
India has emerged as one of the hottest startup hubs in the world, currently the third-largest startup ecosystem globally. With over 1,40,803 DPIIT-recognized startups as of June 2024, the Indian entrepreneurial landscape is thriving thanks to the backing of top venture capital firms in India.
The narrative of Indian venture capital is one of resilience and evolution. From the early days of "copy-paste" models adapting Western concepts to the Indian market, to the current era of deep-tech, indigenous AI, and Digital Public Infrastructure (DPI)-led innovations, VCs have been the silent architects. The ecosystem has weathered significant volatility from the exuberant funding cycles of 2021 to the disciplined "funding winter" of 2023 emerging in 2026 with a focus on unit economics, profitability, and sustainable scaling.
In this guide, GrowthJockey explores the most impactful VC firms in India that continue to fuel innovation and growth for emerging startups.
A Venture Capital (VC) Fund is a kind of investment fund where funds pooled from investors; known as limited partners or LPs are invested into early-stage, high-growth businesses with possible large returns. To understand the impact of the firms profiled in this report, one must first grasp the intricate machinery of a Venture Capital Fund. At its core, a VC fund is a financial intermediary that aggregates risk capital from long-term investors to deploy into high-potential, early-stage private companies. Unlike bank debt, which requires collateral and immediate repayment, venture capital is equity-based financing. It trades immediate capital for a stake in future ownership, betting on the "power law" distribution where a single outsized success (a "fund returner") compensates for multiple failures.
Simply said, venture capitalists who manage a money pool invest in firms they think will become the next great thing like Flipkart, Zomato, or Paytm in their early days.
The structure of a VC fund is bifurcated into two primary sets of stakeholders:
1. Limited Partners (LPs): These are the passive providers of capital. In the Indian context, the LP base has diversified significantly. Historically dominated by foreign institutional investors—such as US university endowments, pension funds, and development finance institutions (like the IFC)—the LP landscape now includes a growing cohort of domestic family offices, ultra-high-net-worth individuals (UHNWIs), and even the government's own Fund of Funds for Startups (FFS). LPs commit capital for a fixed tenure, typically 10 years, expecting an Internal Rate of Return (IRR) that significantly outperforms public market indices, often targeting 20-30% net IRR.
2. General Partners (GPs): These are the active investment managers. They are responsible for the fiduciary management of the fund, including deal sourcing, due diligence, board governance, and exit management. The economic alignment of GPs is maintained through a "2/20" model: a 2% annual management fee to cover operational costs, and a 20% "carried interest" (profit share) that is paid out only after the LPs have received their principal plus a "hurdle rate" of return.
In India, venture capital funds typically operate under the aegis of the Securities and Exchange Board of India (SEBI) as Alternative Investment Funds (AIFs). specifically under Category I, which includes Venture Capital Funds (VCFs), SME Funds, and Social Venture Funds. This categorization is crucial as it affords certain tax "pass-through" benefits, preventing double taxation of income at the fund level. The regulatory environment has tightened in recent years to ensure transparency, particularly regarding valuation norms and the "evergreening" of assets, pushing the industry toward greater maturity and governance standards.
The journey of venture capital is cyclical and operates through distinct phases:
1. Fundraising (Year 0-1): GPs market their investment thesis (e.g., "SaaS in India for the World" or "Tier-2 Consumer Tech") to prospective LPs. Success here depends heavily on the track record of previous funds.
2. Deployment (Year 1-5): The active investment period. VCs scout for startups, issue Term Sheets, and conduct rigorous financial and legal due diligence. This is where the "check size" and "stage" (Seed vs. Series A) become relevant metrics.
3. Value Creation (Year 2-7): Post-investment, VCs transition into strategic partners. This involves taking board seats, recruiting C-suite talent, facilitating business development, and navigating crisis management. For firms like Accel or Sequoia (now Peak XV), this phase utilizes vast platforms of support services.
4. Harvesting/Exits (Year 5-10): The fund seeks liquidity events to return cash to LPs. The primary exit routes in India have evolved from secondary sales (selling stakes to other PE funds) to strategic M&A (e.g., Walmart acquiring Flipkart) and, increasingly, IPOs (e.g., Zomato, PolicyBazaar).
In this blog, GrowthJockey has reviewed the list of top 25 venture capital firms[1], helping Indian startups. Here’s a look at them:
Accel[2] is a titan in the global venture capital arena, with its Indian lineage tracing back to the acquisition of Erasmic Venture Fund in 2008. Headquartered globally in Palo Alto, Accel’s Indian arm has been the bedrock of the ecosystem's most defining successes. The firm operates with a "prepared mind" philosophy, identifying sub-sectors and trends years before they become mainstream consensus. This is evident in their early bet on Flipkart, which catalyzed the Indian e-commerce revolution, and their identification of the "SaaS" opportunity with Freshworks when the company was merely a six-person team in Chennai.
In 2026, Accel continues to deploy from its massive funds, including the $650 million Fund VIII announced in late 2024. This fund underscores a shift toward "Generative AI" and "Industry 5.0". Accel has also pioneered the "Atoms" program, a pre-seed funding initiative designed to back founders at the ideation stage with $500k checks, offering them a safe haven to experiment without the pressure of immediate product-market fit. Their portfolio of over 200 companies spans the gamut from consumer internet giants like Swiggy to deep-tech innovators. The firm’s ability to remain stage-agnosticentering at seed and doubling down through growth phases has secured its position as a top-tier partner for ambitious founders.
| Criteria | Details |
|---|---|
| India Office | Bengaluru |
| Sector Focus Area | E-commerce, Travel tech, Insure tech, SaaS, B2B marketplaces, Logistics, Foodtech, Education, D2C, Artificial Intelligence (Generative, Vertical), Fintech Infrastructure |
| Ticket Size | $1 Million – $50 Million (Seed to Growth) |
| Fund Size | $650 Million (Fund VIII commitment); Total AUM >$2 Billion |
| Stage | Pre-seed (Atoms), Seed, Early, Growth |
| Number of Companies Invested | 200+ (India Portfolio) |
Founded in 2010 by Karthik Reddy and Sanjay Nath, (https://blume.vc/[3]) is arguably the most influential "homegrown" micro-VC that scaled into a premier early-stage institutional firm. Blume filled a critical gap in the ecosystem between angel investors and large global funds like Sequoia. Their thesis is deeply rooted in the "Indus Valley" narrative building solutions that are uniquely tailored to the friction-heavy Indian market while simultaneously backing deep-tech companies building for the world. Blume's culture is distinctively founder-centric, often described as "high empathy" capital.
Blume's evolution is marked by its fund sizes; from a humble $20 million Fund I to a target of over $250 million for Fund V in 2026. They have championed sectors like "DeepTech" and "CleanTech" long before they were fashionable, backing companies like GreyOrange (robotics) and Carbon Clean. Their "Lead" program and extensive platform support help early-stage founders navigate the treacherous "Valley of Death" between Seed and Series A. Blume’s success stories include significant outcomes in companies like Dunzo, Unacademy, and Purplle, proving that domestic funds can deliver venture-grade returns.
| Criteria | Details |
|---|---|
| India Office | Mumbai, Bengaluru, Delhi NCR |
| Sector Focus Area | AI and ML, AdTech, Agritech, Manufacturing, SaaS, Beauty, Healthcare, DeepTech, ClimateTech, Consumer Internet |
| Ticket Size | $500K – $5 Million |
| Fund Size | ~$275 Million (Fund V Target); Total AUM ~$600 Million+ |
| Stage | Seed, Pre-Series A, Series A |
| Number of Companies Invested | 180+ |
In a significant branding pivot reflecting the maturity of the Indian market, Matrix Partners India[4] rebranded to Z47 in 2024. The name references India's centenary year of independence, 2047, signaling a long-term commitment to nation-building through entrepreneurship. Despite the new name, the firm retains its deep DNA from Matrix Partners US, bringing a "founders-first" global perspective. Z47 has been instrumental in the rise of the Indian mobile internet economy, with early and conviction-driven bets on companies like Ola and Dailyhunt.
Z47 manages a corpus exceeding $1.5 billion across multiple funds, with its recent Fund IV sized at $525 million. The firm is known for its agility and willingness to take "contrarian" bets. For instance, their investment in Razorpay was made when digital payments were fragmented and regulatory clarity was low; today, Razorpay is the backbone of India's digital economy. The firm is aggressively expanding into "GenAI" and "SpaceTech", recognizing the shift from consumer services to deep innovation. Their office in Bengaluru serves as a hive for SaaS activity, while the Mumbai office anchors their fintech and consumer dominance.
| Criteria | Details |
|---|---|
| India Office | Bengaluru, Mumbai |
| Sector Focus Area | Consumer Internet, FinTech, B2B, SaaS, SpaceTech, Generative AI, Gaming, Media |
| Ticket Size | $500K – $20 Million |
| Fund Size | $525 Million (Fund IV); Total AUM >$1.5 Billion |
| Stage | Seed, Early, Early-Growth |
| Number of Companies Invested | 160+ |
Kalaari Capital[5] stands as a pillar of the Indian VC establishment. Founded in 2006 (originally as Indo-US Venture Partners), Kalaari has been the first institutional check for some of the most iconic brands in the country, including Myntra, Dream11, and Cure.fit. Led by Vani Kola, one of the most respected voices in the industry, Kalaari has cultivated a reputation for spotting consumer trends early. Their "Kstart" program was a pioneering accelerator initiative that democratized access to mentorship for very early-stage founders.
Managing assets of over $850 million, Kalaari's investment thesis has evolved to encompass "Digital Bharat"—solutions for the next 500 million internet users. They have been particularly active in the D2C (Direct-to-Consumer) revolution, understanding that the Indian consumer's aspiration has moved beyond utility to brand affinity. Kalaari's value-add includes a strong focus on organizational design and board governance, ensuring their portfolio companies are "IPO-ready" from an early stage. Their recent focus includes deep-tech and supply chain efficiency, reflected in investments like ElasticRun.
| Criteria | Details |
|---|---|
| India Office | Bengaluru |
| Sector Focus Area | IT, Mobile, Healthcare, SaaS, E-commerce, Media, Consumer Tech, Deep Tech, Gaming |
| Ticket Size | $500K – $5 Million (Core); up to $10M |
| Fund Size | $850 Million (Total Capital Raised) |
| Stage | Seed, Series A |
| Number of Companies Invested | 130+ |
(https://www.stellarisvp.com/[6]) represents the new guard of Indian venture capital. Founded in 2016 by three seasoned veterans from Helion Ventures, Stellaris has quickly established itself as a high-conviction, thesis-led firm. They operate with a "Founder Network" model, where a council of successful entrepreneurs and operators actively assists in deal evaluation and mentorship. This unique structure ensures that portfolio founders get practical, operational advice rather than just board-level strategy.
Stellaris is perhaps best known for its blockbuster investment in Mamaearth (Honasa Consumer), identifying the D2C wave before it became a tsunami. Their Fund II, closed at $225 million in 2021, focuses heavily on SaaS and "global software" plays, alongside financial inclusion for the "missing middle" of India. They are not spray-and-pray investors; their portfolio is concentrated, allowing the partners to spend significant time with each company. Their investments in Whatfix and Propelld highlight their ability to pick winners in competitive B2B and Fintech landscapes.
| Criteria | Details |
|---|---|
| India Office | Bengaluru |
| Sector Focus Area | SaaS, Financial Services, B2B Commerce, EdTech, EV, Healthcare, AI |
| Ticket Size | $500K – $10 Million |
| Fund Size | $225 Million (Fund II); Total AUM ~$300M+ |
| Stage | Seed, Series A |
| Number of Companies Invested | 50+ |
In June 2023, the global venture giant Sequoia Capital split into three independent entities, with the India and Southeast Asia arm rebranding as Peak XV Partners[7]. This separation unleashed the firm to operate with greater agility and without the geopolitical constraints of a US-headquartered parent. Peak XV remains the "800-pound gorilla" of the Indian ecosystem, managing over $9 billion in assets and boasting a portfolio that reads like a registry of Indian unicorns: Zomato, BYJU'S, Cred, and Razorpay.
Peak XV operates multiple vehicle types, including the "Surge" program—a rapid-scale accelerator for seed-stage startups that provides $1-3 million in capital along with an intense company-building curriculum. On the other end, their Growth funds can write checks exceeding $100 million. Despite recent governance challenges in some large portfolio companies, Peak XV remains the deepest pocket in the region, capable of supporting companies through the longest gestation periods. Their pivot to "Peak XV" has been accompanied by a renewed focus on governance and sustainable growth metrics.
| Criteria | Details |
|---|---|
| India Office | Bengaluru, Mumbai, New Delhi |
| Sector Focus Area | Technology, Consumer Internet, Healthcare, FinTech, Education, SaaS, DeepTech, Web3 |
| Ticket Size | $1 Million – $100 Million+ |
| Fund Size | $2.85 Billion (2024 Fund); Total AUM >$9 Billion |
| Stage | Seed to Growth / IPO |
| Number of Companies Invested | 400+ |
Nexus Venture Partners[8] holds the distinction of being the first India-US cross-border fund, founded in 2006. Their core thesis is simple yet powerful: Indian engineering talent can build world-class software products. Nexus has been the primary architect of the "Indo-US SaaS" corridor, backing companies like Postman, Hasura, and Druva, which have their R&D in India but sell primarily to US enterprises. This "arbitrage of talent" model has created immense value.
In 2026, Nexus is deploying from its Fund VIII, a $700 million corpus that reinforces its commitment to early-stage software and digital India bets. While famous for B2B, Nexus has also demonstrated keen consumer instincts, as seen in their investments in Zepto (Quick Commerce) and Rapido. The partners at Nexus are often former entrepreneurs who understand the nuances of product-market fit in Silicon Valley, bridging the cultural and operational gap for Indian founders expanding westward.
| Criteria | Details |
|---|---|
| India Office | Bengaluru, Mumbai |
| Sector Focus Area | AI, Fintech, Commerce, SaaS, Enterprise Software, Consumer Internet, Open Source |
| Ticket Size | $500K – $15 Million |
| Fund Size | $700 Million (Fund VIII); Total AUM ~$3.2 Billion |
| Stage | Seed to Growth (Focus on Series A) |
| Number of Companies Invested | 130+ |
Elevation Capital[9], previously known as SAIF Partners, is one of the oldest and most successful firms in the country. Rebranded in 2020, Elevation focuses on "Day One" investing. Their track record is legendary, having backed Paytm when it was just a value-added service provider and Swiggy when food delivery was considered a logistical nightmare. Elevation’s success lies in its deep research-driven approach; they often spend years mapping a sector before placing a bet.
With a $670 million Fund VIII, Elevation is aggressively targeting the next generation of consumer and fintech startups. They have a reputation for sticking with founders through thick and thin, often participating in multiple follow-on rounds to defend their ownership. Their portfolio includes diversified winners like Urban Company (gig economy), Meesho (social commerce), and Acko (insurtech). The firm’s Gurugram office is a hub for consumer internet deal-making.
| Criteria | Details |
|---|---|
| India Office | Gurugram, Bengaluru |
| Sector Focus Area | Internet & TMT, Healthcare, New Materials, Clean Technology, Consumer Tech, Fintech, SaaS |
| Ticket Size | $1 Million – $15 Million |
| Fund Size | $670 Million (Fund VIII); Total AUM >$2 Billion |
| Stage | Seed, Series A, Series B |
| Number of Companies Invested | 150+ |
Norwest Venture Partners[10] brings a distinct flavor to the ecosystem as a multi-stage investment firm with a global balance sheet. Unlike typical closed-ended funds, Norwest has a more flexible capital structure, allowing them to hold investments for longer durations. Operating in India since the mid-2000s, they invest across the spectrum from late-stage venture to private equity-style growth capital. Their portfolio is a mix of tech giants like Swiggy and traditional financial powerhouses like Kotak Mahindra Bank.
Norwest’s strategy involves writing larger checks for companies that have already achieved product-market fit and are in the scaling phase. They manage a global corpus of over $15.5 billion, with significant allocation to India. Their ability to cross-pollinate learnings from their US and Israeli portfolios gives their Indian companies a strategic edge, particularly in enterprise software and healthcare sectors.
| Criteria | Details |
|---|---|
| India Office | Mumbai, Bengaluru |
| Sector Focus Area | SaaS and Enterprise, Consumer Tech, FinTech, B2B Tech, Healthcare, IT Services, Consumer Products |
| Ticket Size | $10 Million – $100 Million |
| Fund Size | $3 Billion (Fund XVI - Global); Total AUM $15.5 Billion |
| Stage | Early to Late Growth / PE |
| Number of Companies Invested | 70+ (India Portfolio) |
VenturEast[11] is a veteran of the industry, with roots going back to 1997. They have played a pioneering role in the Indian VC story, often backing "unsexy" sectors like life sciences and hardware long before they attracted mainstream attention. Managing roughly $325 million, VenturEast operates with a philosophy of "patient capital." They were early believers in India's semiconductor design potential and the biotech revolution.
The firm segregates its expertise into dedicated teams for technology and life sciences, a rarity in the generalist VC landscape. Investments in companies like Acko (digital insurance) and Portea (home healthcare) demonstrate their foresight in regulated sectors. VenturEast focuses on the "science" of scaling, helping founders navigate complex IP and regulatory landscapes.
| Criteria | Details |
|---|---|
| India Office | Bengaluru, Chennai |
| Sector Focus Area | Life Science, Healthcare, Technology, DeepTech, Fintech, CleanTech |
| Ticket Size | $1 Million – $5 Million |
| Fund Size | $325 Million+ (AUM) |
| Stage | Seed, Series A, Growth |
| Number of Companies Invested | 100+ |
In a landmark consolidation event in 2024, the US-based General Catalyst acquired Venture Highway, creating a powerful new entity in the Indian market. Venture Highway was founded in 2015 by Neeraj Arora (ex-WhatsApp) and Samir Sood, focused on bringing Silicon Valley-style seed investing to India. They were the first institutional check in Meesho and Moglix. The acquisition by General Catalyst, which manages over $25 billion globally, signals a massive vote of confidence in India's early-stage ecosystem.
Now operating as General Catalyst India, the combined entity merges Venture Highway's local sourcing network with General Catalyst's "Hatch" (co-creation) and growth capabilities. They have earmarked $500 million to $1 billion specifically for India, targeting broad GDP-driving sectors like manufacturing, defense, and healthcare, in addition to traditional tech. This merger allows them to support a founder from the garage phase all the way to IPO without needing to hand off to a different growth investor.
| Criteria | Details |
|---|---|
| India Office | Bengaluru, New Delhi |
| Sector Focus Area | FinTech, SaaS, Consumer Tech, Manufacturing, Defense, DeepTech, AI |
| Ticket Size | $500K – $5 Million (Seed); up to $50M (Growth) |
| Fund Size | Allocated $500M - $1 Billion for India |
| Stage | Seed, Series A, Growth |
| Number of Companies Invested | 120+ (Combined Portfolio) |
Kae Capital[12], led by Sasha Mirchandani, is a classic sector-agnostic early-stage fund. Founded in 2012, Kae has built a reputation for spotting non-obvious winners. They invest in the pre-Series A gap, often helping companies pivot or refine their models before approaching larger VCs. Their portfolio includes logistics giant Porter and health-tech leader Tata 1mg, showcasing their ability to back operationally intensive businesses.
Kae’s strength lies in its network; the partners are deeply embedded in the Mumbai and Bengaluru angel communities. They typically manage smaller, high-velocity funds, allowing them to make quick decisions. With their Winners Fund, they also have the capacity to double down on their best-performing portfolio companies, ensuring they don't face dilution in later rounds.
| Criteria | Details |
|---|---|
| India Office | Mumbai, Bengaluru |
| Sector Focus Area | Technology, Healthcare, Consumer Services, Cloud, E-commerce, Education, Fintech, Logistics |
| Ticket Size | $500K – $3 Million |
| Fund Size | ~$115 Million+ (AUM across funds) |
| Stage | Pre-Seed, Seed, Pre-Series A |
| Number of Companies Invested | 80+ |
Ankur Capital[13] is a specialized fund that focuses on "Bharat" and Deep Science. While most VCs chase software bits, Ankur chases atoms—investing heavily in agritech, biotechnology, and climate solutions. Founded in 2014 by Ritu Verma and Rema Subramanian, the firm has been instrumental in bringing digitization to Indian agriculture through investments in CropIn and BigHaat.
Ankur operates with a thesis that the next billion Indians will require technology that solves fundamental access problems in food, health, and energy. They are comfortable with the longer gestation periods required for hardware and deep-science startups. Their hands-on mentorship is crucial for scientists-turned-entrepreneurs who may lack commercial experience.
| Criteria | Details |
|---|---|
| India Office | Mumbai, Bengaluru |
| Sector Focus Area | Technology, Climate and Energy, Deep Science, Agriculture, FinTech, HealthTech |
| Ticket Size | $500K – $2 Million |
| Fund Size | $260 Million (Total Corpus) |
| Stage | Seed, Series A |
| Number of Companies Invested | 30+ |
Omidyar Network India[14] holds a unique place in history as a pioneer of "Impact Investing." Backed by Pierre Omidyar (founder of eBay), the firm focused on the "Next Half Billion" (NHB)—the segment of the population just coming online. They played a critical role in shaping the Digital Public Infrastructure policy landscape and backed companies like Doubtnut and DealShare.
Note: In late 2023, Omidyar Network announced it would cease making new investments and transition out of the Indian market by the end of 2024, citing the maturity of the Indian ecosystem as a mission accomplished. They are currently managing their existing portfolio for exits.
| Criteria | Details |
|---|---|
| India Office | Mumbai (Operations winding down/Transitioning) |
| Sector Focus Area | Advancing Cities, Digital Society, Education & Employability, Emerging Tech, Financial Inclusion, Property Inclusivity |
| Ticket Size | N/A (Stopped new investments) |
| Fund Size | $673 Million (Cumulative Assets Managed) |
| Stage | Legacy Portfolio Management |
| Number of Companies Invested | 100+ (Historical) |
Orios Venture Partners[15] is one of the few VCs that started with a massive exit track record even before raising institutional capital; its founder Rehan Yar Khan was an early investor in Druva and Ola. Formalized in 2013, Orios focuses heavily on the Indian consumer story. They brand themselves as "misfits" backing "misfits," looking for unconventional founders. Their most famous bets include Pharmeasy (digitizing medicine delivery) and Country Delight (premium milk delivery).
Orios runs a dedicated "#Misfits" seed program to scout for early talent. They are known for their marketing savvy, helping B2C companies build brand narratives that resonate with the Indian middle class. With a corpus of roughly $450 million, they are a significant player in the Series A landscape.
| Criteria | Details |
|---|---|
| India Office | Mumbai, Bengaluru, Gurugram |
| Sector Focus Area | B2C Firms, Software, Hardware, Technology, Fintech, Consumer Brands, D2C |
| Ticket Size | $500K – $5 Million |
| Fund Size | $450 Million (AUM) |
| Stage | Seed, Series A |
| Number of Companies Invested | 50+ |
IvyCap Ventures[16] is built on a powerful, unique model: leveraging the global alumni network of the IITs (Indian Institutes of Technology) and IIMs (Indian Institutes of Management). Founded in 2011 by Vikram Gupta, the firm sources deals and mentors through this elite network. This model has proven highly effective, allowing them to access proprietary deal flow in deep-tech and engineering-heavy sectors. IvyCap recently celebrated a massive win with Purplle, where they returned 22x capital to their investors.
In 2024, IvyCap closed its Fund III at $250 million (Rs 2,100 Crore), consisting almost entirely of domestic capitala rarity in a market dominated by foreign dollars. This validates the maturity of the Indian rupee capital pool. They are aggressively investing in AI, semiconductors, and climate tech.
| Criteria | Details |
|---|---|
| India Office | Mumbai, Bengaluru, Delhi |
| Sector Focus Area | Consumer Tech, HealthTech, FinTech, EdTech, SaaS, DeepTech, AI/ML, Semiconductors |
| Ticket Size | $4 Million – $6 Million |
| Fund Size | $250 Million (Fund III); Total AUM $650 Million |
| Stage | Series A, Series B |
| Number of Companies Invested | 65+ |
Lightbox Ventures[17] is distinct in its strategy of high concentration. Unlike funds that spray capital across 50 companies hoping for one winner, Lightbox makes fewer, larger bets and works intimately with the founders. They manage about $400 million and have a portfolio of around 25 companies. This "all-in" approach is evident in their support for Rebel Foods (Faasos), helping it pivot from a QSR chain to the world’s largest cloud kitchen company.
Based in Mumbai, Lightbox focuses on consumption models that use technology to create structural efficiencies. They have a strong emphasis on brand and design. Their investment in Furlenco (furniture rental) and Dunzo (hyperlocal delivery) reflects their willingness to back operationally complex businesses that redefine consumer behavior.
| Criteria | Details |
|---|---|
| India Office | Mumbai |
| Sector Focus Area | Retail, Software, Healthcare, B2B, B2C, Consumer Tech, Brand-led businesses |
| Ticket Size | $5 Million – $15 Million |
| Fund Size | $400 Million (AUM) |
| Stage | Series A, Series B, Early Growth |
| Number of Companies Invested | 25+ |
Artha India Ventures[18] is the VC arm of the Artha Group (associated with the Kothari family), making it a "Family Office turned VC." This structure gives them the flexibility to invest longer-term capital. They are prolific seed investors, having backed over 100 companies including OYO Rooms in its very early days. Artha has a unique model where they reinvest the yields from their renewable energy portfolio into startups, creating a sustainable capital cycle.
Recently, they launched the "Artha Select Fund" to double down on their winners at the Series B/C stage. They are sector-agnostic but have a keen eye for "enablers"- companies that provide infrastructure for the digital economy, such as lending platforms or logistics optimization.
| Criteria | Details |
|---|---|
| India Office | Mumbai |
| Sector Focus Area | Hospitality, FinTech, Travel, Blockchain technology, Data Analytics, EdTech, SpaceTech |
| Ticket Size | $100K – $500K (Seed); up to $3M (Select) |
| Fund Size | ~$145 Million (AUM) |
| Stage | Pre-seed, Seed, Pre-Series A |
| Number of Companies Invested | 135+ |
Gemba Capital[19] is a specialist "Micro-VC" focused on the Seed and Pre-Seed stages. Founded by Adith Poddar, Gemba positions itself as the bridge between angel investors and large institutional VCs. "Gemba" is a Japanese term meaning "the real place" (where value is created), reflecting their hands-on operational involvement. They have been quick to identify trends in fintech and B2B marketplaces.
Based in Bengaluru, Gemba writes checks in the $250k range, acting as a high-signal first investor. Their portfolio includes companies like Plum (insurtech) and Grip Invest, which have gone on to raise large follow-on rounds from global funds. Gemba’s agility allows them to move fast, often issuing term sheets within weeks of meeting founders.
| Criteria | Details |
|---|---|
| India Office | Bengaluru |
| Sector Focus Area | AgTech, FinTech, EdTech, HealthTech, Consumer Tech, SaaS, B2B Marketplaces |
| Ticket Size | $200K – $500K |
| Fund Size | $10 Million (Fund I); Raising Fund II |
| Stage | Angel, Pre-Seed, Seed |
| Number of Companies Invested | 50+ |
Endiya Partners[20] is the premier deep-tech and IP-led fund based in Hyderabad. While Bengaluru dominates consumer tech, Endiya has carved a niche in backing product startups with significant intellectual property moats. They invest in semiconductors, SaaS, and MedTech. Their most famous portfolio company, Darwinbox, disrupted the HR-tech space by competing directly with global giants like Oracle and SAP.
Endiya's team consists of domain experts who understand product engineering. They manage roughly $100 million but punch above their weight class due to the high success rate of their portfolio. They are currently focusing on "AI for Enterprise" and "Digital Health" solutions that can scale from India to US markets.
| Criteria | Details |
|---|---|
| India Office | Hyderabad |
| Sector Focus Area | Deep Tech, FinTech, AI and Mobility, Healthcare, Digital Health, Life Science, Enterprise SaaS |
| Ticket Size | $1 Million – $3 Million |
| Fund Size | $100 Million+ (AUM) |
| Stage | Seed, Pre-Series A, Series A |
| Number of Companies Invested | 25+ |
Lightspeed[21] is a global heavyweight that has committed deeply to the Indian market. They are known for their ability to spot "category creators." They backed OYO when it was a single hotel aggregator and Udaan when B2B e-commerce was considered impossible in India. Lightspeed operates with a massive global platform, allowing Indian portfolio companies to access customers and talent in the US and Europe seamlessly.
With a dedicated $500 million India/SE Asia fund raised in 2022, Lightspeed is aggressively deploying capital in fintech and commerce. They are also one of the few funds with a dedicated crypto/web3 focus. Their investment style is highly competitive; they often lead rounds with large checks to preempt other investors, securing their stake in top-tier companies.
| Criteria | Details |
|---|---|
| India Office | Bengaluru, New Delhi, Mumbai |
| Sector Focus Area | Consumer Internet, Enterprise Software, FinTech, Healthtech, EdTech, SaaS, Crypto/Web3 |
| Ticket Size | $1 Million – $50 Million+ |
| Fund Size | $500 Million (India Fund IV); Global AUM >$25 Billion |
| Stage | Seed to Late Growth |
| Number of Companies Invested | 200+ (India presence) |
Chiratae Ventures[22] (formerly IDG Ventures India) is a powerhouse of the Indian VC scene, having been active since 2006. Rebranding to "Chiratae" (Leopard in Kannada) signifies their agile and indigenous identity. They manage over $1.3 billion and have backed leaders like Lenskart and PolicyBazaar. Chiratae is known for its "DeepTech" practice, having a dedicated focus on medical robotics and advanced materials, alongside consumer tech.
Their unique "Sonic" program guarantees a 48-hour turnaround for seed fund applications, showcasing their responsiveness. Chiratae has also successfully tapped into domestic rupee capital, raising a significant portion of their funds from Indian family offices, thereby reducing reliance on foreign LP volatility.
| Criteria | Details |
|---|---|
| India Office | Bengaluru, New Delhi, Mumbai |
| Sector Focus Area | Consumer Tech, SaaS, FinTech, Healthtech, Deep Tech, AgriTech, Media |
| Ticket Size | $500K – $10 Million |
| Fund Size | $1.28 Billion (AUM) |
| Stage | Seed, Series A, Series B, Growth |
| Number of Companies Invested | 130+ |
Info Edge Ventures[23] started as the Corporate VC (CVC) arm of Info Edge (the parent of Naukri.com) but has evolved into a formidable standalone venture franchise. They have the longest "institutional memory" in the Indian internet space. Their early bet on Zomato is the stuff of legend—investing a few crores for a stake that became worth billions. They bring deep operating experience in classifieds and marketplaces.
Now managing a dedicated fund structure (IEVF), they invest in early-stage tech. They are patient investors, often holding stakes for 10+ years without the pressure to exit that traditional VCs face. Their recent portfolio includes DotPe (commerce) and Bijnis (B2B fashion), continuing their thesis of digitizing fragmented Indian SMEs.
| Criteria | Details |
|---|---|
| India Office | Noida (NCR), Bengaluru |
| Sector Focus Area | Consumer Internet, HR Tech, FinTech, EdTech, SaaS, AgriTech, Marketplaces |
| Ticket Size | $500K – $5 Million |
| Fund Size | $475 Million (Fund Size) |
| Stage | Seed, Series A |
| Number of Companies Invested | 50+ |
(https://www.dsgcp.com/[24]) is the go-to specialist for consumer brands. Founded by Deepak Shahdadpuri, DSG understood the "premiumization" of the Indian consumer before anyone else. They back brands that offer "insurgent" value propositions—clean labels, better ingredients, or superior design. Their portfolio includes Veeba (sauces), Epigamia (yogurt), and Sleepy Owl (coffee).
DSG operates differently from tech VCs; they focus intensely on gross margins, supply chain, and retail distribution (offline + online). They don't chase GMV (Gross Merchandise Value) blindly but look for brand loyalty and repeat purchase rates. For any founder looking to build a physical product brand in India, DSG is often the partner of choice.
| Criteria | Details |
|---|---|
| India Office | Mumbai, New Delhi (HQ in Singapore) |
| Sector Focus Area | Food and Beverages, Personal Care, Health and Wellness, Lifestyle Products, Consumer Services, FMCG |
| Ticket Size | $500K – $2 Million |
| Fund Size | ~$114 Million (Fund IV) |
| Stage | Seed, Series A |
| Number of Companies Invested | 80+ |
(https://www.bvp.com/[25]) is a global legend with a history dating back to 1911. In India, they have been active for nearly two decades. Bessemer is famous for its "Roadmaps"—deeply researched sector theses (like "Vertical SaaS" or "Cloud Kitchens") that guide their investing. They were crucial in the journey of Swiggy and Urban Company.
In 2026, Bessemer is deploying from a dedicated $350 million India fund, focusing on the intersection of healthcare and technology, as well as global SaaS. They are known for their anti-portfolio (companies they missed) which they publish humbly, but their hit rate in India has been exceptional. They provide portfolio companies with access to a massive global network of customers and partners.
| Criteria | Details |
|---|---|
| India Office | Bengaluru |
| Sector Focus Area | SaaS, Enterprise Software, FinTech, Healthtech, Consumer Internet, Cybersecurity, Marketplaces |
| Ticket Size | $3 Million – $20 Million |
| Fund Size | $350 Million (India Fund); Global AUM >$18 Billion |
| Stage | Early, Growth |
| Number of Companies Invested | 80+ (India Portfolio) |
| Venture Capital Firm | Year Founded | Investment Stages | Focus Sectors | Notable Investments |
|---|---|---|---|---|
| Accel India | 2008 | Seed, Early, Growth | E-commerce, SaaS, B2B, Logistics, EdTech, D2C | Flipkart, Swiggy, Freshworks |
| Sequoia Capital India | 2000 | Seed to Growth | Consumer Internet, Fintech, HealthTech, SaaS | BYJU'S, Zomato, Unacademy |
| Blume Ventures | 2010 | Pre-Seed, Seed, Early | Tech, Infrastructure, HealthTech, EdTech, Fintech | Meesho, Unacademy, Purplle |
| Matrix Partners India | 2006 | Seed, Series A | Consumer Tech, B2B, Fintech | Razorpay, Ola, Practo |
| Kalaari Capital | 2006 | Seed, Series A | Consumer Tech, E-commerce, Digital Media | Myntra, Cure.fit |
| Stellaris Venture Partners | 2016 | Seed, Series A | SaaS, EV, Healthcare | Mamaearth, Whatfix |
| Nexus Venture Partners | 2006 | Seed to Growth | SaaS, Enterprise Tech, Consumer Internet | Delhivery, Druva |
| Elevation Capital (SAIF Partners) | 2002 | Seed, Series A | Consumer Internet, EdTech, Fintech | Paytm, Urban Company |
| Norwest Venture Partners | 1961 | Early to Growth | Healthcare, Fintech, Enterprise | Swiggy, Quikr |
| VenturEast | 1997 | Seed to Growth | Healthcare, Life Sciences, Tech | Portea, Acko |
| Venture Highway | 2015 | Seed, Series A | Tech, Consumer, SaaS | Moglix, ShareChat |
| Kae Capital | 2012 | Seed, Pre-Series A | Consumer, Fintech, SaaS | HealthKart, Wysa |
| Ankur Capital | 2014 | Seed, Series A | AgriTech, HealthTech, DeepTech | CropIn, Niramai |
| Omidyar Network India | 2004 | Seed, Series A | Fintech, Education, Digital Identity | 1mg, Doubtnut |
| Orios Venture Partners | 2013 | Seed, Series A | Consumer, Fintech, SaaS | Pharmeasy, Country Delight |
| IvyCap Ventures | 2011 | Series A, Series B | Consumer, Healthcare, Education | Purplle, Clovia |
| Lightbox Ventures | 2014 | Series A, Series B | Consumer Tech, E-commerce | Rebel Foods, Furlenco |
| Artha India Ventures | 2012 | Seed, Pre-Series A | Consumer, Fintech, SaaS | Agnikul, LenDenClub |
| Gemba Capital | 2019 | Pre-Seed, Seed | Fintech, SaaS, Consumer | MyHQ, BluSmart |
| Endiya Partners | 2015 | Seed, Series A | Healthcare, SaaS, DeepTech | SigTuple, Darwinbox |
| Lightspeed Venture Partners | Early 2000s | Seed to Growth | Consumer Internet, Fintech, Enterprise, SaaS, Healthtech | Oyo, ShareChat, Razorpay |
| Chiratae Ventures | 2006 | Seed, Series A, Series B | Consumer Tech, SaaS, Fintech, Healthtech, DeepTech | Lenskart, FirstCry, Cure.fit |
| Info Edge Ventures | 2020 | Seed, Series A | Consumer Internet, HR Tech, Fintech, EdTech, SaaS | Zomato, DotPe, Adda247 |
| DSG Consumer Partners | 2012 | Seed, Series A | FMCG, Personal Care, Health, Lifestyle | Mamaearth, Veeba, Epigamia |
| Bessemer Venture Partners | Early 1900s | Seed to Growth | SaaS, Enterprise, Fintech, Healthtech, Consumer | Pharmeasy, BigBasket, Livspace |
This blog highlights India’s vibrant startup ecosystem and 20 venture capital companies.
These firms support startups in the early, pre-seed, series A, and growth stages. Their strategic investments, mentorship, and global networks have not only accelerated the growth of many startups.
For instance, companies like Flipkart, OYO, TATA 1MG, and Swiggy have reached new heights and continue to shine bright.
Looking at these VC funds in India, we can only say that India’s startup growth will skyrocket.
If you are looking to market your offering to grow your brand, contact GrowthJockey - A Full Stack Venture Builder in India
The following four cities are known as the venture capital hub of India they are:
Bengaluru
Mumbai
Pune
Hyderabad
Venture capitalists form partnerships to pool funds to support smaller startups. In exchange, they ask for equity or stakes in the companies they invest in. If the startup successfully returns the invested money, the company can exit the venture capital companies.
A venture capital (VC) company is a type of private equity firm that provides funding, strategic support, and mentorship to early-stage, high-potential startups and emerging businesses. These companies invest in startups that are considered too risky for traditional bank loans but offer the possibility of substantial long-term returns.