Seed-stage focused venture capital firm Java Capital, which counts startups like Agnikul Cosmos, Kuku FM and Yellow Metal as part of its portfolio, said Tuesday it has raised Rs 50 crore (about $6 million) for its maiden fund.
Java, which initially planned to raise Rs 75 crore, now plans to open its greenshoe option of Rs 25 crore, it said in a statement.
The firm said the limited partners, or investors, to the fund include founders from the Indian startup ecosystem and high-net-worth individuals (HNIs) based out of India, the Middle East and the US.
"With the successful fundraise, we are well-positioned to continue identifying and supporting companies in the identified sectors,” said Karteek Pulapaka, co-founder and partner, Java Capital.
The primary sectors of focus include deeptech, business-to-business (B2B)-focused ventures and climatetech. With the fund, JavaCapital aims to build a portfolio of 15-20 startups with an average first cheque size of Rs 2-3 crore, investing in pre-seed to pre-series A startups.
Java Capital invests in startups at an idea/prototype stage and actively works with them to achieve the product-market fit stage.
It has invested in five companies from the new fund. These are including AuditCue, Okulo Aerospace, Oorja, Pre-image, Frigate.
Bengaluru-based Java was set up in 2020 by former Kalaari Capital executive and angel investor Vinod Shankar, with Bhargavi V and Karteek Pulapaka. It previously invested in startups like Agnikul, Kuku FM, BharatX, Better Opinions, Yellow Metal, The Eplane Company, Kindlife, Legistify from a syndicated fund.
Java Capital joins a host of early-stage ventures that have successfully raised commitments in the past couple of months. Last month, early-stage venture capital firm Kae Capital, which has backed companies like consumer nutrition platform Healthkart, on-demand manufacturing network Zetwerk, and lendingtech startup Loantap, among others, marked the final close of its Winners Fund II (KWF II) at $50 million.
