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The funding round also saw participation from existing investor Invention Engine.
The startup will use the fresh capital to expand its wealth and investment teams, strengthen its technology platform and build its investor education ecosystem.
Existing investors Z47 and Lok Capital participated in the round along with Norinchukin Capital and Alteria Capital.
The Mumbai-based startup will deploy the fresh capital to expand its engineering team, among others.
The Bengaluru-based startup will use the fresh capital to strengthen its technology and product capabilities and expand its experience supply across existing markets.
The fund has already deployed nearly Rs 55 crore across four deeptech startups.
The funding round saw participation from Foundation Capital.
Unimech Aerospace and Manufacturing participated in the funding round.
The AJVC investment is part of Novastar's broader private-markets strategy that combines fund investments with selective direct bets on private companies.
The Bengaluru-based fund is targeting a corpus of Rs 150 crore, with a Rs 50 crore greenshoe option.
The fund has attracted backing from the Livelihood Impact Fund as well as prominent entrepreneurs, investors, and philanthropists such as Deep Kalra and Binny Bansal.
The funding round also saw participation from existing investors Arkam Ventures and Capital 2B.
The venture capital firm has already deployed more than Rs 100 crore across seven startups, including EtherealX and Zebu Intelligent Systems.
The new fund is around 15% smaller than Accel’s previous India fund. Accel had closed $650 million for its eighth India fund in January last year.
The Bengaluru-based startup will use the fresh capital to accelerate the development of enterprise-grade AI solutions and strengthen its Forward Deployed Engineer (FDE) model, among others.
The fund will primarily target seed and Series A startups, with a focus on companies building practical AI-powered applications for consumers and enterprises.
The round also saw participation from All In Capital, Unisol, iSeed, and angel investors including Soumith Chintala, Adarsh Kulkarni, Ashish Kulkarni, and Vaibhav Domkundwar of Better Capital.
The round also saw participation from strategic investors and operators, including growth leaders from Anthropic and Chime, the CTO of HubSpot, and the founders of Eppo and Vapi.
In addition, the company raised Rs 110 crore in debt from IDFC and Axis Bank.
