Top 20 VC Investors in India: Funding Trends, Government Support, and Funding Insights
India's venture capital ecosystem is thriving, establishing the country as a key destination for startup investment. With a rapidly expanding economy, supportive government policies, and a thriving community of entrepreneurs, India has become a hotbed for innovation across sectors such as fintech, deep tech, AI, and e-commerce.
The Indian government has reinforced this ecosystem through strategic initiatives such as the Startup India Initiative, the ₹10,000 crore Fund of Funds Scheme, and the newly established ₹5 billion Technology Adoption Fund.
This combination of investor confidence, sectoral diversity, and government support has created a robust foundation for India's startup community. As the ecosystem continues to mature, it promises to generate innovative solutions, economic growth and expanded employment opportunities nationwide.
In this article, we will cover the top 20 venture capital firms actively investing in Indian startups, along with insights into the current investment landscape, key funding trends, government initiatives supporting founders, and the typical funding stages and investment sizes in India- equipping entrepreneurs with the knowledge they need to navigate fundraising successfully.
Top 20 VCs in India
Sequoia Capital India
About: Sequoia Capital India helps daring founders build legendary companies - from idea to IPO and beyond.
Kalaari Capital
About: Kalaari Capital is an early-stage, technology-focused venture capital firm based out of Bengaluru, India. Since 2006, Kalaari has empowered visionary entrepreneurs building unique solutions that reshape the way Indians live, work, consume and transact. The firm's ethos is to partner early with founders and work with them to navigate the inevitable challenges of fostering ideas into successful businesses.
ah! Ventures
About: ah! Ventures is an Indian angel investment firm that provides wealth-creation opportunities for both businesses and investors.
Sweetspot check size: $ 150K
Traction metrics requirements: Early revenue, No idea stage
Thesis: Agnostic early stage
Speciale Invest
About: Speciale Invest is an early stage investor focusing on Tech-driven/Deep-tech ventures.
Traction metrics requirements: In most of our previous investments, start-ups have come to us when they are 2-3 people and an idea. We are typically the first investor for these start-ups. So, even if you don’t think you’re ready, we’d still like to get to know you. Maybe we can even help in the meantime.
Thesis: Speciale Invest a deep science and technology venture capital fund manager from India focused on enterprise software (emerging from deep tech in AR/VR, Cloud, Voice AI, Vision AI, Image Analytics) and hardware (emerging from deep tech in Propulsion tech, Robotics, Rocket engines, Lithium tech, Micro-electronics, Optical Communication tech).
Lumikai
About: We are India's first gaming & interactive entertainment venture fund. We catalyse game-changing, early stage founders building the future of gaming and interactive media.
Thesis: We are curating and supporting a select tribe of India’s most forward thinking, creative and talented founders. Our vision is to find and fund game-changing early stage founders with a bold vision for the future and to help them achieve outlier success. We bring decades of sector strategic experience and knowledge, while leveraging our all-star local and global networks to help propel our founders to success.
Ankur Capital
About: Early stage venture capital fund focused on opportunities created by rising aspirations & digital access for next billion Indians.
Huddle
Thesis: Companies that have built an MVP and need support with growth
IvyCap Ventures
About: IvyCap Ventures has launched a venture capital fund guided by an entrepreneur-centric investment approach.
Blume Ventures
About: Blume Ventures provides pre-series A and early stage funding to tech-focused/tech-enabled ventures. They are typically the first institutional investors in their portfolio companies and invest for about 8-10 years. They are proponents of a collaborative approach and like to co-invest with like-minded angels and seed funds. They then providefollow-on investments to their stellar portfolio companies.
Kae Capital
Thesis: Kae Capital is one of the first and premier early-stage funds in India. The investment philosophy is to back great teams targeting large markets with a strongly differentiated value proposition. Kae Capital is sector agnostic and invests in Technology enabled businesses. We focus on working closely with entrepreneurs and help them develop winning companies by leveraging our team’s experience and deep network.
Aavishkaar Venture Capital
About: Aavishkaar Venture Capital provides private equity and microfinance solutions for early stage startups.
Thesis: Aavishkaar Capital’s investment thesis is to leverage the confluence of consumption, financial inclusion and technology across emerging low and middle income populations to build sustainable, impactful and highly scalable businesses, which can create significant value for both the investors and the society.
growX ventures
About: growX is a B2B and deep tech focused early-stage investment firm
Axilor Ventures
About: Axilor is one of India's most active seed funds. It currently invests in startups in Supply Chain, Enterprise Tech, B2B Commerce, Agri, Healthcare, Climate & Fintech. It has a seed portfolio of 60+ startups such as Wiz Freight, Urban Piper, Reshamandi, Niramai, Loco, Detect, Medfin, Headfone, EnKash, MetalBook, Numen and Vyapar (to name a few) and the largest founder community of over 400+ Founders.
Surge
About: Surge is a rapid-scale up program by Sequoia Capital India for early-stage startups in India and Southeast Asia.
Thesis: Surge combines up to $3 million of seed capital with company-building workshops, global immersion trips and support from a community of exceptional founders. Our goal is to supercharge your startup.
Waterbridge Ventures
About: WaterBridge Ventures is an early-stage VC’s. They enter in the Seed to Series A stage of a start-up and continue to invest in subsequent rounds of financing. They love to lead and sometimes also co-invest but if they don’t have a value-add construct, they prefer to stay away. They are currently investing in India or in businesses with a strong India angle. They look for tech as an exponential enabler in the businesses they invest in.
Artha India Ventures
About: Artha India Ventures is a venture capital firm baesd in Mumbai which funds seed and early stage companies.
Thesis: We love working with well-balanced and driven teams, on disruptive tech-enabled ideas with robust business plans that have a large addressable market.
India Internet Fund
About: The India Internet Fund invests in early stage Internet and mobile technology startups. The firm’s partners collectively bring vast experience in entrepreneurship, investing and management with deep industry knowledge and relationships in the U.S. and India.
Brand Capital
About: Brand Capital is the strategic investment arm of the Times Group - India's largest multimedia conglomerate.
India Quotient
About: India Quotient is a new type of early stage investor. We fund companies building disruptive businesses aimed at Indian consumers.
India Accelerator
About: India Accelerator runs mentorship-driven acceleration programs for start ups.
Thesis: India Accelerator invests in Early-stage startups through its SEBI Cat1 & 2 funds, and in relatively later stage companies through Finvolve, having its own SEBI & GIFT City funds.
Unicorn India Ventures
About: Unicorn India Ventures is a Mumbai-based VC $25 million fund that invests in early stage startups focused on SMAC.
Thesis: We invest in seed and early stages of technology focused businesses and are committed to supporting these ventures throughout their early life cycle with initial and follow-on investments in the range of INR 1 to 10 crore.
The Current Investment Landscape in India
India's venture capital ecosystem is experiencing remarkable momentum in 2025, fueled by a vibrant startup culture and favorable economic conditions. The nation's economic resilience and diversified sectoral growth have cemented its status as a premier destination for global and domestic investors.
State of Venture Capital in India
Indian startups secured over $12 billion in funding during 2024, representing a substantial 20% growth compared to the previous year. This positive trajectory is expected to continue, with projections indicating total funding will reach approximately $15 billion by the close of 2025.
The first three quarters of 2024 demonstrated exceptional growth with a 50% increase in capital raised, signaling strong and sustained investor confidence in the Indian market.
Key Investment Trends and Sectors Receiving Funding
Several high-growth sectors are dominating the investment landscape:
- AI: India's AI startup ecosystem is rapidly expanding, with over 338 reputable AI companies established. The government's IndiaAI Mission has attracted more than $1.2 billion in investments, underscoring the strategic emphasis on AI development. Notable startups, such as Sarvam AI, are developing models in multiple Indian languages, enhancing accessibility and inclusivity.
- Deep Tech and Sustainability: Early-stage companies in deep tech and sustainability are poised to drive funding growth in 2025. The Indian government supports this momentum through initiatives like the Rs 10,000 crore Startup Fund of Funds and the Rs 50,000 crore National Research Foundation. Venture capital firms are also contributing, with Riceberg Ventures launching a $20 million fund targeting deep tech startups.
- Enterprise Technology and Fintech: Enterprise technology and fintech sectors consistently attract substantial investments. In 2024, India ranked third globally in fintech funding, securing $1.9 billion despite a 33% annual decline. The ecosystem demonstrated resilience with the emergence of two new unicorns and eight IPOs. Fintech companies are projected to reach a valuation of $150-160 billion by 2025, highlighting the sector's robust growth potential.
- E-commerce and Healthtech: E-commerce and healthtech industries continue to attract considerable funding, reflecting their growth potential and market demand. In a recent week, Indian startups raised $240.85 million, with significant investments directed towards e-commerce and healthtech sectors. Healthtech startups, such as Consint.AI, have secured funding to enhance operations and develop advanced AI features, indicating sustained investor interest in healthcare innovation.
Funding Stages and Typical Investment Sizes in India
The Indian startup ecosystem encompasses various funding stages, each with distinct characteristics:
- Early-Stage Funding: Early-stage startups secured $3.16 billion in 2024. Investments at this stage often range from $1 million to $10 million, focusing on seed and Series A rounds.
- Late-Stage Funding: Late-stage startups attracted $7.13 billion in 2024. These investments typically involve Series B and beyond, with amounts exceeding $10 million.
The average deal size across stages stands at approximately $16 million, indicating strong investor confidence in growth-stage startups.
Government Initiatives for Founders
As of 2025, the Indian government has implemented a series of robust initiatives to foster innovation and support startup growth across the nation. These programs offer financial assistance, infrastructure development, and policy reforms to create a conducive environment for entrepreneurs. Key initiatives include:
Launched in 2016, the Startup India Initiative aims to build a strong ecosystem conducive to the growth of startups, driving sustainable economic growth and generating large-scale employment opportunities. The initiative offers various benefits, including tax exemptions, funding support, and regulatory simplification.
To address the funding needs of startups, the government established the Fund of Funds Scheme, contributing 10,000 crore. This fund supports Alternative Investment Funds (AIFs) that invest in startups, with commitments exceeding 91,000 crore as of 2025.
3. Atal Innovation Mission (AIM)
Established in 2016 under NITI Aayog, AIM fosters a culture of innovation and entrepreneurship. It encompasses several programs:
- Atal Tinkering Labs (ATLs): Setting up labs in schools to promote STEM education.
- Atal Incubation Centres (AICs): Providing support to startups through incubation facilities.
- Atal Community Innovation Centres (ACICs): Encouraging innovation in underserved regions.
4. Technology Adoption Fund (TAF)
In February 2025, the Indian National Space Promotion and Authorization Centre (IN-SPACe) launched the TAF, a ₹5 billion fund aimed at assisting early-stage space technology companies. The fund provides financial support covering up to 60% of project costs for startups and MSMEs, with a cap of ₹250 million per project.
5. Bharat Startup Grand Challenge 2025
To commemorate National Startup Day 2025, the government launched the Bharat Startup Grand Challenge, focusing on 75 sectors, including agritech, renewable energy, and blockchain. This initiative aims to identify and support high-potential startups across diverse industries.
6. Collaboration with Industry Leaders
The government has partnered with major corporations to bolster the startup ecosystem:
- Fintech Collaboration: A Memorandum of Understanding (MoU) with Paytm was signed to promote fintech startups, facilitating access to financial services and mentorship.
- AI Development: The IndiaAI Mission, with an investment of over $1.2 billion, supports AI startups by providing infrastructure, funding, and educational resources.
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