Mumbai-based venture capital firm Kettleborough VC, founded and led by seasoned early-stage investor Nisarg Shah, has officially launched its second fund with a target size of Rs 80 crore. The fund recently achieved its first close at Rs 35 crore, with commitments from a mix of family offices and entrepreneurs based in India and the United States, signaling robust cross-border investor interest.
Focus on Inception-Stage Investments in Domain-Experienced Founders
Kettleborough VC’s distinctive investment thesis focuses on backing founders with over a decade of domain expertise, who are at the critical “last straw moment” — when years of market experience, deep networks, and execution readiness converge to launch their next impactful startup.
Nisarg Shah explained,
“We are highly disciplined about investing only in founders for whom their venture is the natural culmination of deep, lived experience — this approach helped Fund I track nearly 2x returns in just three years. With Fund II, we are doubling down on this conviction-driven thesis.”
Strategic Deployment: Seed Checks of $300K–$500K with Follow-on Support
The newly launched Fund II intends to invest in approximately 10 startups, writing initial seed cheques ranging between $300,000 and $500,000 (around Rs 2.5 crore to Rs 4.2 crore). The fund also reserves capital for meaningful follow-on investments in portfolio companies showing strong potential, underlining a long-term partnership approach to company building.
Sector-Agnostic But “Dhandha-First” Investment Preference
While embracing a broad sector approach, Kettleborough VC has expressed a preference for what it terms “Dhandha-first” businesses — ventures with solid business models focused on profitability and real market pain points. Key sectors of interest include:
Financial services (NBFCs, insurance, fintech infrastructure)
Full-stack commerce solutions (B2B platforms, consumer brands)
Vertical SaaS companies, particularly those leveraging agentic AI technologies
Track Record: Fund I Backed 12 Startups and Delivered Strong Outcomes
Since its inception in 2021, Kettleborough VC’s Fund I deployed capital into 12 startups, writing the first institutional cheque for 9 of them. Notable portfolio companies include Zippmat, InPrime, Finhaat, Elivaas, Sumosave, and Gravity. These startups have successfully raised follow-on rounds from marquee investors such as Omnivore, Lightspeed, 3one4 Capital, and Bessemer Venture Partners.
Fund I is expected to fully deploy by the end of this quarter, with the first exits anticipated soon — a positive signal for the newly raised Fund II.
Nisarg Shah’s Unique Investment Philosophy
Nisarg Shah’s investment style is defined by high conviction and low velocity, focusing on founders who combine deep industry expertise and relentless execution over experimentation. With over 30 personal investments and 10 exits, Shah brings considerable experience and an extensive network to support portfolio companies.
Leveraging India’s Early-Stage Ecosystem with Domain Expertise
In a market where startups often pursue rapid scaling with generalized approaches, Kettleborough VC’s domain-led, founder-market fit thesis stands out. By backing founders who intimately understand their sectors, the firm aims to foster capital-efficient, scalable startups with a higher probability of success in India’s competitive early-stage landscape.
Conclusion: Fund II to Power India’s Next Generation of Experienced Founders
Kettleborough VC’s launch of its Rs 80 crore Fund II represents a renewed commitment to backing deeply experienced entrepreneurs at venture inception. With a robust first close and a well-defined investment philosophy, the fund is set to catalyze the growth of high-leverage startups in sectors ranging from fintech to SaaS and commerce.
By doubling down on its “execution journey” thesis, Kettleborough VC under Nisarg Shah’s leadership is positioning itself as a vital partner for India’s evolving startup ecosystem — one that prizes experience, market knowledge, and strategic focus in building scalable ventures.