Indian fundraising rewards founders who pair breakthrough solutions with ruthless execution—and the best investors bring local relationships, sector expertise, and global scale, not just capital. Here's the definitive, founder-first guide to who's truly active in India, how to pick the right partner, and how to pitch so you get to "yes."

1) How to pick the right investors (fast filter you can actually use)

Start with stage & check size. Map who truly leads at your stage (pre-seed/seed vs. Series A/growth). Ask for typical first-check ranges and ownership targets so you're not pitching a "follower" as a lead.
Prioritize fresh dry powder. Funds that closed or announced new capital in 2024–2025 are primed to move (e.g., Accel India Fund VIII at $650M; A91 Fund III at $665M; Blume's Fund V initial close at $175M; Chiratae Fund V second close at $150M). (Accel)
Match thesis, not logo. If you're D2C, look at Fireside; deep-tech? Speciale; agri/climate? Omnivore. India SaaS? Accel, Nexus, Lightspeed, 3one4, Stellaris, Z47. (Reuters)
Check follow-on muscle. Ask how many pro-rata and "over-pro-rata" follow-ons they did from the last fund. You want reserves.
Use India's momentum. Despite cycles, India ranked #3 globally for tech startup funding in H1'25—buyers are active and talent is thick in Bengaluru and Delhi. Ride that narrative with specifics. (The Times of India)

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2) The investors (what they do, why founders pick them, how to approach)

For each firm: Center, Stage & typical motion, Why founders pick them, What they scrutinize, Pitch hooks. (Facts and 2024–2025 fund moves cited.)

1) Accel India (Bengaluru)

Center: Multi-stage with a deep India bench; announced $650M Fund VIII (Jan 2025) focused on AI, consumer tech, fintech, manufacturing. (Accel)

Stage & motion: Seed → Series A (often leads; fast follow-ons).

Why founders pick them: Repeatable SaaS and consumer playbooks; strong early-stage conviction.

Scrutinize: Retention curves, bottoms-up motion, hiring velocity.

Pitch hooks: Show activation→30/60/90 retention and a concrete path to expansion.

2) Elevation Capital (Gurugram/Bengaluru)

Center: Long-standing India specialist (ex-SAIF). In Aug 2025 launched a $400M late-stage vehicle while remaining active at seed/A. (VCCircle)

Stage & motion: Seed/A + selective late-stage; leads and supports.

Why founders pick them: High-signal India brand; patient, stage-agnostic support.

Scrutinize: PMF evidence, net revenue retention (NRR), path to category leadership.

Pitch hooks: Milestones that de-risk the next round + 2 likely follow-on leads.

3) Lightspeed (India & SE Asia) (Bengaluru/Mumbai/Delhi)

Center: Dedicated $500M India & SEA fund (largest for the regions at raise) and active across consumer, SaaS, fintech. (Lightspeed Venture Partners)

Stage & motion: Seed → growth; comfortable leading.

Why founders pick them: Cross-border scale, strong platform support.

Scrutinize: ICP clarity, repeatable acquisition, sales efficiency.

Pitch hooks: Show repeatability by segment and efficiency targets per channel.

4) Nexus Venture Partners (Mumbai/Bengaluru/SF)

Center: India–US bridge with concentrated stakes; preparing a ~$700M Fund VIII (2025). (Moneycontrol)

Stage & motion: Seed/A (leads) with deep follow-on reserves.

Why founders pick them: Hands-on company-building plus US market access.

Scrutinize: Founder-problem fit, wedge→platform logic.

Pitch hooks: Pipeline by design partners and 12–18-month product roadmap.

5) Blume Ventures (Mumbai/Bengaluru)

Center: Early-stage India specialist; Fund V initial close $175M (Oct 2025) targeting $250–275M final. (Business Standard)

Stage & motion: Pre-seed/Seed → A; leads or tight co-leads.

Why founders pick them: India-native operator network; disciplined ownership.

Scrutinize: Weekly activation, founder velocity, capital efficiency.

Pitch hooks: Experiment stack (what you'll test monthly, with kill/scale criteria).

6) Chiratae Ventures (Bengaluru)

Center: Technology-focused India VC; Fund V second close at $150M (2025); $1.3B under advisory across 7 funds. (Chiratae Ventures)

Stage & motion: Seed/A/B; leads selectively with strong reserves.

Why founders pick them: Depth across consumer, SaaS, health/fintech; steady DPI.

Scrutinize: Cohort stickiness, CAC payback, governance hygiene.

Pitch hooks: Show NRR path and a crisp org plan for the next 4 hires.

7) Kalaari Capital (Bengaluru)

Center: Early-stage, founder-first platform with current portfolio activity and ecosystem programs through 2025. (Kalaari)

Stage & motion: Seed/A (leads); broad tech and consumer.

Why founders pick them: Deep local founder programs and India brand.

Scrutinize: Category narrative, moats, market-timing realism.

Pitch hooks: Why now slide tied to regulation, infra, or distribution shifts.

8) 3one4 Capital (Bengaluru)

Center: Early-stage India specialist; strong presence and ecosystem convenings (3one4 Summit 2025). (3one4capital.com)

Stage & motion: Pre-seed/Seed → A; leads or co-leads; disciplined follow-ons.

Why founders pick them: Tight help on hiring, GTM, and governance; India-first lens.

Scrutinize: Unit economics by segment, early NRR, compliance posture.

Pitch hooks: Pricing & packaging experiments with clear readouts.

9) Stellaris Venture Partners (Bengaluru)

Center: Seed & Series A specialist; closed $300M Fund III (late 2024); cheques up to $10M on entry; leaning into AI/deeptech. (Entrepreneur)

Stage & motion: Seed/A (often leads); concentrated support.

Why founders pick them: Sharp seed discipline; "fund of founders" ethos. (Stellaris Venture Partners)

Scrutinize: ICP narrowness, activation, early retention by cohort.

Pitch hooks: Design-partner letters + roadmap to first 3 expansions.

10) A91 Partners (Mumbai)

Center: India-born growth investor; Fund III at $665M (Apr 2025); consumer, manufacturing, healthcare, and tech-enabled brands. (The Economic Times)

Stage & motion: Late seed/Series A → growth; concentrated, high-conviction bets.

Why founders pick them: Company-building at scale; pragmatic governance.

Scrutinize: Category structure, working-capital cycles, cash conversion.

Pitch hooks: Scale math—gross-margin path, capex plan, and payback.

11) Z47 (formerly Matrix Partners India) (Mumbai/Bengaluru/Delhi)

Center: Rebranded India arm of Matrix (independent as of mid-2024); building its next fund (target $300–400M). (The Economic Times)

Stage & motion: Early-stage; history of iconic India bets; still founder-led DNA. (The Economic Times)

Why founders pick them: Deep local brand equity + early-stage pattern-recognition.

Scrutinize: Founder-market fit, speed to value, governance maturity.

Pitch hooks: 12-month hiring plan + metrics you'll hit to unlock A/B.

12) Fireside Ventures (Bengaluru)

Center: India's specialist D2C/consumer brands VC; Fund III $225M (2022); working toward Fund IV (~$230M). (Reuters)

Stage & motion: Seed/A; hands-on with brand, distribution, and ops.

Why founders pick them: Deep consumer brand muscle; category creation.

Scrutinize: Contribution margins v. channel, repeat rates, retention.

Pitch hooks: Cohort LTV/CAC by channel and retail roll-out logic.

13) Bessemer Venture Partners India (Bengaluru)

Center: Global firm with India-dedicated pools; $350M second India fund (Mar 2025) targeting AI, fintech, and D2C. (Reuters)

Stage & motion: Early-stage → growth; cross-border scale support.

Why founders pick them: Global platform + India-specific capital.

Scrutinize: Durable moats, enterprise readiness, category leadership path.

Pitch hooks: US/EU customer proof or partner pipeline if global from India.

14) Speciale Invest (Chennai/Bengaluru)

Center: Deep-tech seed specialist; Fund III ~₹600cr with focus on space, energy, robotics, semis, defense; 18–20 bets over four years. (The Times of India)

Stage & motion: Pre-seed/Seed (can follow to A); technical diligence heavy.

Why founders pick them: True deep-tech patience and blended-finance literacy.

Scrutinize: TRL, GTM for industrial buyers, cap-intensity realism.

Pitch hooks: Pilot storyboard with named labs/OEMs and validation plan.

15) Omnivore (Mumbai)

Center: India's agri/food & climate specialist; Fund III first close $150M; initial checks $1–5M for Seed/A; strong climate/impact lens. (The Economic Times)

Stage & motion: Seed/A; often the first institutional in agrifoodtech.

Why founders pick them: Category expertise, development-finance LPs, and policy familiarity. (bii.co.uk)

Scrutinize: Smallholder value, unit economics across seasons, LCA/impact.

Pitch hooks: Farm-gate math (income uplift, yield, input costs) and offtake.

Also active & respected: (Keep on your radar for fit) India Quotient (new $129M Fund V; idea/pre-seed heavy). (Entrepreneur)

3) Five quick tips for pitching Indian VCs (that actually land)

Lead with retention, not adjectives. One slide: activation → D30/D60/D90 retention, cohort-level payback, and what this raise buys in milestones.
Bring 2 proof points that travel. A design-partner letter (enterprise) and a paid pilot (SMB/consumer). If you're cross-border from day one, include US/EU customer proof or distribution partners.
Own your compliance story. DPIIT recognition, SOC2/GDPR posture, and regulatory runway (especially fintech/health/edtech).
De-risk the next round. "This capital gets us to: N logos, X% NRR, and Y months of runway," plus 2 named likely follow-on leads (by fund and partner).
Keep the data room boring (a compliment). Cap table, IP, customer letters, cohort tables, and a milestone-indexed budget. Clean beats clever. Use Peony to organize your startup data room and track investor engagement.

Final Thoughts

Indian fundraising in 2025 requires precision, preparation, and professional presentation. The investors listed above are actively deploying capital, but they expect founders to come prepared with clear retention metrics, realistic milestones, and evidence of product-market fit.

Indian investors evaluate not just your technology, but your ability to execute on distribution, manage compliance, and demonstrate scalable unit economics. Organize your startup data room, track investor engagement, and demonstrate operational maturity from day one.

Get started with Peony for your Indian fundraising — secure data rooms built for startups raising capital.

Impress Investors

Top 15 Active Investors in India 2025: Leading Indian VCs and How to Pitch Them