Dhruv Dhanraj Bahl, previously at the helm of operations at BharatPe, has established his first venture capital fund with an ambition to amass Rs 120 crore. The fund includes an option to expand its size by an additional Rs 120 crore if deemed necessary.
The investment firm, named Eternal Capital, has set its sights on supporting 40 nascent startups across diverse industries within the next three years.
Targeting startups steered by seasoned operators in the post product-market fit phase, Eternal Capital is on the lookout for businesses with a clear trajectory towards generating sustainable revenue in the foreseeable future.
Bahl, who serves as the founder and managing partner, divulged that the fund will hone in on three primary sectors. “We are zeroing in on financial services, where we’ll explore avenues like MSME lending and asset-backed loans. Our attention will also be on consumer and D2C brands that pioneer new categories, as well as SaaS and platform-based solutions,” he explained.
Moreover, the fund is poised to invest in burgeoning sectors such as sports and gaming, alongside clean and green energy initiatives.
Bahl revealed that about six deals have already been cemented, which accounts for approximately 12% of the fund’s capacity. As an angel investor, Bahl’s portfolio comprises over 50 startups since 2020, including Stupa Sports Analytics and Fleek among others.
Notably, commitments to the fund have been made by prominent figures such as BharatPe CEO Nalin Negi, and entrepreneurs like MakeMyTrip’s Deep Kalra and PolicyBazaar’s Tarun Mathur, in addition to various family offices.
Recently, the investment landscape has seen a flurry of fundraising activity. Stride Ventures, known for its venture debt offerings to companies like Zepto and Sugar Cosmetics, closed its third fund at $165 million. Similarly, IvyCap Ventures, with investments in startups like Purplle, secured Rs 2,100 crores for its third fund.
In a growing trend where startup executives transition into investing roles, Bahl joins the ranks of entrepreneurial investors. Noteworthy is the participation of CaratLane’s Mithun Sacheti and Flipkart’s Binny Bansal as anchor LPs in Xeed Ventures, among other notable founders supporting or establishing funds in the burgeoning Indian startup ecosystem.
