How much funding have you raised so far?

We have raised two-thirds of the $250-million fund.

What is the strength of your current portfolio?

Our portfolio today reflects category leaders in high-growth sectors. Businesses that are at a meaningful scale in their industry and have demonstrated profitable growth. This includes companies like Capillary in AI-led customer engagement, Renee in beauty and personal care, EverBrands (Subway) in food services, and KaarTech in AI-driven enterprise digital transformation. Our investments represent diverse sectors that are driving economic growth in India. While we have invested in tech and consumer, we are also interested in manufacturing, deep-tech, and financial services.

What is your investment thesis?

We operate in the gap between venture capital and late-growth PE to pre-IPO equity. We typically back companies at $50-100 million revenue, with demonstrable profitability and a three- to four-year IPO horizon.

A lot of value can be created in this growth capital window in India, but it’s also the stage where companies need the most strategic clarity and operator guidance. So, the thesis is not just about providing capital but also operator-led experience as they scale up for the journey to public markets. We’re also deliberate about staying concentrated, backing a limited set of 12 to 15 companies over a fund cycle.

Which sectors are you bullish on?

We invest in sectors where technology and digital transformation play a key role and drive economic growth in India. These include consumer-tech, fintech, AI, and deep-tech.

Do you favour early-stage funding or growth and late-stage?

We’re focused on the growth stage, typically Series C onwards. By this point, the business has found a profitable product-market fit and achieved meaningful scale. The question then is: “How does this evolve into a high-growth, sustainable, public-market company?”

What is the time horizon for your investment?

We take a five-year view to value creation. The intention isn’t to treat IPO as an exit event, but as a transition point. We’re comfortable staying invested through that phase and even beyond, because value creation can accelerate post listing, as companies mature within public markets.

What is your average cheque size?

Our cheque sizes are typically in the $10-20 million range.