We’re thrilled to announce the close of our third fund of $300 million to back early-stage founders in India building for Indian and global markets. Our strategy with the new fund remains consistent with our first two funds. We will continue to back companies in technology and technology enabled sectors, partnering with them early in their journey.
Since our inception, we’ve backed 44 tech startups across two funds, 60% of which were inception-stage businesses. We are privileged to be early backers of consumer brand Mamaearth which went public last year, and in Whatfix, a digital adoption platform that recently raised a $125 Million Series E round. More recently, we backed EV financing startup Turno, credit-on-UPI provider Kiwi, AI SaaS companies Orbitshift and CARPL.ai, credit improvement platform Goodscore and D2C consumer brand Nestasia.
India’s startup ecosystem has transformed since we started our fund, with a 4x growth in the deal flow and a rise in repeat entrepreneurs and founders from successful startups. With this new fund, we’re excited to back founders using technology to solve deep problems in large markets. Our team, consisting of former entrepreneurs and business builders, brings deep expertise and global networks in key sectors like consumer tech, AI, SaaS and financial services to support our portfolio companies throughout their journey.
With the ecosystem evolving and with new themes emerging, our team has grown and adapted to better support founders. Naman Lahoty, a repeat entrepreneur and previously a Principal with the firm, has been appointed as Partner. Naman joined us in 2019 to focus on consumer investments, and has invested in AI webcomic startup Dashtoon and D2C consumer brand Zouk, among others. Chetan GMS, previously SVP Finance, will now be the firm’s CFO, while Preseedha Premnath has been appointed as the firm’s General Counsel. Additionally, Vardhan Dharnidharka, an AI/ML engineering leader previously based in New York, has joined as an Investment Principal and relocated to Bangalore.
As we celebrate these milestones, we extend our deepest gratitude to all our investors, both new partners taking a leap of faith and those who have backed us across multiple funds. A special thanks to all our portfolio founders for placing their trust in us – it’s been an honor to contribute to your journey and share in your dreams!
More on our commitment to early-stage investing here.