The group has supported ventures in fields such as spacetech, semiconductors, biotechnology, medtech, robotics, advanced engineering, and agritech. Key investments include Dhruva Space, D-Propulse Aerospace, EndureAir Systems, Skylark Drones, InterCosmos, and Manastu Space. Notably, Dhruva Space stands as IAN’s largest deep-tech investment to date, attracting roughly ₹123 crore from the group.
Ruparel highlighted that IAN started investing in deep-tech endeavors long before this sector gained traction in India’s startup scene. The first investment in deep-tech was made in 2012 in a Delhi-based medical device company that stemmed from hospital-related research. This company was eventually acquired by a US firm after gaining popularity in American hospitals, providing nearly fourfold returns over an 11-year holding period.
“The current trend shows that research and science are increasingly recognized not just as academic activities but as foundations for developing commercially viable products,” Ruparel remarked, pointing out the shift in India’s startup ecosystem from IT services and internet firms to product-driven innovation and deep-tech ventures. She also noted that the rising demand for sovereign technologies in sectors like defence, semiconductors, and healthcare is fueling this shift.
Right now, IAN is utilizing capital from its $100-million Alpha Fund, with almost half already invested in around 20 companies. The fund aims to support about 30 startups in total while keeping some capital available for follow-on rounds.
Despite the growing emphasis on deep-tech, Ruparel mentioned that IAN will still invest in non-deep-tech businesses as part of a broader diversification strategy. Based on the firm’s portfolio data, manufacturing, hardware, and materials sciences represent the largest segment of its deep-tech investments at 31.4%, followed by biotech at 24%, with defencetech, dronetech, and cybersecurity at 17%, spacetech over 13%, medtech around 10%, semiconductors over 9%, and robotics more than 8%.
The group is also increasing its investment in AI-driven startups. AI ventures currently account for around 11% of IAN’s overall portfolio. Ruparel mentioned that the fund initially focused on longer-gestation deep-tech companies to give them adequate time to develop before branching into sectors with shorter development cycles like AI.
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Discussing the impact of geopolitical tensions in West Asia, Ruparel indicated that uncertainty in the region has affected startup funding activities, especially for companies with exposure there. She observed that investors have become more cautious, leading many startups to reassess their business strategies and experience delays in funding decisions amid a heightened focus on risk management.
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