Source: Entrackr
Mumbai based venture capital firm Kettleborough VC, which was founded by early-stage investor Nisarg Shah, has launched its second fund with a target size of ₹80 crore. This fund achieved its first close of ₹35 crore supported by a mix of family offices and entrepreneurs from India and the US.
Kettleborough Fund II aims to uphold the firm’s strategy of backing deeply experienced founders at the early stages. The fund is interested in entrepreneurs with more than ten years of domain experience and a history of executing. Kettleborough Fund II will make initial investments ranging from $300,000 to $500,000 in approximately ten startups, with plenty of capital to make follow-on investments in high-performing companies.
“We only back founders for whom the startup is a natural outcome of a decade-long journey in their domain. Fund I has validated this thesis with strong portfolio traction and early PMF. Fund II doubles down on this conviction,” said Shah.
Kettleborough VC, established in 2021, has recognized its path as a conviction-led, construction-specific fund with a reputation for support through input and conviction-led, focused portfolio of investments. In its inaugural fund, Kettleborough backed 12 startups including Zippmat, InPrime, Finhaat, and Elivaas. Of note, nine of these startups received their first institutional cheque from Kettleborough.
Some of those startups have now raised follow-on investment from some experienced investors, including Omnivore, Lightspeed, 3one4 Capital, and Bessemer Venture Partners, showing how successful Kettleborough’s founder-first approach has been.
The firm’s investment philosophy is predicated on “Dhandha-first” businesses, which are characterized by startups that are business-driven and apply real-world market conditions. The firm is primarily interested in financial services, commerce infrastructure, and vertical SaaS or AI platforms.
Shah has made over 30 other investments, getting 10 exits and 80 follow-on rounds. His other investments include Foxtale, Onebanc and Homeville.
With an amount already committed of ₹35 crore, the firm aims to close balance over the next few months and deploy capital. Fund II’s focus on domain-led founders and capital-efficient businesses positions it well in today’s selective but opportunity-rich early-stage ecosystem.
Summary: Kettleborough VC’s Fund II represents a renewed commitment to supporting highly experienced founders building successful scalable impact businesses. Fund I has established a solid track record of investments all while garnering strong initial LP support. The firm is prepared to advance their strategy in helping to build India’s next wave of startup momentum.
