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September 14, 2026

Meet Tushar Krishnan: Backing India's Deep Tech Moment

Meet Tushar Krishnan: Backing India's Deep Tech Moment

Celesta Capital is pleased to welcome Tushar Krishnan as an Associate on our India team in Bangalore. Tushar arrives with a background that covers each stage of how a deep technology becomes a business: biotechnology at IIT Guwahati, biomedical engineering at Duke, diagnostics research, years commercializing surgical imaging at Leica Microsystems, and a Stanford MBA that turned him toward venture. He returned to India convinced that its deep tech ecosystem had reached an inflection point. We spoke with Tushar about the gap between a working technology and a working business, what he looks for in founders, and why he believes the ingredients for India's deep tech moment are now in place.

Celesta Capital is pleased to welcome Tushar Krishnan as an Associate on our India team in Bangalore. Tushar arrives with a background that covers each stage of how a deep technology becomes a business: biotechnology at IIT Guwahati, biomedical engineering at Duke, diagnostics research, years commercializing surgical imaging at Leica Microsystems, and a Stanford MBA that turned him toward venture. He returned to India convinced that its deep tech ecosystem had reached an inflection point. We spoke with Tushar about the gap between a working technology and a working business, what he looks for in founders, and why he believes the ingredients for India's deep tech moment are now in place.

Your path runs from IIT Guwahati to Duke, Leica, and Stanford. How did one step lead to the next?

I got my technical foundation at IIT Guwahati and Duke. Research at Duke was an opportunity to apply those learnings to develop a technology - a point-of-care platform for biomarker detection. As I moved from research into industry, I became increasingly interested not just in how technologies are developed, but in how they are commercialized and adopted. That perspective eventually led me to Stanford, where I was exposed to the venture and founder ecosystems.

Around the same time, I noticed that India's deep tech sector was gaining momentum, and I felt I could contribute to its growth. That's what drew me back to India.

You were an operator at Leica Microsystems before moving to venture. Is there a moment from that time you're most proud of?

At Leica, we were working on a surgical microscopy product that performed well in the lab but wasn't delivering the value we believed it could in the operating room. Although I was new to the company, my experience working closely with Duke clinicians helped me quickly understand their perspective. I spent time observing surgeons firsthand, and then worked closely with our engineering team to translate those insights into product improvements. Through multiple iterations, we developed a solution that delivered greater value to surgeons.

What pulled you from operating to investing?

At Stanford, I met founders at different stages in their entrepreneurial journeys, many of whom were tackling the same challenges I had encountered at Duke and Leica. That made me wonder whether I could use my technical and operating experience to help founders work though similar problems.

I explored that with the Stanford High Impact Technology Fund, which supports university technologies with early funding and MBA intern support. Working with one of those teams on technology de-risking and commercial strategy, I realized that helping founders get their technology from the lab to market was something I genuinely enjoyed.

What drew you to join Celesta?

The first thing was Celesta's ethos. The firm is IP-led and grounded in scientific discovery, and it sets out to create generational companies with long-term impact. Many of these technologies never get the support they need along the way, and Celesta has a long record of standing behind its portfolio through thick and thin.

The second was the firm's discipline around loss ratio. If you invest in a company, you want to see it succeed, and that's what Celesta does, with the full resources of the firm.

The third was Celesta's pioneering role in India's deep tech ecosystem, through the India Deep Tech Alliance and the investments already made here. I knew I could learn from the founding partners and the partners on the India fund, drawing on their insights and understanding to help Indian founders.

What's the focus of your role on the India team?

There are a lot of deep tech companies in India right now, driven by the strong engineering talent and an evolving innovation ecosystem. What's missing is the bridge between developing a technology and making sure it has a market. My role here is to bridge that gap by making sure that these technologies get the right resources at the right time, so they can become successful companies.

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What's missing is the bridge between developing a technology and making sure it has a market. My role here is to bridge that gap.

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With the India Semiconductor Mission, the IndiaAI Mission, and the RDI scheme all in motion, how do you see the potential for deep tech in India?

The potential is enormous. The research ecosystem today looks quite different from the one I knew as an undergraduate. There is a growing emphasis on an entrepreneurial mindset, and that mindset is cultivated in students quite early. Then there's the policy push, which is giving deep tech companies the infrastructure and financial support they need while their technologies are still being developed.

All of this has increased awareness among investors in India and abroad, which matters because deep tech requires patient capital. Beyond early-stage funding, these companies also need investment at the growth stage, whether that's human, intellectual, or financial capital. All the ingredients are in place for India's deep tech ecosystem to take on the world. It's a matter of time.

When you evaluate a deep tech startup's commercial potential, what are you looking for?

It starts with the technology. How differentiated is it? You want technologies that can stand the test of time and compete globally. Then, from an IP perspective, how defensible and enforceable is the IP around that differentiation?

The second question is whether you're solving a real problem. Founders can get so deep in developing the technology that they miss whether it will be useful. Sometimes you set out with one use case and realize along the way that the technology suits something else entirely. I look for founders who are open to their technology going in directions they didn't plan.

Which sectors interest you most, including any that might be overlooked?

Bioconvergence is a natural area of interest given my background, and India has significant potential there: a manufacturing cost advantage, a tradition of frugal engineering, and access to large and diverse clinical populations that would be difficult to assemble elsewhere.

Physical AI is another interesting sector. As advances in AI move into physical systems, we are seeing robots with increasing capability in handling real-world tasks. The robot that handles a manufacturing task won't be the same robot that cleans your house.

Space is the third. We're seeing an increasing number of private companies building India’s space infrastructure, right through the value chain. This sector benefits from strong policy support and a growing focus on sovereign capabilities.

Beyond returns, is there a personal mission that brought you into this work?

It's the same reason I was drawn to biotechnology in the first place: the opportunity to make a tangible difference in people's lives. If you look through history, technological breakthroughs have often marked major forward shifts in society. Being part of that journey and watching the companies we back go on to drive that kind of progress is what excites me most.

Outside of work, what are you reading, and how do you spend your time?

I enjoy playing tennis, and I try to squeeze in some court time when I get the chance.  I also like doing trivia, which helps keep me curious. Right now, I'm reading Nexus by Yuval Noah Harari, which explores the history of information networks, how they've shaped societies, and what that interaction might tell us about our future with AI.

 

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