The private capital files.
Who holds what, what it's worth, and who's actually returning capital: India's capital providers, venture to sovereign, tracked position-by-position.
Market pulse · the water these firms swim in
The India venture backdrop as of September 2026: sourced, with the series conflicts disclosed rather than averaged away.
July rebounded sharply to $4.1bn (+52% MoM, +3% YoY): the second half is opening far better than H1's soft trend line
H1 was $5.2bn, -9% YoY (Inc42) / $6.9bn, +21% YoY (YourStory) — universes differ; August's rebound came on fewer, bigger-ticket deals
Accel closed a $550M 9th India fund 11 Aug, oversubscribed within weeks — the mega-fund concentration pattern is intact
Cooled from July's 20-month-high ₹52,300 Cr but still August's busiest year-to-date by deal count; September's pipeline is guided to exceed July's record
Open-market 44%, strategic 36% of exit value; the soft exit tape is exactly why August's IPO filings (Zetwerk, Atomberg) matter for year-end DPI
Where discounted: avg 19% (±9%): the GP-led liquidity market is functioning
No single mega-round since July's Emergent/Sarvam closes; funding is now mostly smaller application-layer checks
The queue kept moving in August: Zetwerk and Atomberg both filed DRHPs, Infra.Market abandoned its IPO for a reverse merger, OYO's listing status is unconfirmed, and four new candidates (InMobi, PlaySimple, LEAP India, C5i) surfaced
The league table
Ranked by GW GP Score: our research opinion on franchise strength, weighted hardest on whether LPs actually get paid. Equity investors first; the credit, growth-buyout and sovereign desks, different asset classes scored through their own lenses, sit below. Compare any two →
| Franchise | AUM | Latest fund | Unicorns | Exits · 24mo | GW GP Score | Outlook | Conf. |
|---|---|---|---|---|---|---|---|
| 01Info Edge Ventures Seed → growth · consumer, AI, deeptech · Temasek co-anchor | ₹4,900 Cr deployed · marked ₹41,300 Cr (Mar 2026) | >₹2,000 Cr expected (w/ Temasek) · 2025 | 4 | 1 | 79G2 Strong | Positive | High |
| 02Peak XV Partners Seed (Surge) / Venture / Growth · India + APAC | $10bn+ · 16 funds | $1.3bn combined · 2026 | 40 | 6 | 78G2 Strong | Stable | Medium |
| 03Accel India Pre-seed (Atoms) / Seed / Series A | ~$3.6bn committed across 9 India funds | $550M · 2026 | 7 | 4 | 77G2 Strong | Positive | Medium |
| 04Nexus Venture Partners Inception / Seed / Series A · India + US | ~$3.2bn | $700M · 2025 | 8 | 5 | 76G2 Strong | Positive | Medium |
| 05Bessemer India Early-stage · $5-40M cheques | $570M India-dedicated ($220M Fund I + $350M Fund II) + global-fund history | $350M · 2025 | 4 | 4 | 76G2 Strong | Positive | Medium |
| 06Stellaris Venture Partners Seed / Series A · concentrated (25-30/fund) | >$600M across 3 funds | $300M · 2024 | 1 | 2 | 75G2 Strong | Positive | Medium |
| 07Fireside Ventures Early + growth consumer · $1-12M cheques | ~$650M (₹5,300 Cr) | $253M (₹2,265 Cr) · 2025 | 2 | 2 | 75G2 Strong | Positive | Medium |
| 08Endiya Partners Seed · product/deeptech · India-to-global | ~$200M cumulative (E) | $100M · 2025 | 1 | 2 | 75G2 Strong | Positive | Medium |
| 09Elevation Capital Seed–Growth + late-stage/pre-IPO (Holdings) | $4bn+ (incl. Fund IX) | $500M · 2026 | 5 | 6 | 74G2 Strong | Stable | Medium |
| 103one4 Capital Seed / Series A | $750M+ | ~$225M target · in market | 4 | 4 | 74G2 Strong | Positive | Medium |
| 11A91 Partners Growth / Series B-C · $10-50M cheques | ~$1.57bn raised across 3 funds | $665M · 2025 | 2 | 2 | 73G2 Strong | Stable | Medium |
| 12Lightspeed India Seed–Growth · AI, deeptech, consumer | ~$1.1bn India-dedicated + global-pool access ($9bn, Dec 2025) | $9bn+ · 2025 | 8 | 2 | 69G3 Sound | Developing | Medium |
| 13Chiratae Ventures Seed / Series A / Series B · deeptech tilt | $1.3bn across 7 funds | $150M closed / $350M target · 2025 | 8 | 4 | 69G3 Sound | Developing | Medium |
| 14India Quotient Pre-seed / Seed · ₹1-15 Cr · consumer-first | ~$250M (E) | $129M · 2025 | 1 | 3 | 69G3 Sound | Stable | Medium |
| 15Speciale Invest Pre-seed/Seed deeptech + growth vehicle · ₹7-10 Cr entries | ~₹1,130 Cr closed (~$135M) + ₹1,400 Cr raising | ₹1,400 Cr target · raising | 0 | 1 | 68G3 Sound | Positive | Low |
| 16Blume Ventures Pre-seed / Seed / Series A | ~$900M | $175M first close · 2025 | 6 | 3 | 67G3 Sound | Stable | Medium |
| 17DSG Consumer Partners Seed → early consumer · first cheques up to $5M | $300M+ | $114M · 2023 | 0 | 1 | 67G3 Sound | Stable | Medium |
| 18Together Fund Seed / Series A · $1-10M · AI-native only · US-India corridor | >$200M (firm claims $250M+) | $150M target · 2023 | 0 | 1 | 65G3 Sound | Positive | Low |
| 19Prime Venture Partners Seed · $2-4M first cheques · fintech, AI, SaaS | >$200M deployed · ~$350M raised (E) | $100M · 2025 | 0 | 0 | 65G3 Sound | Stable | Medium |
| 20Z47 Seed / Early / Early-growth | ~$1.5-3.5bn (managed vs firm-claim: disputed basis) | $300-400M target · raising | 11 | 4 | 62G3 Sound | Negative | Medium |
| 21General Catalyst India Seed → growth + company creation | $5bn India pledge over 5 years ($43bn global AUM) | $5bn / 5 years · 2026 | 3 | 0 | 62G3 Sound | Developing | Low |
| 22pi Ventures Seed / Series A · AI + deeptech infra · $250K-3M | ~₹927 Cr (~$115M) across two funds | ₹702 Cr · 2022 | 0 | 2 | 61G3 Sound | Developing | Low |
| 23Arkam Ventures Seed–Series B · $1-5M cheques · middle-India + applied AI | ~$256M (Fund I $106M + Fund II target $150M, open) | $150M target (cut from $180M) · open | 3 | 0 | 58G3 Sound | Developing | Low |
| 24Creaegis Growth · $25-40M lead cheques · 12-15 positions | $425M maiden fund (~deployed) | $425M · 2023 | 0 | 0 | 58G3 Sound | Developing | Low |
| 25Kalaari Capital Pre-seed / Seed · AI-first cheques $1-6M | ~$650M | up to $200M (Reliance/Jio anchor) · 2021 | 8 | 3 | 55G3 Sound | Negative | Medium |
| 26Northpoint Capital Seed / Series A · $1-8M cheques · 15-20 positions | $150M · Fund I closed | $150M · 2025 | 0 | 0 | 54G4 Adequate | Developing | Low |
| 27Mettle Capital Series A/B + selective seed · enterprise AI, deeptech, consumer | Pre-close · $350-400M target | $350-400M target · raising | 0 | 0 | 43G5 Speculative | Developing | Low |
The private equity desk
Control and significant-minority investors in profitable businesses, returning capital through strategic sales, sponsor-to-sponsor deals and listings. Unicorn density is meaningless here. The book is graded on earnings quality and on whether returns came from operating improvement rather than leverage or multiple arbitrage.
| Firm | AUM / commitments | Latest vehicle | Unicorn-class holds | Events · 24mo | GW GP Score | Outlook | Conf. |
|---|---|---|---|---|---|---|---|
| 01Kedaara Capital Control + minority growth · $100M+ · operating-heavy (CD&R model) | $6bn+ across four funds | $1.74bn · 2024 | 5 | 5 | 81G2 Strong | Positive | Medium |
| 02ChrysCapital Buyouts + growth minority · industrials, healthcare, services | ~$8.5bn raised · $5.5bn deployed · $7.8bn realised | $2.2bn · 2025 | 4 | 3 | 80G2 Strong | Positive | Medium |
| 03True North Control / significant-minority mid-market · FS, healthcare, consumer + private credit | ~$3bn+ raised across six PE funds + credit platform | $650M + ₹150M INR sleeve target · raising | 1 | 4 | 75G2 Strong | Stable | Medium |
| 04Multiples Growth → control buyouts · $50-150M · FS, consumer, tech, healthcare | $1.8bn AUM · ~$3bn raised incl. CV | $430M · 2025 | 4 | 2 | 73G2 Strong | Stable | Medium |
The private credit desk
Venture-debt and alternative-credit managers underwriting downside, returning capital through scheduled repayment rather than exit events. Credit is graded on what it collects and what it recovers when a borrower breaks — not on the upside of the equity sitting above it.
| Platform | AUM / commitments | Latest vehicle | Unicorn-class holds | Events · 24mo | GW GP Score | Outlook | Conf. |
|---|---|---|---|---|---|---|---|
| 01Trifecta Capital Venture debt (₹25-30 Cr avg) + growth equity crossover | ₹5,400 Cr raised · ₹8,700 Cr deployed (incl. recycled) | ₹2,000 Cr target (incl. greenshoe) · raising | 30 | 2 | 75G2 Strong | Positive | Medium |
| 02Alteria Capital Venture debt + short-duration credit · up to ₹200 Cr tickets | ₹4,350-4,500 Cr (~$540M) · ₹7,500+ Cr deployed | ₹1,550 Cr · 2024 | 16 | 2 | 71G2 Strong | Stable | Low |
| 03InnoVen Capital Later-stage venture debt · larger tickets, IPO-bound credits | $850M+ deployed India · NBFC + AIF (₹740 Cr first close) | n.d. (~$150M AUM, E) · 2008- | 35 | 1 | 69G3 Sound | Stable | Medium |
| 04BlackSoil Alternative credit · venture + SME/impact · ₹5-30 Cr tickets | ₹1,918 Cr assets · ₹14,000 Cr cumulative disbursed (merged) | ₹1,918 Cr assets · 2016- | 11 | 1 | 68G3 Sound | Positive | Medium |
| 05Stride Ventures Venture debt / growth credit · $10-15M tickets · India + GCC + UK | $1.6bn+ credit enabled · ~$415M across closed funds | $300M target · raising | 12 | 2 | 66G3 Sound | Developing | Low |
The crossover desk
Late-stage, evergreen and balance-sheet investors holding across the private-public boundary, often in harvest rather than deployment mode. These pools have no fund cadence to grade. The live questions are whether the marks are honest against public comps, and whether the sell-down is converting to cash.
| Investor | AUM / commitments | Latest vehicle | Unicorn-class holds | Events · 24mo | GW GP Score | Outlook | Conf. |
|---|---|---|---|---|---|---|---|
| 01Prosus Ventures Growth → listed · ecosystem + AI · $100M+ cheques | $7bn+ deployed in digital India · balance sheet | $7bn+ deployed · evergreen | 6 | 2 | 79G2 Strong | Positive | High |
| 02WestBridge Capital Series A → IPO and beyond · crossover | $7bn evergreen (firm); ~$10bn India AUM (2022 press reporting) | $7bn · evergreen | 7 | 3 | 78G2 Strong | Stable | Medium |
| 03Premji Invest Growth + early-stage tech + public equities · India + US | $10bn+ evergreen | $10bn+ · 2006 | 4 | 2 | 75G2 Strong | Stable | Medium |
| 04SoftBank Vision Fund Late-stage · harvest mode → AI restart ($20-25M cheques) | $10.6bn deployed India · $7.2bn realised | $10.6bn India · 2017-2021 | 8 | 4 | 71G2 Strong | Developing | Medium |
| 05Tiger Global Crossover · harvest + selective follow-ons | ~$2-4bn active India positions (E) · PIP 16 ~$2.2bn global | ~$2.2bn · 2025 | 12 | 3 | 60G3 Sound | Negative | Medium |
The sovereign desk
State-owned and evergreen pools investing off a balance sheet, with no fund life and no LPs to return capital to. Fund cadence and DPI do not apply to permanent capital. Realisation is graded as recycling, and consistency through the cycle counts for more than timing it.
| Investor | AUM / commitments | Latest vehicle | Unicorn-class holds | Events · 24mo | GW GP Score | Outlook | Conf. |
|---|---|---|---|---|---|---|---|
| 01Temasek (India) Growth minority → control · consumer, healthcare, financial services, green | ~$50bn India book (Mar 2025) · $10bn/3yr commitment | ~$50bn India NPV · evergreen | 8 | 4 | 82G2 Strong | Positive | Medium |
| 02GIC (India) Public + private · FS, infra, real assets, late-stage tech | India book est. $35-50bn (E) · ~$20bn financial services (stated) | Group ~$936bn (R); India undisclosed · evergreen | 5 | 2 | 74G2 Strong | Stable | Low |
| 03ADIA (India) Direct stakes + platform JVs + anchor books · FS, consumer, healthcare, renewables | India privates est. $15-20bn+ (E) · $4-5bn GIFT vehicle | $4-5bn planned · 2024 | 4 | 1 | 71G2 Strong | Stable | Low |
The secondaries desk
Buyers of existing private stakes from founders, employees and funds seeking liquidity ahead of a listing. The return is made at entry. This rubric grades the discount achieved and the access that produced it, not the underlying company's growth.
| Buyer | AUM / commitments | Latest vehicle | Unicorn-class holds | Events · 24mo | GW GP Score | Outlook | Conf. |
|---|---|---|---|---|---|---|---|
| 01Kenro Capital Growth secondaries · $20-30M cheques · India + SEA | Undisclosed · >$120M deployed in year one | Undisclosed · 2024 | 1 | 1 | 65G3 Sound | Positive | Low |
| 02Oister Global Late-stage secondaries · pre-IPO 12-24 months | ACE series: ₹400 Cr (II) + ₹500 Cr (III) · JV target $500M (status unclear) | ₹500 Cr (₹250 Cr + greenshoe) · 2026 | 1 | 1 | 60G3 Sound | Developing | Low |
Fund analytics screener · LP decision table
One screen for re-up quality, cash conversion, fund status, mark drift, partner churn and next liquidity. Values are computed from public dossiers and labelled estimates where underlying fund-level data is not public.
| Firm | Re-up verdict | Latest fund | Cash conversion | Exit events | IPO queue | Mark drift | Partner churn | Concentration | Evidence |
|---|---|---|---|---|---|---|---|---|---|
| Info Edge Ventures GW 79 · Positive | Conditional positive 75/100 | >₹2,000 Cr expected (w/ Temasek) · 2025 Fresh dry powder | Visible but incomplete | 1 | 3 | Constructive 5/3/2 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (42%) | Current High |
| Peak XV Partners GW 78 · Stable | Strong re-up 77/100 | $1.3bn combined · 2026 Fresh dry powder | High cash conversion | 6 | 5 | Positive mark drift 12/2/1 | Watch 1 signals | Moderate concentration AI (30%) | Current Medium |
| Accel India GW 77 · Positive | Strong re-up 82/100 | $550M · 2026 Fresh dry powder | Visible but incomplete | 4 | 2 | Positive mark drift 7/3/0 | Stable bench 0 signals | Diversified Consumer & Commerce (24%) | Current Medium |
| Nexus Venture Partners GW 76 · Positive | Strong re-up 77/100 | $700M · 2025 Fresh dry powder | High cash conversion | 5 | 3 | Constructive 7/6/1 | Watch 1 signals | Diversified AI (28%) | Current Medium |
| Bessemer India GW 76 · Positive | Strong re-up 82/100 | $350M · 2025 Fresh dry powder | High cash conversion | 4 | 2 | Positive mark drift 8/1/1 | Stable bench 0 signals | Diversified Fintech (26%) | Current Medium |
| Stellaris Venture Partners GW 75 · Positive | Strong re-up 79/100 | $300M · 2024 Mid-cycle | Visible but incomplete | 2 | 2 | Positive mark drift 5/4/0 | Stable bench 0 signals | Diversified AI (26%) | Recent Medium |
| Fireside Ventures GW 75 · Positive | Strong re-up 84/100 | $253M (₹2,265 Cr) · 2025 Fresh dry powder | High cash conversion | 2 | 3 | Positive mark drift 8/1/0 | Stable bench 0 signals | High concentration Consumer & Commerce (74%) | Recent Medium |
| Endiya Partners GW 75 · Positive | Strong re-up 80/100 | $100M · 2025 Fresh dry powder | High cash conversion | 2 | 0 | Positive mark drift 6/2/0 | Stable bench 0 signals | Diversified SaaS & Dev Tools (28%) | Current Medium |
| Elevation Capital GW 74 · Stable | Strong re-up 76/100 | $500M · 2026 Fresh dry powder | High cash conversion | 6 | 2 | Positive mark drift 9/3/2 | Watch 1 signals | Moderate concentration Consumer & Commerce (42%) | Recent Medium |
| 3one4 Capital GW 74 · Positive | Strong re-up 77/100 | ~$225M target · in market Raise pressure | High cash conversion | 4 | 2 | Constructive 5/4/2 | Stable bench 0 signals | Diversified Fintech (22%) | Current Medium |
| A91 Partners GW 73 · Stable | Strong re-up 79/100 | $665M · 2025 Fresh dry powder | High cash conversion | 2 | 5 | Positive mark drift 7/4/0 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (44%) | Current Medium |
| Lightspeed India GW 69 · Developing | Conditional positive 68/100 | $9bn+ · 2025 Fresh dry powder | Visible but incomplete | 2 | 7 | Positive mark drift 8/4/1 | Stable bench 0 signals | Diversified Consumer & Commerce (26%) | Current Medium |
| Chiratae Ventures GW 69 · Developing | Conditional positive 70/100 | $150M closed / $350M target · 2025 Fresh dry powder | High cash conversion | 4 | 3 | Constructive 5/2/2 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (36%) | Current Medium |
| India Quotient GW 69 · Stable | Conditional positive 73/100 | $129M · 2025 Fresh dry powder | High cash conversion | 3 | 3 | Mixed 3/2/3 | Stable bench 0 signals | High concentration Consumer & Commerce (54%) | Current Medium |
| Speciale Invest GW 68 · Positive | Conditional positive 70/100 | ₹1,400 Cr target · raising Raise pressure | Paper-heavy | 1 | 1 | Positive mark drift 5/1/0 | Stable bench 0 signals | High concentration Deeptech & Space (62%) | Recent Low |
| Blume Ventures GW 67 · Stable | Conditional positive 72/100 | $175M first close · 2025 Fresh dry powder | Visible but incomplete | 3 | 3 | Positive mark drift 11/4/1 | Stable bench 0 signals | Diversified Consumer & Commerce (26%) | Current Medium |
| DSG Consumer Partners GW 67 · Stable | Conditional positive 75/100 | $114M · 2023 Mid-cycle | Visible but incomplete | 1 | 1 | Positive mark drift 6/1/0 | Stable bench 0 signals | High concentration Consumer & Commerce (84%) | Current Medium |
| Together Fund GW 65 · Positive | Diligence-heavy 64/100 | $150M target · 2023 Mid-cycle | Paper-heavy | 1 | 0 | Positive mark drift 5/3/0 | Stable bench 0 signals | High concentration AI (56%) | Current Low |
| Prime Venture Partners GW 65 · Stable | Diligence-heavy 62/100 | $100M · 2025 Fresh dry powder | Thin cash trail | 0 | 2 | Constructive 4/3/1 | Stable bench 0 signals | Moderate concentration Fintech (40%) | Recent Medium |
| Z47 GW 62 · Negative | Diligence-heavy 60/100 | $300-400M target · raising Raise pressure | High cash conversion | 4 | 7 | Constructive 6/4/2 | Watch 1 signals | Moderate concentration Fintech (32%) | Current Medium |
| General Catalyst India GW 62 · Developing | Diligence-heavy 57/100 | $5bn / 5 years · 2026 Fresh dry powder | Thin cash trail | 0 | 2 | Positive mark drift 7/1/0 | Watch 1 signals | Moderate concentration Consumer & Commerce (30%) | Current Low |
| pi Ventures GW 61 · Developing | Diligence-heavy 61/100 | ₹702 Cr · 2022 Aging flagship | Paper-heavy | 2 | 2 | Positive mark drift 3/3/0 | Watch 1 signals | Moderate concentration AI (30%) | Current Low |
| Arkam Ventures GW 58 · Developing | Weak / wait 53/100 | $150M target (cut from $180M) · open Mid-cycle | Thin cash trail | 0 | 2 | Positive mark drift 8/1/1 | Stable bench 0 signals | Moderate concentration Fintech (40%) | Current Low |
| Creaegis GW 58 · Developing | Weak / wait 54/100 | $425M · 2023 Mid-cycle | Thin cash trail | 0 | 1 | Constructive 4/2/1 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (30%) | Recent Low |
| Kalaari Capital GW 55 · Negative | Weak / wait 54/100 | up to $200M (Reliance/Jio anchor) · 2021 Aging flagship | Paper-heavy | 3 | 3 | Mixed 3/4/4 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (44%) | Current Medium |
| Northpoint Capital GW 54 · Developing | Diligence-heavy 57/100 | $150M · 2025 Fresh dry powder | Thin cash trail | 0 | 0 | Positive mark drift 1/0/0 | Stable bench 0 signals | High concentration Consumer & Commerce (100%) | Current Low |
| Mettle Capital GW 43 · Developing | Weak / wait 36/100 | $350-400M target · raising Raise pressure | Thin cash trail | 0 | 0 | Mixed 0/0/0 | Stable bench 0 signals | Diversified n.d. | Current Low |
Catalyst tape · source to score pressure
The latest public datapoints translated into research pressure: which GP it hits, why it matters, and what would move the score. This is the private-market equivalent of an earnings-calendar shock table.
Revenue fell 20% to ₹404 Cr and losses nearly doubled to ₹135 Cr, blamed on an aggressive digital-to-retail pivot. A91 put in ₹144.5 Cr of fresh capital in what press coverage is framing as a bailout round.
Score pressureA direct down-round cut to A91's marks; the fresh injection reads as continued conviction, but the ~75-85% valuation cut is the sharpest single-position write-down logged this cycle.
WatchWhether the round stabilises the pivot or A91 needs to inject further; read-through to other 2021-22-vintage D2C consumer marks across the cohort.
Reuters/ET/Mint report the long-anticipated NSE listing (ChrysCapital, Temasek and CPPIB among named sellers) targeting the week of 21 September 2026, priced around ₹1,800/share with a reported ~₹200 grey-market premium.
Score pressurePositive, high-conviction exit-timing update for ChrysCapital's largest pending realisation; not yet listed, so the DPI event itself remains open.
WatchActual listing date and pricing; whether the window holds given September's broader market softness (Nifty -8.5% CY26 YTD).
Books closed 3 September 2026 on SoftBank's first monetisation of its Meesho position, updating the prior read that it had not sold into the December 2025 IPO.
Score pressurePositive, concrete DPI event; SoftBank has now joined Elevation and Peak XV in the post-lock-in Meesho selling cohort.
WatchFurther tranches as the remaining lock-in schedule unlocks through mid-2027.
A clean, full divestment of the SkyServe stake, structured as a share repurchase rather than a trade sale or IPO exit.
Score pressurePositive, concrete realisation for Info Edge Ventures — a real cash-in exit outside the IPO/M&A channel most of the cohort depends on.
WatchWhether Info Edge redeploys the proceeds into a new position within the quarter.
Kedaara invests $200M in the Mohali-based orthopaedics/rehab brand; Trilegal and Quillon Partners advised. The deal had been flagged as a confirmed front-runner situation with no signing announced — it is now signed.
Score pressurePositive for Kedaara's capital-velocity score: a large healthcare-adjacent consumer deal closes exactly as previously flagged, with no surprise discount or structure change reported.
WatchDeployment pace and any follow-on in the orthopaedics/rehab vertical.
The $100M cheque, at a reported ~$1.3bn valuation and subject to CCI approval, is Navi's first institutional funding since Bansal founded and self-funded it — reportedly ahead of a revived ~₹3,000 Cr IPO plan.
Score pressurePositive for Prosus Ventures' India capital-velocity score: a first-mover institutional cheque into a previously closed-off, founder-funded fintech.
WatchCCI approval timeline; whether the IPO plan advances to a DRHP filing.
A roughly decade-long hold in The Viral Fever ends in a full exit at $22M valuation, a steep write-down from its $82M peak mark — not previously listed in the firm's disclosed position book.
Score pressureA concrete, sourced down-mark realisation: negative for the exit-value dimension even though it closes out a long-stuck position.
WatchWhether other long-held, pre-2020 Tiger Global India media/content positions carry similar unrealised markdowns.
Masdar's December withdrawal killed the $8.15 deal (stock −28%); the reconstituted consortium (CPPIB, Sinha, ADIA entities, JERA — ~69.9% fully diluted) signed at $7.02 on 11 August per the SEC 13D/A. ADIA rolls 100% of its securities and takes no cash.
Score pressureA dated down-mark on one of ADIA's largest India-linked positions; rolling over rather than exiting reads as conviction, but the reference price for Indian renewables control just fell below its own Dec-2024 starting bid.
WatchUK court sanction (effective no earlier than 23 Aug 2026; long-stop 31 Mar 2027+), and read-across to GIC's stalled $4.2-5bn Greenko process.
Catalyst attribution · who benefits, who is under pressure
Indian AI startup funding >4x YoY in H1 2026
The LP restock at the top: Accel closes $550M in weeks, Elevation closes $500M
The LP restock at the top: Accel closes $550M in weeks, Elevation closes $500M
India PE-VC value down 5% YoY in H1 CY2026
Indian AI startup funding >4x YoY in H1 2026
July: ₹52,300 Cr equity month and the FPI bid returns
July: ₹52,300 Cr equity month and the FPI bid returns
July: ₹52,300 Cr equity month and the FPI bid returns
Re-rating watch · what would move the GP score
A score is only useful if the reader knows what can change it. This board converts fresh catalysts, DPI evidence, fund status, source freshness and partner churn into upgrade/downgrade bias.
| Firm | Current score | Bias | Pressure | Upgrade trigger | Downgrade trigger | Next review |
|---|---|---|---|---|---|---|
| Peak XV Partners Stable outlook · Medium conf. | 78 | Upgrade watch | +7 to +8 GW estimate | Meesho liquidity clears with credible OFS/block-sale evidence. | Another senior departure or weak attribution on the next fund's named partners. | Rajan Anandan status: conflicting public signals as of Jul 2026. |
| Elevation Capital Stable outlook · Medium conf. | 74 | Upgrade watch | +6 to +7 GW estimate | Meesho liquidity clears with credible OFS/block-sale evidence. | Another senior departure or weak attribution on the next fund's named partners. | Fund IX deployment cadence: first cheques and whether the AI-application thesis holds at seed pricing. |
| Accel India Positive outlook · Medium conf. | 77 | Upgrade watch | +5 to +6 GW estimate | Zetwerk liquidity clears with credible OFS/block-sale evidence. | Risk-factor wording, regulator follow-up and any valuation discount embedded in the final offer. | Mid-vintage (2014/2017) DPI repair: next leaked or disclosed print vs the 0.13-0.15x Nov 2024 snapshot. |
| Bessemer India Positive outlook · Medium conf. | 76 | Upgrade watch | +5 to +6 GW estimate | Perfios liquidity clears with credible OFS/block-sale evidence. | Perfios IPO (~$500M at ~$2bn target): the book's biggest pending realisation. | Sarvam Series B final size: $234M first close (15 Jun) against ~$300M target at $1.5bn post, HCLTech $150M strategic lead, Bessemer in; round still open ($234M first close of ~$300M; press conflicting). |
| Endiya Partners Positive outlook · Medium conf. | 75 | Upgrade watch | +5 to +6 GW estimate | Whether the window survives $90-105 oil and a 4.45% CPI; August-September pricing behaviour of the queue. | Cure.fit IPO-track guidance (12 months from Mar 2025) has lapsed without an Endiya-relevant filing — note Cult.fit (CureFit Healthcare) DID file its DRHP 6 Jul 2026; verify whether Endiya still holds any position before attributing. | Kissht post-listing performance and Endiya's residual management. |
| 3one4 Capital Positive outlook · Medium conf. | 74 | Upgrade watch | +5 to +6 GW estimate | Jupiter liquidity clears with credible OFS/block-sale evidence. | Separate broad PE-VC softness from venture AI strength before changing sector-positioning scores. | Fund V first close (~$225M target, IFC $20M proposed): unclosed as of Jul 2026. |
| A91 Partners Stable outlook · Medium conf. | 73 | Upgrade watch | +5 to +6 GW estimate | Go Digit liquidity clears with credible OFS/block-sale evidence. | Whether the round stabilises the pivot or A91 needs to inject further; read-through to other 2021-22-vintage D2C consumer marks across the cohort. | Atomberg DRHP: the July filing window passed, but the public-entity (Ltd) conversion completed in July and a ~₹40 Cr secondary is in talks — mechanics moving, papers not filed. |
| Chiratae Ventures Developing outlook · Medium conf. | 69 | Upgrade watch | +5 to +6 GW estimate | PolicyBazaar liquidity clears with credible OFS/block-sale evidence. | Sonic batch 2 composition and follow-on rates from batch 1. | Fund V final close: guided Q1 CY2026, unannounced as of Jul 2026. |
| Stellaris Venture Partners Positive outlook · Medium conf. | 75 | Upgrade watch | +4 to +5 GW estimate | Honasa (Mamaearth) liquidity clears with credible OFS/block-sale evidence. | Residual Honasa position management after the Jan 2025 sell-down. | Fund III AI-sleeve deployment pace against the $100-150M earmark. |
| Fireside Ventures Positive outlook · Medium conf. | 75 | Upgrade watch | +4 to +5 GW estimate | boAt (Imagine Marketing) liquidity clears with credible OFS/block-sale evidence. | Consumer funding rotation: July 2026 was strong (four Fireside deals, two led) — whether the recovery holds through Fund IV's window. | boAt IPO pricing and debut: UDRHP cut the issue to ₹1,500 Cr (₹500 Cr fresh + ₹1,000 Cr OFS; Fireside sells up to ₹150 Cr) — still no band or dates as of mid-Aug 2026. |
Evidence ledger · source quality control
The weakest evidence files first. Primary sources, dated 2025-26 material and low-confidence fields determine whether a GP score is publication-ready or due for source work.
| Firm | Evidence score | Source mix | Freshness | Latest source | Gap | Refresh action |
|---|---|---|---|---|---|---|
| Northpoint Capital Low dossier confidence | 14 Evidence-risk file | 0P · 3S · 1E 0% primary | Current 2026 | Entrackr: Liquidnitro $19.1M Series A (Jan 2026) | No primary source structured. | Find a filing, official firm disclosure, regulator table or LP document before next score action. |
| Mettle Capital Low dossier confidence | 14 Evidence-risk file | 0P · 3S · 1E 0% primary | Current 2026 | Inc42: Mettle targets $350-400M (May 2026) | No primary source structured. | Find a filing, official firm disclosure, regulator table or LP document before next score action. |
| Creaegis Low dossier confidence | 16 Evidence-risk file | 1P · 3S · 1E 20% primary | Recent 2025 | Entrackr: GIVA ₹530 Cr Series C (Jun 2025) | Low-confidence fields: Exit data, Portfolio data, Team data, Performance proxy. | Upgrade Exit data evidence before changing the score. |
| Speciale Invest Low dossier confidence | 19 Evidence-risk file | 0P · 4S · 1E 0% primary | Recent 2025 | Inc42: Fund III ₹600 Cr close (Aug 2025) | No primary source structured. | Find a filing, official firm disclosure, regulator table or LP document before next score action. |
| Prime Venture Partners Medium dossier confidence | 38 Evidence-risk file | 0P · 4S · 1E 0% primary | Recent 2025 | Entrackr: Fund V $100M close (Mar 2025) | No primary source structured. | Find a filing, official firm disclosure, regulator table or LP document before next score action. |
| Arkam Ventures Low dossier confidence | 42 Evidence-risk file | 2P · 3S · 1E 33% primary | Current 2026 | DealStreetAsia: NIIF in talks (May 2026) | Low-confidence fields: Exit data, Team data, Performance proxy. | Upgrade Exit data evidence before changing the score. |
| General Catalyst India Low dossier confidence | 45 Evidence-risk file | 1P · 4S · 1E 17% primary | Current 2026 | TechCrunch: GC commits $5bn to India (Feb 2026) | Low-confidence fields: Exit data, Performance proxy. | Upgrade Exit data evidence before changing the score. |
| Fireside Ventures Medium dossier confidence | 48 Evidence-risk file | 0P · 5S · 1E 0% primary | Recent 2025 | Inc42: Fund IV $253M close (Dec 2025) | No primary source structured. | Find a filing, official firm disclosure, regulator table or LP document before next score action. |
| Stellaris Venture Partners Medium dossier confidence | 49 Evidence-risk file | 1P · 3S · 1E 20% primary | Recent 2025 | Business Standard: consumer, AI, deeptech focus (Sep 2025) | Low-confidence fields: Performance proxy. | Upgrade Performance proxy evidence before changing the score. |
| pi Ventures Low dossier confidence | 49 Evidence-risk file | 1P · 3S · 1E 20% primary | Current 2026 | YourStory: Pranos Fusion (Mar 2026) | Low-confidence fields: Performance proxy. | Upgrade Performance proxy evidence before changing the score. |
| Endiya Partners Medium dossier confidence | 50 Evidence-risk file | 0P · 4S · 1E 0% primary | Current 2026 | DealStreetAsia: Kissht listing, Endiya first IPO exit (May 2026) | No primary source structured. | Find a filing, official firm disclosure, regulator table or LP document before next score action. |
| DSG Consumer Partners Medium dossier confidence | 51 Evidence-risk file | 2P · 2S · 1E 40% primary | Current 2026 | DS Musings #181: 2026 outlook (firm, Dec 2025) | Low-confidence fields: Exit data, Team data, Performance proxy. | Upgrade Exit data evidence before changing the score. |
Research committee tape · where judgment should go first
A ranked tape of live GP questions, not a news feed. Priority rises when current sources, liquidity events, partner churn, fundraise risk or unusual DPI evidence make the next datapoint decision-relevant.
Diligence agenda · what can change the view
A research desk should show its open questions. This queue ranks the files where new filings, fund-close reports, OFS tables, partner moves or weak evidence can change the GP score fastest.
Sector crowding · who owns which theme
Share of each venture-equity book by sector (GW estimate): credit, growth and sovereign desks are excluded so the crowding read stays like-for-like. Deep red = concentration. Read a column before entering a theme: it's your competition map; read a row to see a franchise's bet.
| Franchise | AI | Fintech | Consumer & Commerce | SaaS & Dev Tools | Deeptech & Space | Healthcare | EV & Climate | Logistics & Infra |
|---|---|---|---|---|---|---|---|---|
| Nexus Venture Partners | 28% | 10% | 20% | 24% | 2% | 4% | · | 12% |
| Elevation Capital | 12% | 24% | 42% | 10% | · | 4% | 2% | 6% |
| 3one4 Capital | 14% | 22% | 22% | 14% | 8% | 8% | 12% | · |
| Blume Ventures | 10% | 16% | 26% | 18% | 10% | 8% | 12% | · |
| Peak XV Partners | 30% | 20% | 22% | 12% | 6% | 4% | 2% | 4% |
| Accel India | 22% | 20% | 24% | 16% | 10% | 4% | · | 4% |
| Lightspeed India | 26% | 14% | 26% | 10% | 14% | · | 4% | 6% |
| A91 Partners | 6% | 18% | 44% | 14% | 2% | 6% | 2% | 8% |
| Stellaris Venture Partners | 26% | 12% | 26% | 16% | 2% | 12% | 6% | · |
| Fireside Ventures | 4% | · | 74% | · | · | 18% | · | 4% |
| Z47 | 16% | 32% | 26% | 10% | 2% | 4% | · | 10% |
| Kalaari Capital | 22% | 12% | 44% | 4% | 6% | · | 4% | 8% |
| Chiratae Ventures | 22% | 10% | 36% | 6% | 16% | 10% | · | · |
| General Catalyst India | 12% | 10% | 30% | · | 22% | 20% | 6% | · |
| Bessemer India | 20% | 26% | 20% | 10% | · | 22% | · | 2% |
| Northpoint Capital | · | · | 100% | · | · | · | · | · |
| Mettle Capital | · | · | · | · | · | · | · | · |
| Arkam Ventures | 18% | 40% | 16% | 10% | 8% | · | · | 8% |
| Together Fund | 56% | · | · | 28% | 8% | 8% | · | · |
| Info Edge Ventures | 18% | 14% | 42% | · | 14% | 6% | · | 6% |
| Creaegis | · | 28% | 30% | · | · | 28% | · | 14% |
| India Quotient | · | 12% | 54% | 16% | 6% | 8% | · | 4% |
| Endiya Partners | 12% | 16% | · | 28% | 24% | 20% | · | · |
| Prime Venture Partners | 10% | 40% | 20% | 20% | · | 10% | · | · |
| Speciale Invest | 14% | · | · | 10% | 62% | 14% | · | · |
| pi Ventures | 30% | · | · | 6% | 28% | 22% | 14% | · |
| DSG Consumer Partners | · | · | 84% | · | · | 12% | · | 4% |
Cross-reference: sector dossiers for the fundamentals behind each column, and the Capital Cycle Clock for where the cycle sits.
Contested positions · where the books overlap
Companies held by two or more tracked capital providers: computed from the position books. Top 12 of 76 shown; each holder's 12-mo signal shows whether the firms even agree on the mark. View all 76 →
Computed from tracked (representative) books, so overlap is understated, not overstated (GW estimate).
The shadow pipeline · who gets paid next
Tracked-book companies queued for the 2026-27 listing window. This is the DPI calendar: each print re-marks every book that holds the name, and several books hold the same name. Full pipeline page →
~₹5,700 Cr (₹2,700 Cr fresh + OFS) at a reported ~₹60,000 Cr (~$6.8bn): below the $7.5bn private peak; Axis, Kotak, JPMorgan, Citi mandated. The bellwether print for every fintech mark — reports conflict on the discount: ~₹60,000 Cr talk vs '~$2.5bn below the private mark' expectations
The ₹11,000-12,000 Cr issue slips to a reported Feb-May 2027 window: domestic MFs/insurers would bid only ~$4.5bn vs the $7bn mark, so Zepto bridged with a >₹1,000 Cr pre-IPO placement (Nexus, GC in) instead of pricing down. ED/FEMA disclosure unresolved
HR SaaS; 3one4 already exited at 58x into the KKR round: listed comp for SaaS books. Microsoft, Salesforce and ADP are reported evaluating a buyout ahead of the planned IPO — a sale could pre-empt the listing entirely
~₹2,600 Cr fresh issue + OFS of 9.68 Cr shares; roadshows underway, targeting an end-Sept 2026 listing. Triple cross-hold: the most contested realisation event in the cohort
The ₹5,000 Cr confidential-route IPO (approved 23 Jan 2026) is off the table: Infra.Market is instead pursuing a backdoor listing through the already-listed Shalimar Paints. Nexus's exit route just changed shape entirely
₹6,650 Cr all-fresh issue; subscription/listing was guided for early-to-second week of August 2026 but actual completion could not be confirmed this cycle — flagged for follow-up. >$1.4bn already realised in 2019
Bloomberg (5 Aug 2026): ~$800M raise ($260M fresh + $540M OFS) at a $5-6bn valuation; FY26 profit ₹724 Cr (+21%). Firmer than the prior 'pre-IPO secondary' framing — Z47's ~$200M part-stake sale at ~$5bn is the read-through
Fireside sells ₹150 Cr in OFS: the D2C shelf’s benchmark print
₹450 Cr fresh issue + OFS of up to 7.65 Cr shares; A91 (largest holder at 21.02%) set to realise ~₹445 Cr in the OFS while retaining ~21%. Jungle Ventures, Inflexor, Steadview, Temasek (V-Sciences) and Survam also selling
Bessemer holds >26%: the fintech-infra benchmark print
~$15bn valuation; Tiger and Microsoft exit fully: the highest-stakes pending fintech print
The planned late-2026 SEBI draft filing is no longer active (market volatility, West Asia conflict, congested calendar). SVF2 re-entered ~$700M in 2021; the e-commerce benchmark listing has no date
$280M raise at ~$1.5bn (May 2026); RBI approved the tech-subsidiary/NBFC merger, and the company is converting to a public limited company with the IPO to follow completion. Middle-India lending's first big public print
Valuation compressed from peak; July's $160M private round funds the runway and defers the public test of B2B commerce marks
₹950 Cr fresh + OFS up to 17.86 Cr shares (~₹4,000 Cr total reported); FY26 revenue ₹1,801.8 Cr +41.6%, loss narrowed to ₹251.9 Cr. No SEBI approval or listing date yet; CEO says timing depends on investor feedback. Temasek's Mar-2026 ₹440 Cr entry at a flat $1.45bn is the reference mark
~$1bn IPO targeted at a $5-6bn valuation; appointed JPMorgan, Jefferies, Kotak and Axis; redomiciling Singapore→India ahead of the listing. Historic SoftBank/Kleiner Perkins backing — not currently held by a tracked GW firm
₹3,150 Cr OFS-only issue; sole seller is Stockholm's MTGx. Formerly VC-backed by Elevation Capital and IDG Ventures India before a 2021 acquisition — no tracked GW firm holds a current stake
KKR-backed (73.78% via Vertical Holdings) supply-chain asset-pooling firm; ₹2,480 Cr issue (₹480 Cr fresh + ₹2,000 Cr OFS). Likely at or near listing — needs a status check next refresh
~₹1,000-1,200 Cr target; 360One Asset-backed enterprise AI/analytics firm on its second IPO attempt after shelving one in 2022
The capital graph · who moves together, who funds whom
Two computed views: firm pairs whose tracked books overlap most (co-investment gravity), and the institutions anchoring multiple tracked franchises (the LP trust map). Both derived from position books and disclosed fund anchors (GW estimate).
From publicly named fund anchors only: undisclosed LP bases (most franchises) are absent, not empty.
How the GP Score works
Unicorn/soonicorn density, up-round momentum, loss ratio in the tracked book.
IPOs, M&A and secondary sales actually returning cash (DPI signals): the dimension Indian VC is graded hardest on post-2024.
Alignment of the current book and recent cheques with Gravitywell sector outlooks and the capital cycle.
Fund cadence, dry powder, discipline of deployment pace against the cycle.
Team continuity, LP re-up evidence, succession and spin-out risk.
Those five factors grade the venture league above. The other desks are graded on their own rubrics — a credit platform is not scored on unicorn density, and a buyout fund is not scored on exit multiples it never underwrote.
The GW GP Score is a Gravitywell research opinion (0-100, mapped to the same G1-G6 ladder as our ratings), built from five weighted factors scored on public evidence. The factors differ by asset class: a buyout fund is not graded on unicorn density, and a credit fund is not graded on exit multiples. Each cohort's rubric, its weights and its version are published in full. Scores are the weighted roll-up of the factors shown on each dossier — never a separate judgement — and the build fails if the two disagree. Raw scores are comparable within a cohort; across cohorts, compare the G1-G6 tier. Fund-level IRR/DPI/TVPI are not public in India; where we cite performance it is either a reported figure (sourced) or a labelled GW estimate band. Position lists are reconstructed from public disclosures and are representative, not exhaustive; ownership stakes are not shown because they are not reliably public. Read the full methodology →
Sourcing. Every figure is sourced and dated. We tier provenance: Primary (official, regulatory, exchange or company filings), Secondary (tier-1 industry research and reputable media), and GW estimate (our own reconstruction or opinion, labelled, never presented as external fact). We prefer primary where it exists, reconcile divergent prints to cited ranges, and hold every number point-in-time: dated, and never silently restated; revisions publish as dated changes.
Fact vs opinion. Facts vs opinion: market sizes, official prints, prices, named deals and agency ratings are sourced facts (Primary/Secondary). Scores, grades, purity weights, scenario paths and indicative sparkline points are Gravitywell's analytical opinion (GW estimate): labelled, not presented as external data.
GW GP Scores are research opinions, not investment advice, not a solicitation, and not an assessment under any SEBI regulation. Dossiers are compiled from public sources believed reliable; firms named did not participate and figures marked E are Gravitywell estimates. Point-in-time: dated to the vintage shown and never silently restated.
The private capital files, refreshed monthly.
New positions, re-ratings and GP Score moves, as they publish.