Deeptech seed investor Java Capital has announced the final close of its first fund at ₹50 crore.

The investor had announced the first close at ₹30 crore in December last year, to back start-ups in the deeptech, climatetech and business-to-business (B2B) segment.

Java Capital said that it plans to open the greenshoe portion of ₹25 crore, based on interest from its limited partners. The fund has already made five investments in companies, including AuditCue, Okulo Aerospace, Oorja, Pre-image, Frigate.

The total corpus of the fund approved by the Securities and Exchange Board of India (SEBI) was ₹75 crore, including the ₹25 crore greenshoe option.

Java Capital said that the first fund has participation from Indian founders, domestic high net worth individuals (HNIs), as well as HNIs based in the Middle East and the US.

Java has previously invested in companies such as Agnikul Cosmos, The Eplane Company, Cynlr, Kuku FM, Eat Better, Codingal, YellowMetal.

“The fund has doubled down on some of these companies giving LP’s access to winners for attractive risk adjusted returns,” it said in its statement.

It was founded in 2020 by former Kstart executives Vinod Shankar and Karteek Pulapaka, along with Bhargavi V.

“Java Capital is thrilled to have reached this significant milestone with the final close of our fund,” said Karteek Pulapaka, Co-founder and Partner at Java Capital.

“We are deeply grateful for the trust and support of our esteemed investors and LPs, who share our vision for pioneering innovation and sustainability in the world of deep tech and climate tech start-ups. With the successful fundraise, we are well-positioned to continue identifying and supporting transformative companies in these sectors,” he added.

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