Chennai-based Bluehill.VC, a venture capital firm focused on frontier technologies, said on August 11 that it reached the final close of its first 4 billion rupees (US$42 million) fund, including a 500 million rupees (US$5.25 million) greenshoe option.

Backers include the Small Industries Development Bank of India, the governments of Kerala and Uttar Pradesh, as well as family offices, founders, and ultra-high-net-worth individuals.

The fund will invest from seed to series A in 15 to 16 startups across semiconductors, defense, space, energy, manufacturing, and robotics, with average first cheques of US$1 million to US$2 million.

Bluehill said it had deployed more than 1 billion rupees (US$10.5 million) across seven portfolio companies and planned to invest another 800 million rupees (US$8.39 million) over the next six months.

Backing from public institutions also reflects SIDBI’s broader role in venture capital.

🔗 Source: Bluehill.VC