India, June 12 -- Early-stage focused venture capital (VC) firm AUM Ventures has launched its second fund, the India Innovation Fund II, with a target corpus of Rs.750 Cr ($80 Mn).

With the Cat II AIF investment vehicle, AUM would be looking to place bets on 25-30 startups operating in deeptech sectors like spacetech, semiconductors, AI, and defence tech.

Initial investments will range from $750K to $2 Mn, with provisions for follow-on funding through Series A and B rounds.

Notably, AUM Ventures has tasked general partner Nisha Shah to helm the fund's investments. Prior to joining the firm last year, Shah served as the COO of Narotam Sekhsaria Family Office for close to three years.

Founded in 2022, AUM Ventures has deployed around $3...