India, Feb. 16 -- VC firm ValleyNXT Ventures has launched its maiden fund with a target corpus of Rs.200 Cr (about $22 Mn) and a greenshoe option of Rs.200 Cr to back early-stage deeptech startups.

The Bharat Breakthrough Fund-I is a SEBI-registered Category I VC fund. The firm plans to back spacetech, defence tech, robotics, AI/ML, cybersecurity, biotech, sustainability, and consumer innovation startups via the fund.

The fund said that it would invest Rs.100 Cr to Rs.120 Cr in 25-30 startups with an average ticket size of Rs.4 Cr in the first phase, followed by Rs.50 Cr to Rs.80 Cr investment in five to eight startups with an average ticket size of Rs.10 Cr.

ValleyNXT claimed that its maiden fund is designed to operate under a "VC + A...