Bluehill.VC: Chennai’s New Frontier-Tech Fund Reaches Rs 400 Crore

Chennai-based venture capital firm Bluehill.VC has announced the successful closing of its inaugural frontier-tech fund, totalling Rs 400 crore, which includes a Rs 50 crore greenshoe option. The fund has garnered support from a range of institutional investors, notably SIDBI, along with the governments of Kerala and Uttar Pradesh. Additionally, it has attracted investment from family offices, founders, and ultra-high-net-worth individuals from both India and the Middle East.

Investment Focus of Bluehill.VC

The fund is set to invest in startups that are developing technologies in various critical sectors including defence, semiconductors, space, energy, advanced materials, manufacturing, robotics, water solutions, electric vehicles, nuclear technology, and the Internet of Things (IoT). Bluehill.VC aims to create a robust portfolio comprising 15 to 16 companies, with plans to issue an average initial cheque between $1 million and $2 million, focusing on startups from the seed stage up to Series A.

Current Portfolio and Future Plans

To date, the firm has invested over Rs 100 crore across seven distinct companies. Some notable mentions within its portfolio are EtherealX, Zebu Intelligent Systems, Helex, Sophrosyne Technologies, and optoML. Bluehill.VC has intentions to allocate an additional Rs 80 crore within the next six months, targeting startups that are pioneering their own proprietary technologies.

The firm adopts an invest-and-build strategy, collaborating closely with founders from the inception of their ventures. Established in 2024 by Manu Iyer and Sridhar Parthasarathy, Bluehill.VC has aspirations to unveil its subsequent fund by 2027 as it continues its investment journey within India’s burgeoning frontier-tech landscape.