Business · Companies · 2 hrs ago
Hitachi Ventures expands its investments in Indian deeptech startups
Hitachi Ventures is expanding its deeptech investments in India, where it says local networks are important for finding deals.
The Munich-based fund is the venture capital arm of Japan’s Hitachi, but it does not invest directly from the parent company’s balance sheet.
It has made five India investments, including in Ema AI, Scimplify, Exponent Energy, RapidCanvas and e6data.
The fund is interested in AI, energy and advanced manufacturing, as well as areas such as spacetech, quantum computing and defence.
It says high valuations and uncertain exits call for caution, and it is more careful about defence firms unless their technology has uses beyond the military.
Hitachi Ventures is deploying its $400 million fund raised in 2025 and expects its overall portfolio to grow from 70 companies to 90.
Hitachi Ventures is expanding its investments in Indian deeptech startups, with five investments in the country so far.
The Munich-based fund is focused on areas including artificial intelligence, energy and advanced manufacturing.
Its India investments include Ema AI, Scimplify, Exponent Energy, RapidCanvas and e6data.
The firm says high entry valuations and uncertain exits call for caution.
Hitachi Ventures is deploying capital from a $400 million fund raised in 2025.
- Who
- Hitachi Ventures, the corporate venture capital arm of Hitachi.
- What
- It is expanding its investments in Indian deeptech startups and has made five bets in India so far.
- When
- The article was published on 27 October 2026. The firm hired its India managing director in August 2025.
- Where
- India.
- Why
- The firm sees opportunities in frontier technologies and wants to be part of India’s venture network.
This story does not have two clearly opposing sides.
Hitachi Ventures was set up with two $150 million funds.
The firm raised a $300 million fund.
Hitachi Ventures hired Radhika Ananth to lead its India investments.
The firm raised a $400 million fund, from which it is currently deploying capital.
The firm began its India investments with Ema AI.
- India investments
- Five: Ema AI, Scimplify, Exponent Energy, RapidCanvas and e6data
- Latest fund
- $400 million, raised in 2025
- Portfolio
- 70 companies across four funds
- Expected portfolio growth
- 90 companies
- Investment stages
- Seed through Series C
What people are saying
You need to be part of the inner network here to take part in good deals. We needed to be here in order to play.
Energy is a big topic for us globally and here in India. We see a lot of topics coming up across green hydrogen, grid resilience and solid state transformers.
The parent company is very much focused on frontier technology, so building on that, that's how we look at ventures.
There are opportunities native to India as well, like advanced manufacturing. We've recently seen a slew of IPOs on that front and there will be more that open up.