New Delhi, Aug. 13 -- Chennai-based venture capital firm Bluehill.VC has marked the final close of its maiden frontier-tech fund at Rs 400 crore (nearly $42 million), including the exercise of a Rs 50 crore greenshoe option, as it looks to back early-stage startups developing technologies across defence, space, semiconductors, energy and advanced manufacturing.
The fund said it attracted institutional investors, including SIDBI and the governments of Kerala and Uttar Pradesh, along with family offices, entrepreneurs and ultra-high-net-worth individuals from India and the Middle East.
The firm said it received interest from a wider pool of institutional and HNI investors than it could accommodate within the closing timeline. It plans to engage with these investors for its next fund, which is expected to be launched in 2027.
Bluehill.VC plans to invest in 15-16 startups from seed to Series A, with an average first cheque of $1-2 million. The fund has already deployed more than Rs 100 crore across seven portfolio companies and plans to invest another Rs 80 crore over the next six months.
Invest and build approach
Founded in 2024 by Manu Iyer and Sridhar Parthasarathy, Bluehill.VC follows an invest-and-build approach, combining capital with operational support for founders. The firm focuses on companies building science- and engineering-led technologies that it believes can develop into globally competitive businesses from India.
Bluehill.VC invests in startups developing proprietary technologies across areas including energy, electric vehicles, nuclear, semiconductors, advanced materials, defence, space, water, manufacturing, robotics, industrial technologies and IoT.
Its portfolio includes EtherealX, which is developing reusable launch systems; Zebu Intelligent Systems, a counter-drone technology company; Helex, which is developing therapeutics for genetic kidney diseases; Sophrosyne Technologies, a fabless semiconductor startup; and optoML, which is developing an analog AI system-on-chip platform.
Published by HT Digital Content Services with permission from VC Circle.