Eternal Capital, founded and managed by former BharatPe COO Dhruv Dhanraj Bahl, has launched its maiden VC fund with a target corpus of INR 120 crore ($14.5 million).
The fund also includes a greenshoe option of another INR 120 crore, bringing its total capacity to INR 240 crore ($29 million).
Eternal Capital received the Securities and Exchange Board of India’s (Sebi) approval for a Category-I Alternative Investment Fund (AIF) in November 2023 and has already received commitments from marquee operators and entrepreneurs such as Suhail Sameer (ex-Chief Executive Officer, BharatPe), Deep Kalra (Founder, MakeMyTrip), Tarun Mathur (Co-founder, PolicyBazaar), Vikas Gupta (Chief Executive Officer, VLCC), Adarsh Menon (President, ZoomCar), Nalin Negi (Chief Executive Officer, BharatPe), Sameer Chugh (Founder, Mosambee), and Saurabh Vashishtha, Kunal Suri, and Amit Bagaria (Founders, SimSim). Sector-agnostic in nature, the fund aims to build a diversified portfolio of “solutions for the future”, and plans to invest in 40 start-ups in their seed to pre-Series A stages, over the next three years.
The sector-agnostic fund aims to build a diversified portfolio of “solutions for the future”, and plans to invest in 40 startups in their seed to pre-series A stages, over the next three years.
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“We are one of the first and few operator-led VC firms in India. Globally, operator-led funds have outperformed more traditional peers due to their ability to connect easily, engage deeply, and add incremental value to the founders and the ventures they back,” said Dhruv Dhanraj Bahl, Founder and Managing Partner, of Eternal Capital. “Our approach to date has been no different making us not only a ‘partner of first choice’ for founders but also, the preferred co-investment partner for other funds.”
As a former early-stage angel, Bahl has invested in more than 50 startups since 2020 by partnering with several prominent funds and angels. Some of his portfolio ventures include Stupa Sports Analytics, Basic Home Loans, ApniBus, Volt Money, DrinkPrime, AdmitKard, GenWise, Vama, and Fleek, among others.
Eternal Capital will prioritise investments in startups led by seasoned operators, that are at the post-PMF stage and can demonstrate profitable revenue potential in the mid- to long term.
