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 August 2026: sourced, with the series conflicts disclosed rather than averaged away.
Fundraising 2x YoY against deployment down a third is the cleanest dry-powder divergence on record: capital is forming faster than it is being spent
June was CRED's $900M Meta round talking; YourStory's wider universe counts H1 at $6.9bn, +21% — same market, different fences
Bain's $10.5bn Asia VI is half the print and is Asia-wide, not India-dedicated: the LP restock is real but concentrated
Six new-age listings YTD plus Manipal's +11% debut on 5 Aug; Shadowfax listed at −9%: the window is open but it prices, it does not forgive
Peak XV $1.3bn, Nexus $700M, Accel $650M, A91 $665M lead the restock
Where discounted: avg 19% (±9%): the GP-led liquidity market is functioning
The one unambiguous H1 2026 growth sector; every GP now claims AI, but only a few have DPI-compatible AI exposure
The queue re-shuffled in August: Manipal listed, Zepto postponed ~2-3 quarters, Razorpay targets end-2026, MakeMyTrip pre-filed a $1bn OFS-only return listing
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. |
|---|---|---|---|---|---|---|---|
| 01Prosus Ventures Growth → listed · ecosystem + AI · $100M+ cheques | $7bn+ deployed in digital India · balance sheet | $7bn+ deployed · evergreen | 6 | 2 | 79G2 Strong | Positive | High |
| 02Info 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 |
| 03Peak XV Partners Seed (Surge) / Venture / Growth · India + APAC | $10bn+ · 16 funds | $1.3bn combined · 2026 | 40 | 6 | 78G2 Strong | Stable | Medium |
| 04WestBridge Capital Series A → IPO and beyond · crossover | $7bn evergreen (firm); ~$10bn India AUM (2022 press reporting) | $7bn · evergreen | 7 | 3 | 78G2 Strong | Stable | Medium |
| 05Accel India Pre-seed (Atoms) / Seed / Series A | ~$3.6bn committed across 9 India funds | $550M · 2026 | 7 | 4 | 77G2 Strong | Positive | Medium |
| 06Nexus Venture Partners Inception / Seed / Series A · India + US | ~$3.2bn | $700M · 2025 | 8 | 5 | 76G2 Strong | Positive | Medium |
| 07Elevation Capital Seed–Growth + late-stage/pre-IPO (Holdings) | $4bn+ (incl. Fund IX) | $500M · 2026 | 5 | 6 | 76G2 Strong | Stable | Medium |
| 08Bessemer 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 |
| 09Stellaris Venture Partners Seed / Series A · concentrated (25-30/fund) | >$600M across 3 funds | $300M · 2024 | 1 | 2 | 75G2 Strong | Positive | Medium |
| 10Fireside Ventures Early + growth consumer · $1-12M cheques | ~$650M (₹5,300 Cr) | $253M (₹2,265 Cr) · 2025 | 2 | 2 | 75G2 Strong | Positive | Medium |
| 11Premji Invest Growth + early-stage tech + public equities · India + US | $10bn+ evergreen | $10bn+ · 2006 | 4 | 2 | 75G2 Strong | Stable | Medium |
| 12Endiya Partners Seed · product/deeptech · India-to-global | ~$200M cumulative (E) | $100M · 2025 | 1 | 2 | 75G2 Strong | Positive | Medium |
| 133one4 Capital Seed / Series A | $750M+ | ~$225M target · in market | 4 | 4 | 74G2 Strong | Positive | Medium |
| 14A91 Partners Growth / Series B-C · $10-50M cheques | ~$1.57bn raised across 3 funds | $665M · 2025 | 2 | 2 | 73G2 Strong | Stable | Medium |
| 15SoftBank 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 |
| 16Lightspeed India Seed–Growth · AI, deeptech, consumer | ~$1.1bn India-dedicated + global-pool access ($9bn, Dec 2025) | $9bn+ · 2025 | 8 | 2 | 70G2 Strong | Developing | Medium |
| 17Chiratae Ventures Seed / Series A / Series B · deeptech tilt | $1.3bn across 7 funds | $150M closed / $350M target · 2025 | 8 | 4 | 69G3 Sound | Developing | Medium |
| 18India Quotient Pre-seed / Seed · ₹1-15 Cr · consumer-first | ~$250M (E) | $129M · 2025 | 1 | 3 | 69G3 Sound | Stable | Medium |
| 19Speciale 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 |
| 20Blume Ventures Pre-seed / Seed / Series A | ~$900M | $175M first close · 2025 | 6 | 3 | 67G3 Sound | Stable | Medium |
| 21Together Fund Seed / Series A · $1-10M · AI-native only · US-India corridor | >$200M (firm claims $250M+) | $150M target · 2023 | 0 | 1 | 66G3 Sound | Positive | Low |
| 22DSG Consumer Partners Seed → early consumer · first cheques up to $5M | $300M+ | $114M · 2023 | 0 | 1 | 66G3 Sound | Stable | Medium |
| 23Kenro Capital Growth secondaries · $20-30M cheques · India + SEA | Undisclosed · >$120M deployed in year one | Undisclosed · 2024 | 1 | 1 | 65G3 Sound | Positive | Low |
| 24Prime Venture Partners Seed · $2-4M first cheques · fintech, AI, SaaS | >$200M deployed · ~$350M raised (E) | $100M · 2025 | 0 | 0 | 65G3 Sound | Stable | Medium |
| 25General 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 |
| 26pi Ventures Seed / Series A · AI + deeptech infra · $250K-3M | ~₹927 Cr (~$115M) across two funds | ₹702 Cr · 2022 | 0 | 2 | 61G3 Sound | Developing | Low |
| 27Z47 Seed / Early / Early-growth | ~$1.5-3.5bn (managed vs firm-claim: disputed basis) | $300-400M target · raising | 11 | 4 | 60G3 Sound | Negative | Medium |
| 28Oister 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 |
| 29Tiger 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 |
| 30Arkam 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 |
| 31Creaegis Growth · $25-40M lead cheques · 12-15 positions | $425M maiden fund (~deployed) | $425M · 2023 | 0 | 0 | 58G3 Sound | Developing | Low |
| 32Kalaari Capital Pre-seed / Seed · AI-first cheques $1-6M | ~$650M | up to $200M (Reliance/Jio anchor) · 2021 | 8 | 3 | 55G3 Sound | Negative | Medium |
| 33Northpoint Capital Seed / Series A · $1-8M cheques · 15-20 positions | $150M · Fund I closed | $150M · 2025 | 0 | 0 | 54G4 Adequate | Developing | Low |
| 34Mettle 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 credit desk
Venture debt and growth credit: the counterparties every equity book above calls when it wants runway without a repricing. Scored on the same five factors read through a credit lens: realisation means repayments and recoveries, not OFS multiples.
| Platform | Commitments / AUM | Latest vehicle | Borrower unicorns | 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 growth & buyout desk
Mid-market PE: control deals, continuation vehicles and staged public-market exits. Where the venture books above sell, these desks often buy.
| Firm | AUM / raised | 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 | 81G2 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 sovereign & crossover desk
State-linked permanent capital investing directly in Indian private markets: the counterparties on the other side of half the cap tables above.
| Investor | India exposure | Latest activity | 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 | 83G2 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 | 73G2 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 | 70G2 Strong | Stable | 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 |
|---|---|---|---|---|---|---|---|---|---|
| Prosus Ventures GW 79 · Positive | Strong re-up 81/100 | $7bn+ deployed · evergreen Mid-cycle | Visible but incomplete | 2 | 5 | Positive mark drift 11/0/1 | Stable bench 0 signals | High concentration Consumer & Commerce (56%) | Current High |
| 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 |
| WestBridge Capital GW 78 · Stable | Strong re-up 81/100 | $7bn · evergreen Mid-cycle | High cash conversion | 3 | 3 | Positive mark drift 7/6/0 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (34%) | 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 |
| Elevation Capital GW 76 · 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 |
| 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 |
| Premji Invest GW 75 · Stable | Strong re-up 79/100 | $10bn+ · 2006 Aging flagship | Visible but incomplete | 2 | 2 | Positive mark drift 6/2/0 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (34%) | Stale 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 |
| 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 |
| SoftBank Vision Fund GW 71 · Developing | Conditional positive 75/100 | $10.6bn India · 2017-2021 Aging flagship | High cash conversion | 4 | 6 | Constructive 6/5/1 | Stable bench 0 signals | High concentration Consumer & Commerce (52%) | Current Medium |
| Lightspeed India GW 70 · 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 |
| Together Fund GW 66 · 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 |
| DSG Consumer Partners GW 66 · 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 |
| Kenro Capital GW 65 · Positive | Conditional positive 71/100 | Undisclosed · 2024 Mid-cycle | Paper-heavy | 1 | 1 | Positive mark drift 3/0/0 | Stable bench 0 signals | High concentration Consumer & Commerce (60%) | 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 |
| 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 |
| Z47 GW 60 · 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 |
| Oister Global GW 60 · Developing | Diligence-heavy 64/100 | ₹500 Cr (₹250 Cr + greenshoe) · 2026 Fresh dry powder | Paper-heavy | 1 | 2 | Positive mark drift 4/1/0 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (40%) | Current Low |
| Tiger Global GW 60 · Negative | Conditional positive 67/100 | ~$2.2bn · 2025 Fresh dry powder | High cash conversion | 3 | 5 | Positive mark drift 8/0/2 | Stable bench 0 signals | Moderate concentration Consumer & Commerce (40%) | Current Medium |
| 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.
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.
Accel's ninth India fund closed oversubscribed on 11 August just 19 months after Fund VIII (~$1.2bn raised for India in 18 months); Elevation's Fund IX closed at $500M in July on an AI-application-layer thesis. Meanwhile Blume V, Chiratae V, Z47's maiden fund, 3one4 V, Kenro and Arkam II all sit past their own close guidance.
Score pressureRaises capital-velocity scores for Accel and Elevation; sharpens the negative read on every raise now visibly stalled — the LP market is open, it is just selective.
WatchWhether any of the six stalled raises announces a close by the September cycle; Accel Fund IX's 2027 deployment start vs competitors deploying now.
A joint 2.3% block (10.48 Cr shares at ~₹186 avg) on 5 August: Elevation to 10.91%, Peak XV to 8.93%. The first big post-lock-in monetisation of the Dec-2025 IPO class, executed at a measured pace — the stock fell only ~1%.
Score pressurePositive for both sellers' exit-realisation dimensions: real DPI at a controlled discount. Sets the template every Nov-Dec 2025 IPO holder now gets measured against.
WatchFurther tranches (20.4% of pre-IPO paper unlocks Jun 2027); whether SoftBank and other non-sellers follow.
The ₹9,275 Cr issue (band ₹560-590, subscribed 29-31 Jul) opened at ₹655 and closed ~₹665 on day one. Temasek's control platform is now listed, with the OFS realising ~₹2,500 Cr for selling holders.
Score pressureConfirms the exit-realisation upgrade for Temasek (82 → 83); a healthy control-asset print also lowers the discount rate on every healthcare book on this platform.
WatchPost-listing float behaviour, lock-up expiries, and whether Temasek runs a PB Fintech-style block cadence on the listed stock.
MD Sudipto Sannigrahi exited during the maiden $300-400M fundraise, following Pranay Desai (Dec 2025); Tarun Davda has told the firm he leaves by end-2026. The first close has slipped past its early-to-mid-2026 guidance amid reported LP scrutiny.
Score pressureDirect franchise-stability cut for Z47 (GP Score 62 → 60). The ~$200M OfBusiness stake sale is the offsetting liquidity story — if it completes at ~$5bn.
WatchFirst-close announcement and anchor LPs; OfBusiness sale completion and clearing price; whether Davda's exit turns into a spin-out that lifts more bench.
On 1 August the CEO told employees the listing moves ~2-3 quarters (reported Feb-May 2027 window): domestic MFs and insurers would bid only ~$4.5bn against the $7bn Oct-2025 mark. Zepto bridged with a >₹1,000 Cr pre-IPO placement from existing backers (Nexus, General Catalyst in) rather than price down; grey-market paper had already slid to ₹38-40.
Score pressureDirect DPI slip for Nexus (the OFS lead), Lightspeed, Accel and General Catalyst: the quick-commerce mark now waits on a listing that no longer has a date.
WatchAny re-filed timetable, the ED/FEMA resolution, unit-economics disclosures, and whether Eternal/Blinkit's listed comps drift while Zepto waits.
The strongest primary-market month in 20 (12 mainboard IPOs, ₹28,650 Cr) landed alongside the first net FPI equity buying since February (+₹20,199 Cr): the exit window every 2026-vintage DPI plan assumed is finally open.
Score pressureRaises the cost of sitting still: managers with SEBI-approved paper (OYO, boAt) or ready books that do NOT print into this window will wear the question in their next score review.
WatchWhether the window survives $90-105 oil and a 4.45% CPI; August-September pricing behaviour of the queue.
Filed 6 July: ₹950 Cr fresh issue plus an OFS of up to 17.86 Cr shares (~₹4,000 Cr total reported). FY26 revenue ₹1,801.8 Cr (+41.6%) with the net loss narrowed to ₹251.9 Cr. Temasek's ₹440 Cr March-2026 entry at a flat $1.45bn set the last private mark.
Score pressureA realisation path for three tracked books at once (Temasek, Kalaari, Chiratae — Kalaari and Chiratae's legacy positions date to 2016). Pricing vs the $1.45bn mark is what moves scores.
WatchSEBI observations, the OFS seller list and quantum per holder, and pricing against the flat final private round.
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
Razorpay files confidential DRHP
July: ₹52,300 Cr equity month and the FPI bid returns
India PE-VC value down 5% YoY in H1 CY2026
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. |
| Prosus Ventures Positive outlook · High conf. | 79 | Upgrade watch | +6 to +7 GW estimate | Swiggy liquidity clears with credible OFS/block-sale evidence. | Swiggy stake mechanics: 25% → 22.31% unexplained in public sources. | Rapido IPO preparation (bankers to be hired end-2026; founders shed promoter tags): the book's next flagship listing. |
| Elevation Capital Stable outlook · Medium conf. | 76 | 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. |
| A91 Partners Stable outlook · Medium conf. | 73 | Upgrade watch | +6 to +7 GW estimate | Go Digit liquidity clears with credible OFS/block-sale evidence. | Whether A91 sold in the Aye Finance OFS (₹300 Cr; reported sellers were CapitalG and LGT): still unverified. | 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. |
| Tiger Global Negative outlook · Medium conf. | 60 | Upgrade watch | +6 to +7 GW estimate | PhonePe liquidity clears with credible OFS/block-sale evidence. | GAAR ruling fallout: appeals, settlements, structure migrations. | PhonePe IPO revival: deferred Mar 2026; Tiger's full exit rides on it. |
| WestBridge Capital Stable outlook · Medium conf. | 78 | Upgrade watch | +5 to +6 GW estimate | PhysicsWallah liquidity clears with credible OFS/block-sale evidence. | Vedantu IPO: reporting now points to late-2026/2027 at $150-200M raise with NO valuation corroboration (stored $500-600M downgraded to low confidence). | Rapido IPO: prep begins end-2026, bankers being hired, founders shed promoter tags — a listing would mark the cohort's largest single position (WestBridge added ₹223.75 Cr in the May 2026 round). |
| 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. |
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. |
| Oister Global Low dossier confidence | 21 Evidence-risk file | 0P · 3S · 1E 0% primary | Current 2026 | Inc42: ACE Fund III launch ₹500 Cr (May 2026) | No primary source structured. | Find a filing, official firm disclosure, regulator table or LP document before next score action. |
| Premji Invest Medium dossier confidence | 22 Evidence-risk file | 2P · 2S · 1E 40% primary | Stale 2024 | Business Standard: more money into AI on $10bn base (Apr 2024) | No 2025-26 source label structured. | Refresh with a dated 2025-26 source before relying on current score direction. |
| Kenro Capital Low dossier confidence | 28 Evidence-risk file | 1P · 3S · 1E 20% primary | Current 2026 | Entrackr: GIVA Series C extension (Feb 2026) | Low-confidence fields: Exit data, Portfolio data, Team data, Performance proxy. | Upgrade Exit data evidence before changing the score. |
| 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. |
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% | · | · |
| WestBridge Capital | 10% | 24% | 34% | 12% | · | 10% | 4% | 6% |
| General Catalyst India | 12% | 10% | 30% | · | 22% | 20% | 6% | · |
| Bessemer India | 20% | 26% | 20% | 10% | · | 22% | · | 2% |
| Kenro Capital | · | 40% | 60% | · | · | · | · | · |
| Northpoint Capital | · | · | 100% | · | · | · | · | · |
| Mettle Capital | · | · | · | · | · | · | · | · |
| Oister Global | · | 20% | 40% | 20% | · | · | · | 20% |
| Prosus Ventures | 8% | 26% | 56% | · | · | 6% | · | 4% |
| SoftBank Vision Fund | 4% | 18% | 52% | 6% | · | · | 8% | 12% |
| Tiger Global | · | 34% | 40% | 8% | 4% | · | · | 14% |
| Arkam Ventures | 18% | 40% | 16% | 10% | 8% | · | · | 8% |
| Together Fund | 56% | · | · | 28% | 8% | 8% | · | · |
| Info Edge Ventures | 18% | 14% | 42% | · | 14% | 6% | · | 6% |
| Premji Invest | 18% | 28% | 34% | 8% | · | 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
Triple cross-hold: the most contested realisation event in the cohort
Construction materials (Hella Infra Market); approved via the confidential route on 23 Jan 2026, silent since — Nexus's next big OFS candidate if it moves
₹6,650 Cr all-fresh issue, band not yet announced: holders locked to post-listing sales; >$1.4bn already realised in 2019
Z47 running ~$200M part-stake sale at ~$5bn; $750M-1bn issue reported at $6-9bn
Fireside sells ₹150 Cr in OFS: the D2C shelf’s benchmark print
₹1,500-2,000 Cr; A91 diluting below 20% to avoid promoter classification. The July filing window passed without papers: stalled until proven otherwise
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
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. Temasek's Mar-2026 ₹440 Cr entry at a flat $1.45bn is the reference mark
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 2025-26 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.
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: portfolio quality (25%), exit realisation (30%), sector positioning (15%), capital velocity (15%) and franchise stability (15%). 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.