New Delhi, Aug. 26 -- Debesh Sharma, founder and chief executive of innovation-focussed company MetaFora, has set up a new venture capital firm to invest in early-stage Indian startups working on frontier technologies with applications across commercial and defence sectors, VCCircle has learned.

Sharma has launched Incube8 Ventures, which is registered as a category II alternative investment fund (AIF) with the Securities and Exchange Board of India (SEBI). The fund is focussed on companies where deep scientific and engineering capabilities can translate into commercial and strategic applications. Its limited partners include institutional investors, ultra-high-net-worth individuals and family offices, according to the fund's website.

Sharma did not respond to an email from VCCircle seeking comments.

The fund is targeting a corpus of Rs 1,000 crore ($104.8 million), and has secured Rs 400 crore in commitments so far. It is targeting its first close by mid-2027, VCCircle has learned.

Incube8 Ventures will focus on early-stage companies, from late-seed to early-Series A, particularly those that have demonstrated product-market fit. Its investment strategy calls for concentrated positions with reserves for follow-on investments, rather than a broad portfolio approach.

The fund's investment thesis centres on dual-use technologies, which can serve both commercial and defence applications. Its focus areas include artificial intelligence (AI), autonomous systems, robotics, biotech and multiomics, space technology and hypersonics, nuclear technologies, advanced materials and quantum computing. Beyond capital, the fund plans to help portfolio companies access procurement pathways, technical validation and industry introductions.

Sharma brings experience across technology, strategy and investments to the new fund. He founded MetaFora, an innovation focussed company, and has also been associated with Indian deep-tech startups including Fracktal Works, an industrial 3D printing company, and GalaxEye, which develops satellite-imaging technology.

The firm's registration documents also list Sajla Chawla as a partner and designated partner of the VC firm alongside Sharma. VCCircle was unable to independently verify her identity and role at the venture capital firm.

Published by HT Digital Content Services with permission from VC Circle.