water, manufacturing, robotics, industrial technologies and IoT. It targets companies, with an average first institutional cheque of USD 1–2 million.
Bluehill.VC has already deployed more than INR 100 crore across seven portfolio companies and plans to invest another INR 80 crore over the next six months.
Manu Iyer, Managing Partner and Co-founder, Bluehill.VC, said, “For the past two decades, venture capital has largely been driven by consumer, software and internet businesses. We believe the next wave of enduring value will be created by companies solving hard engineering and scientific problems. India today has the talent, policy momentum and entrepreneurial ambition to build globally competitive businesses across defense, semiconductors, space, energy and advanced manufacturing.”
He added, “The final close of our maiden fund is a strong endorsement of that belief and reflects the confidence our investors have placed in our ability to identify exceptional founders early and partner with them for the long term.”
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