Theia Ventures, an early-stage venture capital firm, has announced the first close of its maiden fund, anchored by British International Investment (BII).
The fund has already secured commitments exceeding half of its $30-million target, aimed at backing promising early-stage startups across India’s growing innovation ecosystem.
The first close also saw participation from a diverse set of global limited partners, including Germany-based Allocator One, the US-based Cisco Foundation, and Australia’s Vitality Capital Partners.
In addition, several prominent Indian family offices have come on board as investors, among them those of Anand Mahindra; Thermax Group Chairperson Meher Pudumjee; JM Financial; the Vimson Group led by Shivanand Salgaocar; and Pramit Jhaveri, former CEO of Citibank India.
The firm plans to invest in 18-20 startups, deploying cheque sizes between $500,000 and $1 million, focusing on sectors such as heavy industries, manufacturing, materials science, mobility, and supply chain.
Theia Ventures has started deploying capital from its new fund, with recent investments in Sarla Aviation, an Accel-backed electric air taxi startup; and Climitra Carbon, a biocoal company serving the steel industry.
The fund is anticipated to reach its final close by the end of this financial year.
Among the leading debut fundraises in India, Alpha Alternatives Fund Advisors amassed more than $632 million from LPs. Separately, Northpoint Capital and Gravity Holdings each secured commitments totalling $150 million.
