The milestone was announced in the presence of Union Finance Minister Nirmala Sitharaman in Bengaluru on Saturday. The fund, launched in February 2026 with a corpus of Rs 1,000 crore, including a Rs 400-crore greenshoe option, is targeting a final close by December. It is backed by IIT Madras alumni, family offices, institutions, corporates and banks.
The four startups receiving the investments are Chennai-based Hathor, which is developing semi-cryogenic and cryogenic rocket engines for small and medium satellite launch vehicles; Delhi-based Quanstra, which is developing single-photon detection systems and quantum instrumentation; Triolt Energy, which is developing high-performance lithium-ion battery cells for drones and fast-charging electric mobility; and Carbelim, which is developing bio-integrated carbon capture and air-purification systems using proprietary microalgae technology.
Source: https://www.dtnext.in/news/chennai/iit-madras-led-deep-tech-fund-reaches-rs-450-cr-first-close