New fund · Professional & Local Services

Novastar Partners makes first India investment in AJVC

By Startup Enthusiast · 15 September 2026

What they do

Novastar Partners is a platform that invests in private markets, set up by Dhruv Jhunjhunwala in 2025

It has put money into AJVC, an early-stage venture capital fund, as a limited partner

This move lets Novastar's own investors get access to AJVC's pre-seed startup portfolio

Novastar Partners made its first India investment by backing AJVC as a limited partner (an investor in a fund).
Novastar Partners is a private markets investment platform founded by Dhruv Jhunjhunwala in 2025.
AJVC is an early-stage venture capital fund founded by Aviral Bhatnagar in 2024.
The financial details of Novastar's investment in AJVC were not disclosed.
Novastar Partners will support AJVC's continued deployment across India's pre-seed ecosystem.
Novastar also plans to facilitate follow-on funding rounds, networking, and direct operational assistance for AJVC portfolio companies.
Novastar Partners is the only fund-of-funds in India to have backed AJVC.

Novastar Partners' investment approach is to identify differentiated fund managers with a clear investment edge.
Dhruv Jhunjhunwala believes programmatic pre-seed investing is effective because a few outsized winners generate most returns.
The investment gives Novastar's investors exposure to AJVC's pre-seed portfolio companies.
Novastar intends to continue identifying fund managers and private companies for differentiated exposure to India's tech-led growth.

Novastar Partners builds a portfolio of high-quality funds and private businesses in India's private markets.
It focuses on technology and tech-enabled businesses.
Its focus sectors include artificial intelligence, consumer technology, financial services, healthcare, and deep tech.
Novastar plans to diversify investments across the startup lifecycle: ~15% early-stage, majority growth-stage, and a smaller portion late-stage (secondaries, continuation funds).
AJVC typically invests Rs 1.5 crore at pre-seed or idea stage for around 9% equity.
AJVC works with founders on product development, hiring, people strategy, sales, marketing, finance, legal and compliance.
AJVC's investment focus includes artificial intelligence, healthcare, deep tech, consumer technology, and brands.
AJVC portfolio companies include Iztri, Handy Panda, and Mindcase.

Novastar Partners will support AJVC's continued deployment across India's pre-seed ecosystem.
Novastar plans to facilitate follow-on funding rounds, networking, and direct operational assistance for AJVC portfolio companies.
Novastar intends to continue identifying fund managers and private companies for differentiated exposure to India's tech-led growth.
Novastar plans to diversify investments across the startup lifecycle: ~15% early-stage, majority growth-stage, smaller portion late-stage.

Novastar Partners (lead) — India-focused private markets investment platform, SEBI-registered Category II AIF.
AJVC (investee) — Early-stage venture capital fund, SEBI-registered Category II AIF.