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Navam Capital has announced the final close of its first fund, Navam Venture Fund-I (NVF-I), marking an important milestone for the early-stage venture capital firm.
The Category II alternative investment fund initially targeted INR 250 crore and exercised its green shoe option, taking the total corpus to over INR 315 crore (about USD 35 million).
The India-focused fund claims to have already invested in eight startups and plans to support 15 to 16 companies in total. NVF-I is focused on intellectual-property-led, deep-techn startups that are built in India and address global markets. Its investment themes include advanced computing, semiconductors, robotics, drone technology, space technology, industrial automation, enterprise artificial intelligence, climate technology, and materials science.
Some of the fund’s portfolio companies include Agnikul Cosmos, Ather Energy, Morphing Machines, and Unbox Robotics, the latter of which recently raised USD 28 million in funding.
According to Navam Capital, the fund has attracted a diversified group of limited partners, including technology founders, industrial groups, business operators, conglomerates, and family offices.
Navam Capital was launched in 2008 by Rajeev Mantri and is headquartered in Kolkata. Before founding Navam, Mantri worked at New York-based venture capital firm Lux Capital, where he focused on climate technology, biotechnology, and advanced materials. He is also a co-founder of biopharma venture Vyome Therapeutics.
The firm primarily makes early-stage investments in frontier technologies and science-driven innovation. NVF-I typically writes first cheques of INR 5–8 crore at the seed and pre-Series A stages, while reserving capital for follow-on rounds. It also selectively participates in Series A and Series B rounds.
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