Industrial47, a pre-seed venture fund founded by Rahul Seth, has raised Rs 85 crore in the first close of its debut fund.
The fund has a target corpus of Rs 150 crore with a green shoe option of Rs 50 crore.
The first close saw participation from family offices, industrial groups, founders, and operators.
Swiggy co-founder Nandan Reddy also participated in the first close.
Industrial47's cheque sizes will range between Rs 2 crore and Rs 10 crore across 15-20 startups, spanning the sectors of space systems, defence, energy, maritime intelligence, advanced manufacturing, and other frontier technologies, with a pronounced focus on national security and strategic infrastructure.
