Industrial47, a pre-seed venture fund founded by frontier technology investor Rahul Seth, has announced the first close of its debut fund at nearly $9 million (Rs 85 crore).
The fund is targeting a corpus of Rs 150 crore, with a Rs 50 crore greenshoe option, the firm said in a statement.
The debut fund’s first close has attracted family offices, industrial groups, founders and operators, including Bhukhanvala Holdings, Chemet India, Vivek Mathur, former MD of Elevation Capital, and Boris Wertz of Version One Ventures.
The investor base also includes founders of prominent unicorns such as Swiggy and Urban Company, among others, the statement added.
Industrial47 was founded with a focus on backing emerging technologies at an early stage, before they gain wider market recognition.
The fund will invest at the pre-seed stage, with cheque sizes ranging from Rs 2 crore to Rs 10 crore, across 15–20 companies working in areas such as space systems, defence, energy, maritime intelligence and advanced manufacturing. Its investment focus will include national security and strategic infrastructure.
“The founders we back are closing the gap between what India has and what it needs to build. I have watched this play out, one design, one prototype, one launch at a time. Every rupee in this fund is a bet on building India’s technological sovereignty and industrial self-sufficiency. We will continue to discover, help and back builders early, rather than wait for market conviction,” said Rahul Seth, Founder and General Partner, Industrial47.
Industrial47 was an early backer of Pranos Fusion and became its first institutional investor. The company has since developed PRAGYA, a low-aspect-ratio tokamak. The fund has also invested in Armory, which is developing indigenous counter-drone systems and has secured ₹100 crore in contracts from the Ministry of Defence.
Other investments include a stealth jet engine company developing high-performance engines for operations at very high altitudes, and RekiSe Marine, which is developing autonomous submarines for maritime security applications in India.
