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Tech-focused VC firm Inflexor Ventures has marked the first close of its ₹1,250 Cr Inflexor Technology Discovery Fund at ₹400 Cr ($41.8 Mn).

Limited partners (LPs) that backed the fund included the likes of Self-Reliant India (SRI) Fund, HDFC AMC and HDFC AMC Select AIF FoF, with additional participation from leading international institutions.

With the sector-agnostic fund, the VC firm is broadly eyeing to back startups in science, engineering and technology streams, primarily in the pre-Series A and Series A stages with ticket size of investments between ₹15-45 Cr. 

“Fund III reflects our conviction in this opportunity and our commitment to being long-term partners to exceptional founders,” Inflexor Ventures founder Venkat Vallabhaneni said.

Founded in 2019, by Vallabhaneni, Jatin Desai, and Pratip Mazumdar, Inflexor Ventures invests in early-stage technology startups, with a particular emphasis on deeptech and IP-led innovation. With a portfolio of 27 startups, the VC firm has backed startups like Atomberg, Bellatrix Aerospace, CloudSEK, CredFlow, Kale Logistics and PlayShifu.

Its first fund with a size of ₹75 Cr backed twelve startups including Verloop, Entropik, Singularity, Chakr Innovation, among others. Following which, its second fund was launched in 2020, and was oversubscribed at ₹600 Cr in 2021. 

Besides these, the VC firm launched Inflexor Opportunities Fund I in 2024, with a target corpus of ₹350 Cr. The fund acquires ownership of mature investments from Inflexor’s first fund and provides follow-on capital to its existing portfolio companies.

Inflexor Ventures said Fund III had already commenced deployment and that its first investments would be announced in the coming weeks.

The close comes at a time when India’s venture capital market had seen renewed fund formation, especially across deeptech and enterprise-focused strategies. Against the backdrop of a rapidly expanding startup ecosystem, Indian investors have been rolling out new funds to support emerging technology businesses.

In this light, early-stage deeptech focused VC firm Yournest Venture Capital closed its continuation vehicle (CV), the YourNest Continuum Fund I, with a corpus of ₹400 Cr in June. Meanwhile, HealthQuad also announced the first close of its ₹1,700 Cr (about $180 Mn) Fund III with commitments of ₹550 Cr (about $58.2 Mn).

Prior to that, Capital A marked the first close of its Fund II at ₹160 Cr (around $16.9 Mn) to back startups operating in the manufacturing, deeptech, climate tech, and fintech sector, earlier in April.

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