Inflexor Ventures raising Rs 1,200 cr Fund III for deeptech
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- Inflexor Ventures is raising a third fund of ~Rs 1,200 crore that will focus on pre-Series A and Series A deeptech companies with a working product and commercial traction, with medical devices and space technology cited as priority areas
- Inflexor began investing in technology-led businesses in 2015, well before 'deeptech' became a defined category in India; its first fund of Rs 75 crore deployed across 12 companies delivered roughly 3.2x returns and ~27–28% IRR, followed by a Rs 600 crore second fund
- Partner Murali Krishna Gunturu said the firm evaluates deeptech bets on three signals: a working product, early customer or institutional validation, and independent technical confirmation — citing Bellatrix Aerospace's existing ISRO engagement as a model
- Inflexor classifies its deeptech bets into science-led (aerospace), engineering-led (Atomberg), and technology-led (AI) companies, with the portfolio spanning 27 companies across Funds I and II including Atomberg, Bellatrix Aerospace, and NoPo Nanotechnologies
- NoPo Nanotechnologies produces single-wall carbon nanotubes at scale with significantly lower capital than the only other global producer based in Russia, which Gunturu cited as evidence of India's frugal-innovation edge
- India's government has launched a Rs 1 lakh crore Research, Development and Innovation fund using concessional capital and fund-of-funds structures to support patient, long-duration financing for science- and engineering-led startups
Why it matters: A 16x fund-size jump from Rs 75 crore (2015) to ~Rs 1,200 crore (2026) signals investor conviction that India's deeptech category has moved from experimental to commercially investable, and the government's parallel Rs 1 lakh crore RDI fund means founders with a working product and an ISRO- or industry-grade validation now have both private and public capital competing for their pre-Series A rounds.
