September 18, 2026: India’s push to build products rather than remain a manufacturing base for assembly is drawing fresh private capital, with Asiana Fund and Taiwan-based JC Capital launching a ₹1,000-crore investment vehicle for advanced manufacturing companies.
The Asiana-JCC Advanced Manufacturing & Innovation Fund will invest in 12-15 growth-stage businesses spanning advanced manufacturing, robotics, semiconductors, computing, materials, aerospace and defence. The fund has a base corpus of ₹600 crore, with another ₹400 crore available through a greenshoe option.
The investment strategy is aimed at companies that have moved beyond the research stage and are approaching commercial scale. Jalaj Dani, Founder and Sponsor of Asiana Fund, told BusinessLine that the fund expects to invest around ₹30-50 crore initially in each company, while keeping capital aside for subsequent funding rounds.
Rather than taking early bets on companies still developing their core technology, the fund will look for businesses with a defined route to commercialisation and the potential to build products and intellectual property in India.
A key part of the strategy is the connection with Taiwan’s manufacturing ecosystem. Through JC Capital, portfolio companies could gain access to Taiwanese suppliers, manufacturers and technology partners, creating opportunities around component sourcing, industrial partnerships and joint ventures.
Jim Che, Founder and Managing Partner of JC Capital, said around 80% of the firm’s limited partners are corporates. That network could give Indian portfolio companies access to established industrial relationships in Taiwan as they scale their manufacturing operations.
Asiana, JC Capital Back India’s Next Manufacturing Startups
The deep tech fund enters the market as India increases its focus on domestic manufacturing capabilities, while companies globally look to diversify supply chains. Government incentives, a large engineering talent pool and demand for alternatives to concentrated manufacturing bases have created a wider opportunity for Indian companies developing industrial technologies.
For Asiana, the focus is also on whether startups can turn technological capabilities into commercially viable products. Dani said capital should not become a constraint for companies seeking to build intellectual property, establish product-market fit and compete internationally on technology and cost.
The fund will operate for eight years, with an option for a further two-year extension. Its exit strategy will include strategic acquisitions, secondary transactions and other routes as India’s private capital and startup markets continue to develop.
The new vehicle builds on Asiana Fund’s existing investment activity. Since 2017, the Dani family office-backed platform has deployed more than $75 million across 11 investments, with previous bets spanning robotics, drone technology, clean technology and medtech.
With the new fund, Asiana-JC Capital is turning a broader manufacturing thesis into a dedicated investment strategy, combining growth capital with access to Taiwan’s industrial ecosystem for companies looking to move from technology development to commercial production.
