All In Capital Launches Rs 200 Crore Fund to Back Indian Startups
Pre-seed venture capital firm All In Capital, started by former executive of UpGrad Kushal Bhagia, declared the first close of its second venture capital fund worth a total corpus of Rs 200 crore. The fund also has a greenshoe option of Rs 100 crore, taking its overall potential size to Rs 300 crore. The company has already raised Rs 85 crore for the fund and is looking to close it in the second half of the year.
All In Capital started its first fund in 2022 with a corpus of $11 million (approximately Rs 95 crore) and has since invested in 51 startups. The fund is now almost fully invested, with some capital kept aside for follow-on investments. For the second fund, the company seeks to invest in 50 new start-ups during the next three years at the rate of 15 investments each year. Already, it has taken the call of investing in eight start-ups with six deals sealed so far. The company invests anything between Rs 2 crore to Rs 5 crore in every start-up.
Though All In Capital adopts a sector-agnostic strategy, its second fund will be particularly interested in fintech, deeptech, consumer tech, and consumer brands. Some of its early investments from Fund II include Taakat, a mass-market FMCG brand; MedMitra, an AI co-pilot for doctors; Spill Games, a mobile gaming studio; Krrvy, a shapewear and lingerie brand for modern Indian women; and Mixar, an AI startup for 3D modeling and animation. Its previous portfolio includes startups like PierSight Space, NewMe, Magma, Vaaree, and MeetRecord.
The news comes as India's venture capital ecosystem sees a revival in fundraising activity after a slowdown in 2024. A number of domestic and international investment firms, such as Accel and Bessemer, have raised big funds this year, spurred by a robust startup IPO pipeline and a better funding environment. Yet, while later-stage investments at Series A and B levels have picked up pace, early-stage funding continues to be underserved.
Bhagia pointed out that with venture capital firms turning attention to bigger fund sizes, opportunities for early-stage investments have reduced competitiveness, and firms such as All In Capital can find high-potential deals more conveniently. He reiterated that the pre-seed phase involves the greatest risk and greatest potential, and the firm intends to help vision-driven founders with not just capital but also with mentorship and strategic advice.
Industry analysts expect a comeback in seed funding this year, after a drop in 2024. With more founders raising capital early on, pre-seed and seed round investors are likely to be instrumental in defining India's future wave of startups.
All In Capital started its first fund in 2022 with a corpus of $11 million (approximately Rs 95 crore) and has since invested in 51 startups. The fund is now almost fully invested, with some capital kept aside for follow-on investments. For the second fund, the company seeks to invest in 50 new start-ups during the next three years at the rate of 15 investments each year. Already, it has taken the call of investing in eight start-ups with six deals sealed so far. The company invests anything between Rs 2 crore to Rs 5 crore in every start-up.
Though All In Capital adopts a sector-agnostic strategy, its second fund will be particularly interested in fintech, deeptech, consumer tech, and consumer brands. Some of its early investments from Fund II include Taakat, a mass-market FMCG brand; MedMitra, an AI co-pilot for doctors; Spill Games, a mobile gaming studio; Krrvy, a shapewear and lingerie brand for modern Indian women; and Mixar, an AI startup for 3D modeling and animation. Its previous portfolio includes startups like PierSight Space, NewMe, Magma, Vaaree, and MeetRecord.
The news comes as India's venture capital ecosystem sees a revival in fundraising activity after a slowdown in 2024. A number of domestic and international investment firms, such as Accel and Bessemer, have raised big funds this year, spurred by a robust startup IPO pipeline and a better funding environment. Yet, while later-stage investments at Series A and B levels have picked up pace, early-stage funding continues to be underserved.
Bhagia pointed out that with venture capital firms turning attention to bigger fund sizes, opportunities for early-stage investments have reduced competitiveness, and firms such as All In Capital can find high-potential deals more conveniently. He reiterated that the pre-seed phase involves the greatest risk and greatest potential, and the firm intends to help vision-driven founders with not just capital but also with mentorship and strategic advice.
Industry analysts expect a comeback in seed funding this year, after a drop in 2024. With more founders raising capital early on, pre-seed and seed round investors are likely to be instrumental in defining India's future wave of startups.
