Cactus Partners Targets Rs 1,600 Crore Fund II With Plans for 13-15 Startup Investments

Cactus Partners is targeting a corpus of Rs 1,600 crore for its second fund. The early-stage venture capital firm plans to invest in 13-15 startups over the coming years. For founders, the key takeaway is that the fund appears designed for selective, larger early-stage bets rather than broad, high-volume deployment.

According to the report, citing Financial Express and an interview with Cactus Partners General Partner Amit Sharma, the firm plans to write initial cheques of Rs 60-100 crore. It primarily aims to back companies raising $10-20 million. The firm intends to lead funding rounds with $6-10 million investments while syndicating the remaining capital with other investors.

Cactus Partners invests across advanced manufacturing, enterprise technology and consumer technology. Its stated focus areas include robotics, semiconductors, defence, spacetech, electronics manufacturing, AI, machine learning, cybersecurity, healthtech and vertical software. The sector mix points to a preference for technology-led businesses with industrial, enterprise or specialized market applications.

The firm’s first fund, with a corpus of Rs 630 crore, has been deployed across 13 companies, including Lohum, Bellatrix Aerospace, Kapture CX, Indigrid Technologies and Brandworks. Over the past 15 months, it has made new investments in Bellatrix Aerospace, Showroom B2B and Brandworks Technologies, while also participating in follow-on rounds of existing portfolio companies. The firm remains focused on startups with proven product-market fit, sustainable unit economics and long-term growth potential rather than chasing high-valuation sectors. It is also evaluating opportunities in cybersecurity and quantum technologies.