Ajay Jain
Founder & Managing Partner
23+ years as investor, operator and entrepreneur.
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For Limited Partners
An institutional fund for India's deep-tech decade.
SilverX Fund II takes concentrated positions in non-disruptible deep-tech and AI-native companies, with active value creation and disciplined exits.
₹800 croreTarget corpus
+ ₹400 croreGreen-shoe option
- SEBI-registered Category II AIFIN/AIF2/25-26/2027
- SilverX Advisors LLPInvestment manager
Fund strategy
High conviction, built for endurance.
Concentrated ownership in breakout companies where technology creates moats that capital alone cannot buy.
~60% Deep tech
~40% AI-native
Semiconductors, quantum computing, space, defence, advanced materials, energy, robotics and autonomous systems.
Enterprise AI, fintech, healthtech and consumer tech.
Proprietary sourcing
Deal flow through IITs, research labs and deep-tech networks. More than 1,000 startups evaluated, 270+ in the current pipeline.
Active value creation
Partners work alongside founders on enterprise sales, regulation, follow-on capital and hiring.
Disciplined exits
Acquirers and exit routes identified at entry and revisited through the life of each investment.
Fund parameters
SilverX Fund II at a glance.
- Fund
- SilverX FundFund II on the Silverneedle Ventures platform
- Structure
- Category II AIFRegistered with SEBI
- Target corpus
- ₹800 crorePlus a ₹400 crore green-shoe option
- Stage
- Seed+ to Series A/BWorking prototype to scale
- Allocation
- ~60 / 40Deep tech and AI-native, indicative
- Tenure
- 8 + 1 + 1 yearsFund life with two one-year extensions
- Geography
- India primaryWith global co-investors and exits
- Investment manager
- SilverX Advisors LLPLLPIN ACQ-5123
- Headquarters
- HyderabadMadhapur, Telangana
Track record
Investing in Indian technology since 2012.
14
Years investing
150+
Investments
20
Exits
$185 Mn
Assets under management
2.6x
Fund I portfolio NAV*
2012
Partners begin investing in Indian technology
August 2022
Fund I launches under Silverneedle Ventures with a ₹76 crore corpus
2024
Fund I fully deployed in 24 months across 16 companies
March 2026
Fund I portfolio NAV reaches 2.6x on third-party valuation
2026
SilverX Fund II: ₹800 crore, plus a ₹400 crore green-shoe
*Fund I (Silverneedle Ventures, vintage August 2022) portfolio NAV in under three years, based on third-party valuation under IPEV guidelines as of March 2026. Past performance is not indicative of future results.
See the portfolio →Governance and regulation
Governed like an institution.
SilverX operates under SEBI's Alternative Investment Funds Regulations, with independent valuation of the portfolio.
- Structure
- SEBI-registered Category II AIF
- Registration
- IN/AIF2/25-26/2027
- Investment manager
- SilverX Advisors LLP (LLPIN ACQ-5123)
- Trustee
- [●]
- Advisory and governance
- [●]
- Valuation
- Third-party valuation under IPEV guidelines
Team
Partners with skin in the game.
Dhiraj Kumar Sinha
Co-Founder & Managing Partner
25+ years across venture capital and large corporate houses.
Abishek Balendran
Partner
11+ years as a VC and PE investor.
Investor reports
Reporting for limited partners.
- Quarterly reports
Portfolio updates, valuations and fund activity, shared with registered limited partners.
- Annual valuation
Third-party portfolio valuation under IPEV guidelines.
- Fund documents
Private placement memorandum and fund documents are available to eligible investors on request.
Contact
Speak with the partners.
Request the fund overview or arrange a conversation. The SilverX team will respond directly.