Speciale, an investment fund located in Chennai, with a mission to solve future problems, has raised over ₹600 crore in its Fund III, surpassing a target of ₹500 crore. They are tech enthusiasts who invest in budding enterprises and growth-stage startups. Beyond the capital investments, they aspire to invest in the visionaries who are building deep-tech and engineering innovations. Vishesh Rajaram, managing director of Speciale, is committed to delivering technology to society.
When Narendra Modi highlighted in August 2025, “Our next big priority should be becoming self-reliant in technology,” India’s strategic vision was communicated to all investors.
Rajaram emphasizes, “A large learning from our Fund I and II has been that this is the best time to build sovereign-edge technologies in the country and begin serving global needs.” In round III, Speciale secured ₹600 crore in August 2025. “Over 50% of Fund III capital is from repeat Limited Partners (LPs), and we also have new institutions and corporate VCs,” Rajaram said.
He also clarified the ownership structure as, “In Fund I, we owned about 5% of each company; in Fund II, around 10%; now, with Fund III, we’ll target about 15%. The round sizes and company stages stay the same, but we aim for more ownership and a larger follow-on capital reserve of about 50%.” The fund is directed to target 18-20 early-stage startups with initial investments ranging from ₹7 crore to ₹10 crore, while reserving 50% of the capital for follow-on funding.
Rajaram explains how Fund III’s size doubled that of Fund II, which is essential for the firm. “We’ve realized that some of these companies have a long journey and will need capital over subsequent rounds. Therefore, having a larger fund allows us to sort of put capital to work in subsequent rounds over time. That enables us to support the companies that are likely to be successful over a longer time,”
The vision of the company is clear: “We are going to double down on India’s sovereign edge. We are looking for areas like global navigation satellite systems, drones that can operate in a GPS-denied environment. In select cases, where the technology aligns with our thesis, we will participate in Series A rounds.”
Speciale is accelerating to build the tech for tomorrow that aligns with the needs of India and the global market. Greater emphasis should be placed on nurturing startups at their infancy, as well as setting an example for the startup ecosystem. Rajaram continues, “Good exit, one that can return the fund, it will typically take 6-10 years,” explaining the goal of long-term sustainable growth.
