Internet-Backed VentureSoul Partners Secures First Close of INR 600 Cr Fund

Internet-Focused First Close of the INR 600 Cr Fund

Mumbai-based venture debt firm VentureSoul Partners has marked its first close of INR 600 Cr for its maiden fund by raising INR 146.5 Cr (approximately $17.4 Mn). This SEBI-registered Category II AIF aims for a total corpus of up to INR 300 Cr, with an additional INR 300 Cr available in greenshoe options.

Investment Strategy and Focus

The firm plans to invest in approximately 20-25 startups, with an average ticket size ranging from INR 25-30 Cr and a maximum cap of INR 60 Cr. VentureSoul specifically targets startups in Series A or later stages, emphasizing established business and revenue models across the fintech, B2C, B2B, and SaaS sectors.

Differentiated Debt Proposition

• The firm is committed to a differentiated debt approach, integrating banking practices into the fund space.
• VentureSoul aims to evaluate clients uniquely and offer tailored debt products for new-age economy clients.

Founded by three former HSBC bankers, Gala, Anurag Tripathi, and Kunal Wadhwa, VentureSoul boasts over 65 years of collective experience in building businesses.

With plans to expand operations, the founders expressed gratitude to all contributors to their maiden fund and emphasized their commitment to disciplined deployment and broader ecosystem engagement in future fundraising rounds.

Market Context

According to Inc42 data, pure debt funding contributed approximately 4.3% (or $6.5 Bn) of the total $148.8 Bn raised by Indian startups from 2014 to April 2024. Between 2021 and 2023, only 13 debt funds were announced, totaling $1.5 Bn, or just 4.4% of the over 270 funds with a collective corpus of $33.72 Bn.