Focusing on high-growth sectors like semiconductors, fintech, and space tech, New Delhi firm GrowX Ventures is set to launch ₹4 billion fund to back 20-24 B2B and deep-tech startups.
GrowX Ventures, a New Delhi-based venture capital firm focusing on business-to-business (B2B) and deep-tech startups, has launched its second fund, targeting a total raise of ₹4 billion.
The firm has previously supported high-profile startups like Pixxel, Bellatrix Aerospace, CynLr, and Stashfin.
With its new Fund-II, GrowX Ventures plans to invest in 20-24 startups, focusing on both early-stage and early-growth companies, especially in sectors like semiconductors, defence technology, space technology, alternative materials and advanced manufacturing.
The firm will commit up to ₹100 million in seed-stage rounds and ₹200-300 million in Series B rounds, aiming to back promising companies at these critical stages of development.
Additionally, they will explore opportunities in fintech, healthtech, and supply chain and logistics.
GrowX Ventures is preparing to announce the first close of Fund II by mid-January. The capital for this fund has been raised from a mix of startup founders and both existing and new limited partners, though no specific details about the investors has been disclosed.
For early-growth stage investments, the fund will focus on deep tech, software-as-a-service (SaaS), and tech-enabled businesses while maintaining a more exclusive focus on deep tech during seed-stage investments.
Ashish Taneja, CEO of GrowX Ventures, revealed that the firm’s new fund will focus on a stage-diversified portfolio, targeting both seed and Series B stages. After 10-12 years of success with seed-stage investments, Taneja acknowledged missed growth opportunities by not advancing to Series B. In this critical phase, product-market fit and early customer adoption drive significant growth in B2B deep-tech companies.
The firm’s previous fund, Fund-I, which was launched in 2019, had a total corpus of ₹1.62 billion. Taneja confirmed that the capital from Fund-I has now been fully deployed, and the firm expects to begin seeing exits from this fund by mid-2025.
