Deep tech investment cycle takes shape with semiconductors, spacetech boom

The Story in Brief

Deep-tech industries such as semiconductors and spacetech are drawing strong interest from high-net-worth investors, signalling a broader investment cycle in India. Harshal Dasani of INVAsset PMS notes that for the first time, the country has patient capital, policy scaffolding, and demand anchors simultaneously. Spacetech startups have raised $871 million across 241 rounds, while a $1 billion deep-tech alliance and the $15 billion Google-Adani AI hub show corporate commitments.

Ajay Modi of Piper Serica adds that 12 semiconductor projects worth ₹1.64 lakh crore are approved, with roughly 400 spacetech startups operating. Vishnu Rajeev of Speciale Invest points to decades of accumulated research talent in silicon design and ISRO's ecosystem. Globally, deep tech now makes up 36% of total VC funding, up from 2016 levels. However, long gestation periods and brutal fab economics remain caveats.