Team StartupCity

• India Quotient closes its fifth fund at $129 million to back early and idea-stage startups.
• The firm expands its leadership team with two new partners.
• Plans to support founders without early exit or over-dilution pressure.

Early-stage venture capital firm India Quotient has closed its fifth fund (Fund V) at $129 million (Rs 1,132 crore), more than double the size of its previous $64 million Fund IV. The new fund will focus on pre-seed, seed, and idea-stage startups, reinforcing the firm’s long-standing commitment to nurturing early innovation in India.

Founded in 2012 by Anand Lunia and Madhukar Sinha, India Quotient has invested in over 100 startups across sectors such as SaaS, fintech, consumer services, social media, and B2B marketplaces. The firm is known for early bets on ShareChat, Sugar Cosmetics, Lendingkart, and Kuku FM.

With Fund V, the firm said it aims to back founders before their ideas become mainstream sectors, offering flexible support without forcing rapid fundraising, excessive equity dilution, or premature exits. This founder-friendly approach continues to be a core part of its investment philosophy.

India Quotient also announced leadership additions, Sahil Makkar, former vice president, and Kanika Agarrwal, ex-cofounder of Upside AI, have joined as partners.

Also Read: IIMA Ventures & Jaivel Aerospace Launch Defence Startup Fund

The fund launch comes amid a slowdown in India’s early-stage startup funding, which fell 31% year-on-year in H1 2025 to $406 million. However, investor confidence in early-stage ventures is rebounding, with nearly 60% of new funds launched in 2025 targeting this segment.

India Quotient’s ticket size per deal ranges between Rs 1 crore and Rs 15 crore.