Bengaluru, July 28 -- Science and technology-focused venture capital firm Inflexor Ventures has announced the first close of Rs.400 crore for Fund III, with a target size of Rs.1,250 crore.

The fund is anchored by the Self-Reliant India (SRI) Fund, HDFC Asset Management Co. (HDFC AMC) and HDFC AMC Select AIF FoF (HDFC FoF), as well as international institutions.

With the first close in place, the fund has begun deploying capital into a set of high-conviction opportunities and expects to announce its first investments in the coming weeks.

The first close comes as India's venture capital market recalibrates towards capital-intensive, IP-driven sectors over pure consumer internet plays, with deep-tech and science-led startups increasingly...