Yali Capital, a venture capital firm floated by Cosmic Circuits co-founder Ganapathy Subramaniam and former Blackstone executive Mathew Cyriac, has announced the final close of its maiden fund at Rs 893 crore ($104 million), surpassing its initial target of Rs 500 crore with a Rs 310-crore greenshoe option.
The fund, focused on India’s nascent deeptech ecosystem, will back companies from seed to late-stage (Series D and beyond) across sectors such as semiconductors, AI, robotics, genomics, aerospace, and smart manufacturing.
Launched last year, the fund is structured as a SEBI-registered Category II Alternative Investment Fund, alongside a GIFT City-based feeder vehicle to attract global capital.
The firm has already deployed capital in five startups—including chipmaker C2I Semiconductor, genomics startup 4basecare, and Perceptyne—and aims to expand its portfolio to eight companies by year-end.
Nearly two-thirds of the fund will be allocated to early-stage bets, while the remainder will support more mature deeptech businesses. “India has a real opportunity to build globally competitive public companies in deep tech,” said Cyriac, General Partner at Yali Capital.
Yali’s investor base includes global and Indian corporates such as Infosys, Qualcomm Ventures, and Tata AIG; fund of funds including the government-backed DPIIT’s Fund of Funds for Startups (managed by SIDBI), Self-Reliant India Fund, Evolvence, and Singularity FOF; and individual investors like Pratithi’s Kris Gopalakrishnan, TVS Capital’s Gopal Srinivasan, RARE Enterprises’s Utpal Sheth, ENAM’s Vallabh Bhansali, and JM Financial’s Vishal Kampani.
Lip-Bu Tan, former CEO of Cadence Design Systems and an early investor in multiple Indian-origin-led deeptech firms globally, serves as an advisor to Yali.
Several venture capital firms are actively investing in deeptech startups in India, including pi Ventures, Blume Ventures, Accel, Chiratae Ventures, Sequoia India, and Speciale Invest.
