The investor has backed startups spanning spacetech, semiconductors, biotechnology, medtech, robotics, advanced engineering and agritech. Among its notable investments are Dhruva Space, D-Propulse Aerospace, EndureAir Systems, Skylark Drones, InterCosmos and Manastu Space. Dhruva Space remains IAN’s largest deep-tech bet so far, attracting investments of about ₹123 crore from the group.
Ruparel said IAN began backing deep-tech ventures well before the segment gained prominence in India’s startup ecosystem. The firm’s first deep-tech investment was made in 2012 in a Delhi-based medical device startup that originated from hospital-led research. The company was later acquired by a US-based firm after gaining traction in American hospitals, delivering nearly fourfold returns over an 11-year holding period.
“The shift today is that research and science are no longer viewed purely as academic pursuits but as platforms for building commercially viable products,” Ruparel said, noting that India’s startup landscape has evolved from IT services and internet businesses to product-led innovation and deep-tech ventures. She added that growing demand for sovereign technologies in sectors such as defence, semiconductors and healthcare is accelerating this transition.
IAN is currently deploying capital from its $100-million Alpha Fund, of which nearly half has already been invested across about 20 companies. The fund is expected to back around 30 startups in total while reserving capital for follow-on rounds.
Despite the fund’s growing focus on deep-tech, Ruparel said IAN will continue investing in non-deep-tech businesses as part of a broader portfolio diversification strategy. According to the firm’s portfolio data, manufacturing, hardware and material sciences account for the largest share of its deep-tech investments at 31.4%, followed by biotech (24%), defencetech, dronetech and cybersecurity (17%), spacetech (over 13%), medtech (around 10%), semiconductors (over 9%) and robotics (more than 8%).
The investor is also increasing its exposure to artificial intelligence-led startups. AI-related ventures currently represent about 11% of IAN’s overall portfolio. Ruparel said the fund initially prioritized longer-gestation deep-tech companies to provide them with a longer runway before expanding into sectors with relatively shorter development cycles, such as AI.
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Commenting on the impact of geopolitical tensions in West Asia, Ruparel said uncertainty in the region has weighed on startup funding activity, particularly for companies with business exposure there. She noted that investors have become more cautious, with many startups reassessing business strategies and funding decisions being delayed amid heightened focus on risk management.
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