GrowX Ventures launches ₹400 crore fund to fuel India's deeptech and B2B startups
Bengaluru-based venture capital firm GrowX Ventures has launched its second fund, targeting Rs 400 crore (around $47.1 million). The move comes as growth-stage investments in India hit $3.5 billion across 209 deals by November 2024. The firm plans to back startups in sectors like defence tech, spacetech, and fintech, with a focus on deeptech and B2B opportunities.
GrowX Ventures aims to invest in 20 to 24 startups through Fund II. Seed-stage companies will receive around Rs 10 crore, while Series B startups could secure between Rs 20 crore and Rs 30 crore. The firm's previous investments include Pixxel, Locus, and Bellatrix Aerospace, among others.
The first close of Fund II is expected by the end of 2024. Unlike its earlier focus on early-stage startups, GrowX is now targeting growth-stage businesses with proven products and customer bases. Ashish Taneja, the firm's founder and CEO, believes India's next wave of unicorns will come from deeptech and B2B sectors.
Beyond funding, GrowX plans to offer hands-on support to its portfolio companies. This includes helping them scale operations, boost revenue growth, and build sustainable business models.
Fund II marks a shift toward growth-stage investments for GrowX Ventures. The firm's expanded focus aligns with rising demand for scaling startups in India. With a target of Rs 400 crore, the fund will support innovation across defence, spacetech, and other emerging industries.
