New fund · Professional & Local Services

Dharana Capital raises $250 million for second fund to invest in tech and consumer startups

By Startup Enthusiast · 12 January 2026

What they do

Dharana Capital is a venture capital firm that invests in tech and consumer startups in India

The firm raised $250 million for its second growth fund, aiming to invest in 8-10 companies

Its assets under management have now reached $450 million, with a focus on backing founders building large, standalone, durable listed businesses

Dharana Capital has raised $250 million for its second growth fund, focusing on tech and consumer startups in India.
The firm's assets under management now total $450 million, with the new fund expected to invest in 8-10 companies.
Vamsi Krishna Duvvuri, founder and managing partner, emphasized the firm's goal of backing founders building large, standalone, durable listed businesses.
Dharana Capital was founded in 2022 as an offshoot of Vy Capital, with its first fund of $160 million.
The firm has backed startups such as Urban Company, Zomato, LAT Aerospace, and Pet Pooja.
The new fund aligns with a broader revival in Indian private equity and venture capital markets, with several firms raising new funds in the past year.

India's venture capital and private equity markets have seen a revival, with firms raising significant amounts in the past year.
Dharana Capital's focus on backing founders building large, standalone, durable listed businesses aligns with the growing trend of Indian startups going public.
The firm's strategy of long-term investment and preparation for public market transitions is a key differentiator in the competitive VC landscape.

Dharana Capital is a venture capital firm based in Bengaluru with a second office in Dubai.
The firm focuses on investing in tech and consumer startups in India, with a long-term approach to building durable businesses.
It has a portfolio of startups such as Urban Company, Zomato, LAT Aerospace, and Pet Pooja.
The firm aims to invest in 8-10 companies per fund, with cheque sizes varying based on business needs.
Dharana Capital's investors include leading US university endowments, health systems, and other non-profits.

Dharana Capital plans to invest in 8-10 growth-stage startups in the tech and consumer space using the new fund.
The firm aims to continue its long-term approach to building durable businesses and preparing them for public market transitions.

US university endowments (investor) — Leading US university endowments participated in the fund raise.
health systems (investor) — Health systems participated in the fund raise.
non-profits (investor) — Other non-profits participated in the fund raise.