Dhruv Bahl, previously Chief Operating Officer at BharatPe, has launched a new endeavor in the venture capital domain. His initial fund, Eternal Capital, aims to raise Rs 120 crore, with an option to expand through a greenshoe provision, potentially boosting the corpus by an additional Rs 120 crore.
Eternal Capital is poised to play a significant role in the startup ecosystem, targeting support for 40 early-stage ventures across various sectors over the next three years. As the founder and managing partner, Bahl outlined the investment criteria.
The focus will be on startups led by experienced operators, operating in stages beyond product-market fit, and exhibiting potential for sustainable revenue generation in the medium to long run.
The fund concentrates on financial services, lending firms, and asset-backed financing opportunities. Additionally, consumer-centric and Direct-to-Consumer (D2C) enterprises that disrupt traditional sectors catch its attention.
Furthermore, the fund seeks Software-as-a-Service (SaaS) platforms and tech startups. It also explores emerging domains like sports, gaming, and sustainable energy.
Eternal Capital has already secured around 12% of its target corpus through six finalized deals. Notably, Dhruv Bahl brings extensive angel investing experience, backing over 50 startups since 2020. His portfolio includes Stupa Sports Analytics, ApniBus, GenWise, Vama, and Fleek, among others.
The fund has garnered support from prominent figures in the startup and investment landscape. Investors and entrepreneurs such as BharatPe CEO Nalin Negi, former CEO Suhail Sameer, MakeMyTrip founder Deep Kalra, PolicyBazaar’s Tarun Mathur, VLCC CEO Vikas Gupta, ZoomCar president Adarsh Menon, and several family offices have expressed confidence in Bahl’s vision.
Dhruv Bahl’s foray into venture capital mirrors a broader trend in the Indian startup ecosystem, where former startup executives are transitioning into investors. Notably, several founders, including Mithun Sacheti of CaratLane, Binny Bansal of Flipkart, and Nikhil Kamath of Zerodha, have either launched their funds or become key stakeholders in existing ventures.
In a landscape witnessing heightened investor activity, recent months have seen significant fundraising efforts. Stride Ventures closed its third fund at $165 million, while IvyCap Ventures concluded its third fund at Rs 2,100 crores, underlining the robust investor interest in India’s burgeoning startup ecosystem.
Dhruv Bahl’s Eternal Capital adds another dynamic player to this evolving narrative, poised to shape the future of early-stage investing in India.
