Led · Equity · Jun 2024

Zepto operates a quick-commerce platform focused on ultra-fast delivery of groceries and daily essentials. Over two years the company reported revenue growth from ₹4,544 crore to ₹23,128 crore and a near fourfold increase in users. Despite rapid top-line growth, coverage highlights unit economics challenges, with reported per-order losses of about ₹79. The company had been preparing for a higher valuation (around $7 billion) before public-market comparables exerted downward pressure. Zepto's immediate financial and strategic focus, as reflected in reporting, includes shoring up domestic shareholding and addressing profitability metrics amid increasing scrutiny of quick-commerce economics.

Participated · Series A · Jan 2021

Ultrahuman develops wearable health and performance devices, most notably smart rings including its earlier Ring Air and the performance-focused Ring Pro. The Ring Pro emphasizes longer battery life (about 15 days) and greater on-device computing power, while Ring Air prioritized comfort and lightweight design (about 5-6 day battery life). The Ring Pro is currently available in India, Europe, the UAE, and Australia, and the company has received approval to take the redesigned ring back to the US market. Ultrahuman has faced legal challenges, including a US International Trade Commission ruling in favor of rival Oura over design patents that affected imports and sales of its prior ring, and says the Ring Pro was redesigned to avoid patent infringement. Financially, the company has raised over $60 million in equity to date, recently closed a Series C of roughly Rs 400 crore, and secured Rs 100 crore in venture debt from Alteria Capital in November 2025. The company plans to expand into new geographies and wearable categories, and may pursue additional funding.

Participated · Series B · Dec 2020

Founded in 2016 by Aaditya Sharda and Souvik Sengupta, Infra.Market operates a technology-enabled platform across multiple construction material categories including ready-mix concrete, steel, paints, electricals and modular kitchens. For FY26 the company is estimated to have reported consolidated revenue close to Rs 20,000 crore, up about 7 percent year-over-year, with EBITDA of around Rs 1,750-1,800 crore and margins improving to roughly 9 percent; net profit for FY26 is estimated at about Rs 300-325 crore. The company has raised more than $500 million in funding since inception and continues to attract participation from large investors. Infra.Market has confidentially filed draft IPO papers for a proposed Rs 5,000 crore public issue and received SEBI observations in January 2026, and is targeting a public listing within the next four to six months. The company is pursuing a final private capital raise (Series H) to shore up its balance sheet and reduce debt ahead of the IPO.

Participated · Series E · Feb 2020

Unacademy is an Indian edtech group operating platforms for exam preparation, upskilling and creator monetization. Its core offerings include Unacademy for life-changing exam preparation, Relevel for job pathways, and Graphy for creators to sell digital goods including NFTs. The company plans to scale these product lines and double down on the upskilling and job search market. Unacademy recently raised $440 million at a $3.44 billion valuation and intends to use the funding to expand its offerings and make acquisitions. It has launched Teacher Stock Options (TSOPs), committing over $40 million in grants to educators, with more than 300 educators eligible on Day 1. Since March 2020 it has completed eight acquisitions, including Rheo TV and TapChief, and faces competition from upGrad, Simplilearn and BYJU’s in the upskilling segment. Unacademy is an edtech platform. The company concluded a secondary transaction in which investors acquired shares worth $50 million. Tiger Global, Dragoneer Investment Group, Steadview Capital and General Atlantic increased their stakes through the deal. The article states these investors doubled down on their investments by acquiring the shares. This transaction follows a November 2020 round when Tiger Global and Dragoneer invested in the Unacademy Group at a $2 billion valuation. Unacademy is also backed by investors including SoftBank Vision Fund 2, Facebook, Sequoia India, SAIF Partners, Nexus Venture Partners and Blume Ventures. Unacademy is an edtech platform focused on online test-preparation classes for civil service, banking exams and programming languages. The platform hosts over 47,000 educators teaching in more than 14 Indian languages and serves users across 5,000 cities. It conducts over 150,000 live classes per month and records a monthly collective watch time exceeding 2 billion minutes. The company states its mission is to democratize education and make it more affordable and accessible. The pandemic has accelerated demand for its services as offline classes were disrupted and learning moved online. Unacademy has seen rapid valuation growth driven by successive fundraising rounds. Unacademy is an Indian edtech startup that delivers online coaching and educational content via a network of over 18,000 teachers and more than 350,000 subscribers. The company says it aims to democratize access to top coaching, helping learners outside major cities achieve important life goals. It reported massive user and engagement growth in April 2020, breaking previous records for revenue, video views, and watch time. The April 2020 revenue was higher than Unacademy’s 2017 and 2018 annual revenues combined, and higher than the first half of 2019. Management plans to use new funding to launch new products and hire fresh talent. The company and the broader edtech segment have benefited from increased demand during the COVID‑19 pandemic. Unacademy operates a platform where more than 800 educators teach live classes daily and learners attend from their smartphones; the company also publishes free classes on YouTube and its platform, generating over 150 million video views per month. It offers a subscription service that has grown into a $30 million ARR business with over 90,000 paying subscribers, and serves hundreds of thousands of learners in live sessions. The startup will use the new capital to add more test-prep categories and on-board additional teachers. Unacademy has raised prior financing totaling about $90 million before the latest round and is described in the article as a four-year-old Indian startup. The company reports a valuation of over $400 million after the new financing. Metrics reported in the article emphasize user engagement and subscription revenue as core elements of its current financial position.

Participated · Equity · Mar 2013

Games2Win is an online gaming company based in Mumbai, India, co-founded by Alok Kejriwal and Mahesh Khambadkone. The company has developed more than 600 proprietary games available across web and mobile devices. It also operates its own in-game ads network and a social platform for mobile applications and web games. The article reports a $2M funding round, reflecting recent external investment activity. Games2Win is backed by investors including Clearstone Venture Partners, ICICI Venture and Nexus. The company is actively hiring, indicating ongoing operational growth. Games2win is a Mumbai, India–based casual and social games company co-founded in 2007 by Cyrus Oshidar and Mahesh Khambadkone and led by CEO Alok Kejriwal. The company has created a library of over 400 games. Those titles are actively licensed by large publishers including Yahoo.com, Viacom Kids and Discovery Channel. Games2win employs about 70 people. It raised US$6m in a Series B financing round led by Clearstone Venture Partners with participation from Silicon Valley Bank (SVB India Capital Partners), bringing total funding to date to US$11m. As part of the financing, Rajan Mehra, venture partner at Clearstone Venture Partners, joined Games2win’s board.