Java Capital, a deeptech seed investor known for supporting startups like Agnikul Cosmos and BharatX, has successfully concluded the final closure of its first fund, reaching Rs 50 crore (approximately $6 million). The initial closure at Rs 30 crore was announced in December of the previous year, with a focus on investing in deeptech, climate tech, and business-to-business (B2B) startups. The firm expressed its intent to open the Rs 25 crore greenshoe portion based on interest from limited partners, bringing the total fund corpus approved by the Securities and Exchange Board of India (SEBI) to Rs 75 crore, including the Rs 25 crore greenshoe option.

While specific names were not disclosed, Java Capital revealed that the first fund attracted participation from Indian founders, domestic high-net-worth individuals (HNIs), and HNIs from the Middle East and the United States. Established in 2020 by former Kstart executives Vinod Shankar and Karteek Pulapaka, along with Bhargavi V, Java Capital has taken its place in the market. Kstart is a seed fund initiative associated with Vani Kola-led Kalaari Capital. Karteek Pulapaka, a partner at Java Capital, expressed confidence in their ability to identify and support transformative companies in these sectors with successful fundraising.

The first fund has already made five investments in various companies, including AuditCue, an enterprise risk software provider, Okulo Aerospace, an unmanned aerial vehicle platform; Oorja, a deeptech startup; Pre-image, a reconstruction company; and Frigate, a manufacturing startup. The fund has also chosen to further support some of its existing portfolio companies with this new fund. Previously, Java Capital employed a syndicated investment model, where a group of investors pooled their capital to make investments.