New fund · Professional & Local Services

Spring Marketing Capital launches second fund

By Startup Enthusiast · 31 January 2026

What they do

Spring Marketing Capital launched its second fund with a target corpus of INR 500 Cr (~$54 Mn)

First close expected by March 2026 at INR 150 Cr, confirmed by founding partner Raja Ganapathy who declined to disclose size

The first fund of INR 150 Cr was fully deployed across 11 companies, including Purplle and Mosaic Wellness

Spring Marketing Capital launched its second fund with a target corpus of ₹500 crore (~$54 million).
The first close is expected by March 2026 at ₹150 crore.
Founding partner Raja Ganapathy confirmed the fund launch but declined to disclose the size.
The firm's first fund, launched in 2019 with a ₹150 crore corpus, has been fully deployed.
The first fund's portfolio includes 11 companies such as Purplle, Mosaic Wellness, Jar, GIVA, Agilitas, and Shree Anandhaas.
The second fund will invest in post-product-market fit startups, targeting 3-5 years from liquidity events.
It will deepen investments in consumer brands across fintech, health, lifestyle, and retail.
Spring Marketing Capital also co-invested in CAVA's ₹40 crore Series A round earlier that week.

The first fund achieved a 5X return on a partial exit from Purplle.
The firm plans to sell a 50% stake in another portfolio company by March 2026, expecting a 6X return.
Funds worth over $12 billion were launched for the Indian startup ecosystem in 2025, showing strong investor interest.

Spring Marketing Capital is a venture capital firm that provides brand expertise to its portfolio companies.
It writes smaller cheques even in growth rounds, focusing on consumer brands.
The firm's first fund was fully deployed across 11 companies in sectors like beauty, health, fintech, and retail.
It targets post-product-market fit startups, meaning companies that have already found a strong customer base.

The second fund will invest in post-product-market fit startups, targeting 3-5 years from liquidity events.
It will deepen investments in consumer brands across fintech, health, lifestyle, and retail.
The firm plans to sell a 50% stake in another portfolio company by March 2026.