In a world increasingly driven by innovation and technological breakthroughs, India is carving its place at the forefront of transformative solutions. From space exploration to electric mobility, the country is rapidly emerging as a global hub for deep-tech innovation. Visionary entrepreneurs and thought leaders are spearheading this evolution, building technologies that push the boundaries of science and redefine global benchmarks.
Traditionally, India's venture capital landscape has been dominated by sectors such as e-commerce, FinTech, and SaaS. These industries, with their rapid go-to-market strategies and clear revenue models, have produced a plethora of unicorns, cementing India’s reputation as a global startup hub. However, a notable shift is underway as venture capitalists turn their focus toward the less explored yet immensely promising domain of deep tech. This transition reflects a growing emphasis on sustainable business models with tangible impacts, particularly in areas like artificial intelligence, where initial exuberance is giving way to measured, strategic investments.
To celebrate these innovators, NewsReach has launched a special edition called Crafting Bharat: Deep-Tech Edition. Powered by Innovation Venture Studio in association with Speciale Invest, BYT Avenue, and Faad Capital, this initiative brings you inspiring stories of visionaries shaping India’s tech landscape.
In this episode, Nithish Kumar, Investment Analyst at Speciale Invest, speaks with Vishesh Rajaram, the Managing Partner of Speciale Invest, to explore the philosophy and passion behind venture capital. From the thrill of backing bold ideas to navigating the uncertainties of early-stage investments, Vishesh shares insights into the entrepreneurial spirit that fuels Speciale’s success.
Video link: https://www.youtube.com/watch?v=ek4UTirwWAI
What drew you to venture capital as a career?
Venture capital wasn’t something I set out to pursue initially. My early life was spent observing my father build a business, which instilled in me a fascination for entrepreneurship. When I stumbled into venture capital, I realised it was a perfect alignment of my passion for working alongside builders and my desire to help them succeed by providing a unique vantage point.
“Venture capital is my way of living the entrepreneurial spirit, not with one company but with dozens."
Over time, I’ve come to appreciate the privilege of being able to support and challenge founders, helping them navigate their blind spots and scale their vision.
Do you, in many ways, think of Speciale as a startup itself?
Absolutely. Speciale is no different from any other startup, except that we are in the business of funding startups. "Speciale is a startup that funds other startups. It’s a mindset that keeps us agile and forward-looking." The philosophy we operate with is rooted in innovation and the pursuit of uncharted territories in science and technology. Like any startup, we face the challenges of raising capital, building an organisation, and simultaneously making impactful investments. Thinking of ourselves as a startup keeps us agile and driven. Agility allows us to respond quickly, make faster decisions, and embrace the fluidity required in this space. Personally, I’d find it extremely frustrating to work in a rigid environment where even scheduling a meeting could take two weeks. At Speciale Invest, we prioritise action and efficiency, enabling us to achieve more in less time. I firmly believe that even an organisation as large as an elephant can run like a horse if it embraces the startup mindset.
Can you share how you felt when milestones like the Ultraviolet bike or the Agnikul’s launch materialised?
The overwhelming emotion in moments like these is disbelief. With Agnikul, we were involved from the very inception of their journey. The process was riddled with doubts and hurdles—attending multiple meetings that didn’t yield results, grappling with uncertainties, and questioning whether success was even possible. Watching the rocket launch eventually materialise was profoundly gratifying. The sheer complexity of solving hard engineering problems in a nascent field made it a monumental achievement. On the other hand, Ultraviolet's journey was about redefining excellence in an already established market. The challenge was to stand out, deliver a flawless product, and ensure that even the first vehicle delivered to a customer was perfect. These milestones remind us of the resilience and vision of these founders. Watching companies evolve from two-person teams to thriving enterprises with hundreds of employees reinforces the value of long-term belief and perseverance.
"Moments like these validate that science can be built and inspire us to go back and fund more ambitious ideas."
Why did you choose to build a deep-tech venture capital firm out of India?
This decision wasn’t about analysing market gaps or finding a niche. It was about staying true to who we are. Arjun and I thrive in ambiguous situations and naturally gravitate towards pre-seed and seed-stage investments. Deep tech appealed to us because it represents an unparalleled opportunity for value creation. Building products that can withstand a decade of competition and technological evolution requires exceptional foresight and resilience. For us, deep tech is more than a business choice; it’s about championing innovation that holds the potential to create lasting impact. By focusing on projects with strong competitive moats and sustainable value, we aim to back companies that can endure and shine despite immense challenges.
What do you wish to leave behind as your legacy in venture capital?
My ultimate goal is for Speciale to evolve into an enduring organisation that outlasts its founders and continues to bring the best of Indian technology to the global stage. If Speciale can consistently identify and support transformative ideas while staying true to its mission, I would consider that a meaningful legacy.
"Legacy is building something that grows beyond you, contributing to the world with purpose and impact."
What’s your advice for aspiring venture capitalists?
Be curious and stay grounded. Venture capital is as much about understanding people as it is about evaluating businesses. "Patience and curiosity are the cornerstones of a successful venture capital career."
Develop a strong sense of empathy to connect with founders and their journeys. At the same time, cultivate analytical rigour to make informed decisions. Lastly, be prepared for the long game—it takes years to see the results of your investments.
Venture capitalists like Vishesh Rajaram are redefining India’s investment landscape by backing audacious deep-tech ventures that hold the potential to change the world. By focusing on long-term resilience and pioneering technologies, they are laying the foundation for India to become a global hub for transformative solutions. As VCs shift their focus from quick-return sectors to sustainable, high-impact ventures, they are unlocking untapped potential, shaping the future of technology, and fueling the next generation of global leaders. Stay tuned to Crafting Bharat as we continue to bring you stories of India’s most innovative founders. These are the people turning bold ideas into reality and redefining what’s possible.
Content is produced/ created by the Crafting Bharat Team not by VCCircle.
