Creaegis.
The ex-Premji growth shop that raised India's biggest-ever first-time rupee fund ($425M, 2023) and led every round it entered: Zopper, Kale, Doceree, Onsurity, GIVA, Third Wave, with one serious scar: Medikabazaar's revenue-fraud entanglement.
GW GP Score
Creaegis is Prakash Parthasarathy (Premji Invest's founding CIO) running the same playbook with outside LPs: $25-40M lead cheques into growth-stage consumer, fintech, health and SaaS, four a year, 12-15 total. Deployment is nearly done and the leads are marked up (GIVA's Series C priced above its entry, Third Wave attracted a ~$100M 2026 round). The asterisk is Medikabazaar: a PwC audit found 60%+ of GMV wrongly booked, the founder was ousted for fraud, and Series C investors' ₹278.7 Cr indemnity claim sits in arbitration. Fund II is expected but unannounced.
Conditional hold: enough signal to track closely, not enough to underwrite without the next proof point.
Portfolio quality depends on a narrow theme; the right comp is concentration risk, not headline unicorn count.
No named analyst override yet; current view is generated from the scored dossier and should be refreshed when the next primary source lands.
Medikabazaar arbitration outcome (₹278.7 Cr claim).
Fund II launch and size.
Medikabazaar arbitration outcome: both capital and reputational marker for Fund II.
Computed from current dossier sources; analyst override pending.
A disciplined lead-investor debut with real markups and one absorbed governance failure: graded Developing until Fund II prices the record and Medikabazaar resolves.
Six clean positions marked up or stable; one serious impairment
None: vintage-appropriate but unproven
Growth consumer/health/fintech: sensible, not differentiated
Record maiden raise, disciplined deployment; Fund II pending
Ex-Premji team intact; no departures found
Portfolio quality 25% · Exit realisation 30% · Sector positioning 15% · Capital velocity 15% · Franchise stability 15%: see the full GP Score methodology · compare this firm →
Pressure catalysts, fund status or evidence gaps outweigh current positives; score support depends on the next verification cycle.
Fund II launch and size.
IPO/secondary window fails to convert paper marks into distributions.
Medikabazaar arbitration outcome (₹278.7 Cr claim).
The Fund II diligence is straightforward: GIVA/Third Wave marks vs the Medikabazaar arbitration. Ask specifically how the fraud was missed at Series C diligence: the answer tells you about the process, not the outcome.
Medikabazaar arbitration outcome: both capital and reputational marker for Fund II.
Medikabazaar arbitration outcome (₹278.7 Cr claim).
Coverage initiated: inaugural GW GP Score.
Catalyst exposure · latest source pressure
Recent public evidence mapped to this GP. Read this before reading the position table: it is where the score can move next.
Keep the file warm; current events cut both ways or are not yet material enough to move score.
Attribution0 positive catalyst(s), 1 pressure catalyst(s); top driver: India PE-VC value down 5% YoY in H1 CY2026.
The broad private-capital backdrop is selective rather than euphoric; fundraising and mark support now need firm-specific proof.
Score pressureRaises the bar for weak-DPI managers and stale flagship vehicles; rewards funds with fresh closes or visible exits.
Separate broad PE-VC softness from venture AI strength before changing sector-positioning scores.
The funds
$425M maiden fund (~deployed) across 1 tracked vehicles.
| Vehicle | Vintage | Size | Stage | Note |
|---|---|---|---|---|
| Maiden fund (CIF II AIF scheme) | 2023Trough window | $425M | Growth | vs $500M target; IFC $25.25M; ~$142M deployed by final close |
Closest booksKenro Capital (1 shared) · Premji Invest (1 shared) · India Quotient (1 shared)computed · E
Fund analytics · LP underwriting screen
Computed from the public dossier: vehicle cadence, realised exits, mark drift, concentration and franchise stability. All computed signals are GW estimates.
Vehicle cadence is neither freshly restocked nor visibly stale.
Next liquidityGIVA
0 visible exit events since Jul 2024.
Vehicle cadence is neither freshly restocked nor visibly stale.
4 up / 2 flat / 1 down tracked signals.
No senior departure flagged in key people.
4 up / 2 flat / 1 down
0 events since Jul 2024
Largest tracked active exposure
Higher spread = less balanced franchise
Marked overhangMedikabazaar: names with negative 12-month mark or momentum signals in the reconstructed book.
Best entry conditions of the cycle
240+ stores; fourth tracked firm on this cap table (A91, Kenro, Premji)
Latest cited source appears to be 2025.
0 visible events tracked.
7 representative positions tracked.
No departure signal structured.
Fund-level DPI/TVPI is usually not public; proxy remains estimated.
Peer median 2 · -2
Peer median 2 · -1
Peer median 74 · -49
Peer median 62 · -18
Peer median 0 · +0
Diligence agenda · how this view can change
The live research question, the proof required, and the source standard. This prevents a GP score from becoming a stale label.
Exit data, Portfolio data, Team data, Performance proxy evidence remains low-confidence despite a scored dossier.
Recent · Latest cited source appears to be 2025.
Upgrade the weak fields with dated facts before the next score action: Exit data, Portfolio data, Team data, Performance proxy.
Prioritise filings and firm disclosures; mark estimates as GW E until then.
Fund II launch and size.
GIVA: next public-market or secondary print
Evidence quality · source file health
How hard the public record is beneath this view: source mix, freshness, low-confidence fields and the next source action.
Low-confidence fields: Exit data, Portfolio data, Team data, Performance proxy.
5 total sources · 20% primary
Latest cited source appears to be 2025.
Entrackr: GIVA ₹530 Cr Series C (Jun 2025)
Upgrade Exit data evidence before changing the score.
Source tiering follows Gravitywell policy: primary = filing/regulator/company disclosure, secondary = reputable media or research, E = Gravitywell estimate. Evidence score is a GW control metric, not an external rating.
The position book
Seven platform positions: effectively the complete book.
| Company | Sector | Entered | Entry stage | Status | 12-mo signal | Latest read |
|---|---|---|---|---|---|---|
| GIVA | Consumer & Commerce | 2025 | Series C led (₹530 Cr) | Soonicorn | ▲ | 240+ stores; fourth tracked firm on this cap table (A91, Kenro, Premji) |
| Third Wave Coffee | Consumer & Commerce | 2024 | Series C led ($35M) | Private | ▲ | ~$100M 2026 follow-on with WestBridge |
| Onsurity | Fintech | 2024 | Series B led ($45M) | Private | ▲ | Employee health insurance |
| Doceree | Healthcare | 2023 | Series B led ($35M) | Private | → | Healthcare programmatic marketing |
| Kale Logistics | Logistics & Infra | 2023 | Series B led ($30M) | Private | ▲ | Air-cargo SaaS, global expansion |
| Zopper | Fintech | 2022 | Series C led ($75M rd) | Private | → | Insurtech SaaS |
| Medikabazaar | Healthcare | 2022 | Series C co-led ($75M rd) | Private | ▼ | PwC found >60% of GMV misbooked; founder ousted for fraud; arbitration ongoing |
Representative tracked positions reconstructed from public disclosures: not the full book. 12-mo signal is a GW estimate of mark direction from round/exit prints (E). Ownership stakes are not shown: not reliably public.
Sector exposure · where the book leans
Share of the tracked active book by normalized sector (GW estimate): read against our sector dossiers for crowding.
New cheques · 2025-26
The 2024-26 tilt is consumer brands (Third Wave, GIVA) after 2022-23's B2B/SaaS entries: following where Indian growth-stage cash flow actually lives. Lead-only discipline never broke.
With WestBridge
Realisation · are LPs getting paid?
None: 2022-23 vintage. The fund's story will be written by GIVA and Third Wave realisations and by how Medikabazaar's arbitration lands.
Both re-priced upward by external rounds after Creaegis led
The book's largest early cheque entangled in fraud litigation
PitchBook shell exists; nothing public
Too young for returns; the observable is discipline (lead everything, four a year) and one governance failure absorbed early. GW read: the Premji pedigree is being validated deal-by-deal: Fund II's raise will price exactly that. E.
What they're doing
Lead-only growth investing: $25-40M cheques, board-level 'digital transformation + active management' model.
Concentration: 12-15 positions total: every deal must matter.
Consumer-brand tilt as the fund matures (GIVA, Third Wave) over the early B2B entries.
What can break
Medikabazaar arbitration outcome: both capital and reputational marker for Fund II.
Single-founder-brand franchise: Parthasarathy IS the firm to LPs.
Fully-deployed fund with no exits yet = raising Fund II entirely on marks.
Medikabazaar arbitration outcome (₹278.7 Cr claim).
Fund II launch and size.
GIVA IPO chatter: would be the fund's first realisation path.
Point-in-time discipline: these are the open items we could not verify at the current vintage. They get resolved: confirmed, corrected or dropped, at the next monthly refresh, never silently.
The takes · one screen, three readers
The Fund II diligence is straightforward: GIVA/Third Wave marks vs the Medikabazaar arbitration. Ask specifically how the fraud was missed at Series C diligence: the answer tells you about the process, not the outcome.
Creaegis takes whole rounds, if it's in your process, you're syndicate or you're out. Its consumer conviction (coffee, jewellery) is a read on where growth-PE believes offline India compounds.
Its healthcare pair tells the sector's two stories at once: Doceree (data-driven pharma marketing, working) and Medikabazaar (B2B GMV inflation, litigated). Use both as diligence templates.
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.