L-R Manu Iyer, Managing Partner & Co-founder and Sridhar Parthasarathy, Managing Partner & Co-founder

Chennai-based venture capital firm Bluehill.VC has closed its maiden ₹400 crore fund, which also includes a ₹50 crore greenshoe option.

The fund aims to build a concentrated portfolio of 15–16 companies, investing an average of up to $1-2 million. It has already deployed over ₹100 crore across seven portfolio companies

Bluehill.VC invests from Seed to Series A in start-ups building proprietary technologies across Energy, EVs, Nuclear, Semiconductors, Advanced Materials, Defence, Space, Water, Manufacturing, Robotics, Industrial Technologies and IoT.

The firm’s fund has attracted participation from institutional investors including SIDBI, the Governments of Kerala and Uttar Pradesh, alongside family offices, entrepreneurs and UHNIs from India and the Middle East.

“For the past two decades, venture capital has largely been driven by consumer, software and internet businesses. We believe the next wave of enduring value will be created by companies solving hard engineering and scientific problems across defence, semiconductors, space, energy and advanced manufacturing,” Manu Iyer, Managing Partner & Co-founder, Bluehill.VC, said,

Some of the firm’s portfolio companies include reusable rocket maker EtherealX, counter-drone technology provider Zebu Intelligent Systems and Sophrosyne Technologies, a fabless semiconductor start-up building advanced biosensing SoCs for wearable and digital health devices.

Bluehill Capital is planning its next fund for 2027, it said in a statement.

Published on August 13, 2026