Startup Originals Team
India’s startup ecosystem has spent years rewarding businesses that can scale quickly. But Dr. Ritu Verma, co-founder and managing partner of Ankur Capital, is taking a different view of where some of the country’s biggest opportunities could emerge.
Verma has built her investment career around deep science and technology companies working on problems that cannot be solved with software alone. Her focus includes areas such as synthetic biology, advanced diagnostics, clean energy, agriculture and other technologies that require significant research and development before reaching commercial scale.
The approach reflects Verma’s own background. A physicist by training, she spent years working in research, product development and technology commercialisation before moving into venture capital. She co-founded Ankur Capital in 2013 with Rema Subramanian, building an investment platform focused on technologies that could address large real-world problems.
What Drives Ritu Verma’s Deep Science Investment Strategy?
Verma’s investment thesis is built around the idea that some of India’s most important technological breakthroughs will take years to develop.
Unlike consumer internet businesses that can sometimes launch and scale rapidly, deep science companies often have to move through laboratory research, technical validation, pilot projects, manufacturing challenges and regulatory requirements before they can build large businesses.
Ankur Capital has therefore focused on startups working at the intersection of science and commercialisation. Its portfolio includes companies developing technologies in synthetic biology, clean energy, semiconductors, advanced diagnostics and agriculture.
The firm’s current portfolio includes Vimano, which is developing membranes for clean energy applications; Pranos Fusion, which is working on nuclear fusion technology; Turiyam AI, which is building chips for edge AI; and StringBio, which uses biotechnology for manufacturing.
From Physics Research to Venture Capital
Verma’s career gives her a direct understanding of the challenges faced by science-led founders.
She holds a PhD in Physics from the University of Pennsylvania and an MBA from INSEAD. Before entering venture capital, she worked at companies including Unilever and Philips, where she was involved in research, product development, technology commercialisation and business initiatives. She is also listed as an inventor on four patents.
Her earlier work exposed her to the difficult process of moving scientific ideas from research environments into commercial products.
That experience later became central to her approach as an investor. Rather than looking only at market growth or short-term financial metrics, the deep science model requires investors to understand technical milestones and the path from laboratory validation to manufacturing and commercial adoption.
Ankur Capital Built Around Deep Science
Verma co-founded Ankur Capital in 2013 with Rema Subramanian. The firm has since developed a focus on early-stage companies using digital and deep science technologies to address large problems in emerging markets.
Ankur’s investment approach has covered sectors including agriculture, healthcare, food, climate technology, manufacturing and financial inclusion. Its Fund II was a $50.5 million vehicle, while Fund III was reported at $60 million in capital, according to MacArthur Foundation investment reports.
The firm has also built an ecosystem around deep science through initiatives such as TechSprouts and its Deep Science Forum. These efforts are aimed at connecting founders, scientists, investors, corporates and other stakeholders involved in bringing scientific technologies to market.
Why Deep Science Needs Different Capital
Deep technology companies face a different path to growth compared with conventional software startups.
A scientific breakthrough may need years of testing before it can become a commercially viable product. Founders may also need specialised equipment, research talent, manufacturing infrastructure, regulatory approvals and strategic industry partners.
Verma has argued that this creates a need for investors to measure progress differently. In a 2026 article published by Ankur Capital, she compared deep-tech progress with a staircase, where companies move through periods of slow development before reaching important technical or commercial milestones.
Ankur’s Deep Science Forum has similarly highlighted manufacturing readiness and partnerships as critical steps after the initial scientific risk has been reduced.
India’s Deep Tech Opportunity
India’s growing research ecosystem, engineering talent and manufacturing ambitions are creating opportunities for startups working on complex technologies.
The opportunity spans areas such as biotechnology, electronics, advanced materials, energy and industrial technology. Ankur Capital’s 2025 deep science report described the Indian ecosystem as increasingly focused on patent-protected scientific breakthroughs and technologies capable of addressing large market needs.
Verma has also described deep science as an especially promising investment category in India, pointing to the country’s broader digitalisation and decarbonisation trends as potential drivers of new businesses.
For investors, the attraction is not simply the complexity of the technology. The bigger opportunity lies in creating companies around scientific advances that can eventually serve large domestic and international markets.
Ankur Capital’s Expanding Deep Science Portfolio
Ankur Capital’s recent investments show how its strategy is evolving toward increasingly frontier technologies.
The firm has invested in Pranos Fusion, CraftifAI, Turiyam AI, Vimano and OffGrid Energy Labs, among others. Its portfolio demonstrates a broad interpretation of deep technology, ranging from energy and semiconductors to industrial software and biotechnology.
This strategy also means accepting longer development cycles. A company building a new material, energy system or biological process cannot necessarily be judged using the same timeline as a consumer application.
That makes technical expertise particularly important for investors. Verma’s scientific background allows her to engage with founders working on complex technologies while also considering how those technologies can eventually become businesses.
Future Outlook
India’s deep science ecosystem is still developing, but the number of startups working on advanced technologies is increasing.
The next phase will depend on whether these companies can successfully move from laboratory research to repeatable manufacturing, regulatory approval, customer adoption and commercial scale.
For Ankur Capital, that transition is central to its investment thesis. The firm’s continued focus on technologies spanning clean energy, biotechnology, semiconductors, agriculture and advanced materials suggests that it expects India’s next generation of important companies to emerge from areas where scientific research meets large market needs.
Conclusion
Ritu Verma’s investment strategy represents a different way of looking at India’s startup opportunity. Rather than concentrating only on businesses capable of rapid digital growth, she is backing founders working on technologies that can take years to mature.
Through Ankur Capital, Verma has helped build a venture platform focused on deep science, agritech and transformative technology. Its growing portfolio across energy, biotechnology, semiconductors, agriculture and advanced technology reflects the firm’s belief that India’s most significant breakthroughs may take place far beyond the conventional startup spotlight.
For India’s emerging deep-tech ecosystem, the availability of investors willing to provide patient capital and understand the technical journey could become increasingly important as more scientific discoveries move from laboratories toward commercial markets.
