Team StartupCity

• AJVC closes first fund at Rs 165 crore, overshooting its Rs 100 crore target.
• The fund drew Rs 200 crore in commitments but capped the size for discipline.
• It has already backed 25 startups in AI and consumer tech, with more planned.

Venture capital firm AJVC, founded by Aviral Bhatnagar, has closed its maiden fund at Rs 165 crore, nearly double its initial target of Rs 100 crore. The fund, launched in September last year, was originally set at Rs 100 crore but saw overwhelming demand, drawing Rs 200 crore in commitments from global LPs and family offices. The firm, however, decided to cap the fund size at Rs 165 crore.

Bhatnagar said the strong response shows investor confidence in India’s startup ecosystem. “We are deeply grateful to our LPs for their trust. The fund was significantly oversubscribed, but we chose to remain disciplined at Rs 165 crore”, he noted.

In just nine months, AJVC received over 11,000 applications from founders and has already invested in 25 startups, with plans to back 60-70 more in the coming years. Its portfolio spans artificial intelligence and consumer technology, with companies such as TruFides (AI compliance agents), Chop Finance (generative AI for finance), and Mithila Foods (internet first FMCG brand).

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Along with capital, AJVC provides startups access to a resource pool worth Rs 4 crore, a community driven support system, and strategic guidance. Some portfolio companies have already scaled rapidly, reaching Rs 2-3 crore in annualised revenue within months of investment.

Bhatnagar emphasized that AJVC aims to create a technology powered, founder first VC firm to support the next wave of Indian entrepreneurs.