- Bluehill.vc has completed the final close of its maiden fund at ₹400 crore, including a ₹50 crore greenshoe option, as announced on Thursday (August 13).
- With the fund now closed, Bluehill.vc plans to write cheques ranging from $1 million to $2 million to build a portfolio of 15 to 16 early-stage companies.
- Since its first close, Bluehill.vc has invested ₹106 crore across seven portfolio companies.
- Bluehill.vc plans to deploy an additional ₹80 crore over the next six months.
- Founded in 2024, Bluehill.vc follows an invest-and-build approach, combining capital with operational support to work with founders.
- The firm completed the first close of its maiden fund, which legally enabled it to begin capital deployment.
Bluehill.vc, a Chennai-based deeptech venture capital firm, has successfully closed its maiden fund at ₹400 crore, including a ₹50 crore greenshoe option. The firm aims to invest in 15-16 early-stage companies, focusing on sectors such as defence, semiconductors, and advanced manufacturing.12
The fund has already deployed over ₹106 crore across seven portfolio companies and plans to invest an additional ₹80 crore in the next six months. Bluehill.vc's limited partners include the Small Industries Development Bank of India (SIDBI), the governments of Kerala and Uttar Pradesh, family offices, and ultra-high-net-worth individuals from India and the Middle East.5678
Managing partner and co-founder Manu Iyer stated, “We believe the next wave of enduring value will be created by companies solving hard engineering and scientific problems.” The firm is particularly interested in startups developing proprietary technologies in energy, electric vehicles, nuclear, advanced materials, and IoT.
Notable investments include EtherealX, which is developing reusable launch systems for space transportation, and Zebu Intelligent Systems, a counter-drone technology company. Sridhar Parthasarathy, another managing partner, emphasized that “frontier-tech investing requires a different kind of conviction,” as these companies often take longer to build and demand deeper technical understanding.
Bluehill.vc's strategy reflects a shift in venture capital focus, moving away from consumer and software businesses to tackle complex engineering challenges that have significant global commercial potential.
“The fund's LPs include SIDBI, the governments of Kerala and Uttar Pradesh, and family offices. Since its first close, Bluehill.vc has invested ₹106 crore across seven companies, including EtherealX, Zebu Intelligent Systems, and Sophrosyne Technologies, and plans to deploy ₹80 crore more over the next six months.”
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