IvyCap Ventures

IvyCap Ventures is one of India's leading homegrown venture capital funds, founded in 2011 and headquartered in Mumbai with additional offices in Delhi, Bengaluru, the United States, and Singapore. The firm leverages the IIT and IIM alumni ecosystems to power the Indian startup landscape. Founded by Vikram Gupta (IIT Delhi and Case Western Reserve MBA) and Ashish Wadhwani, IvyCap manages assets of over $650 million (INR 6,000 crore) and has invested in more than 65 companies. The firm closed Fund III in 2024 at INR 2,100 crore (approximately $250 million), targeting 25 or more startups with initial checks of INR 30 to 50 crore ($3.6 to $6 million) per company. The team of 53 includes 20 partners. The firm leads rounds across seed to Series B, and is sector-agnostic in its pursuit of startups with differentiated business models and strong unit economics. IvyCap is India's first homegrown VC to create a dragon company: Purplle.com became a unicorn in 2022, generating a partial exit at 22X returns. BlueStone, a jewelry platform, is IPO-bound. Other portfolio companies include Snitch in fashion, Miko in social robotics, TurboHire in recruitment AI, Dhruva Space in space technology, Raana Semiconductors, Eggoz Nutrition, and M.O.M in personal care. The most recent investment was in DATOMS in February 2026. The portfolio spans consumer technology, deep tech including SaaS, AI and machine learning, semiconductors, cybersecurity, and IoT, as well as fintech, edtech, agritech, and electric vehicles. IvyCap created India's first Endowment Fund at IIT Delhi, launched by the President of India in October 2019, directing a portion of fund manager profits back to IITs and IIMs. The firm operates THRIVE, a structured portfolio value creation platform with more than 100 mentors drawn from its alumni networks. IvyCap has more than 25 institutional investors across its funds and has established itself as a defining institution in the Indian venture ecosystem through its alumni-network sourcing model and its record of backing companies from seed through to public markets.