Participated · Series B · Nov 2025

Founded in 2019 as the aviation arm of the Sanjay Ghodawat Group, Star Air operates a fleet of eleven Embraer aircraft that connect 31 destinations across India. The carrier focuses on regional routes and has transported more than 2 million passengers to date, earning the Best Domestic Airline (RCS) award at Wings India 2022. Management plans to scale aggressively toward a 50-aircraft fleet by 2030 while building a comprehensive aviation platform spanning scheduled services, non-scheduled operator permit (NSOP) flights, MRO facilities, cargo, and training. The newly raised capital will be directed toward fleet growth, route expansion, and enhancement of NSOP and MRO capabilities. Star Air competes with regional and national players such as SpiceJet, IndiGo, Alliance Air, and IndiaOne Air. The airline’s growth strategy emphasizes operational excellence, safety, and seamless customer experience alongside diversified aviation services. Current financing marks the company’s first external fundraise, providing runway for its next phase of expansion.

Participated · Debt Financing · Sep 2025

Founded in 2019, PharmEasy runs a web and mobile marketplace for prescription drugs, diagnostic services, and tele-health consultations in India. The company grew rapidly through the 2021 acquisition of Thyrocare but has since grappled with heavy leverage, prompting multiple high-cost debt raises. For FY25, it reported flat revenue of Rs 5,872 crore while trimming its net loss 38 % to Rs 1,572 crore, reflecting modest operational improvement. Leadership has shifted as all co-founders have exited and Rahul Guha, previously MD & CEO of Thyrocare, now heads PharmEasy. A steep 90 % valuation cut to about $710 million in April 2024 underscored investor concerns after its $5.6 billion peak in 2021. The company continues to prioritize debt repayment, most recently raising fresh capital to retire an expensive Goldman Sachs loan. Its future plans appear focused on stabilizing the balance sheet while maintaining its core e-pharmacy and diagnostics offerings.