Artha Venture Fund I (AVF I), the early-stage microVC fund backed by the Artha India Ventures family office, is nearing full deployment after investing over ₹175 crore across 32 seed-stage startups since inception. With standout metrics like a 61% IRR, 3.75x TVPI, and a DPI approaching 20%, AVF I now ranks among the top 5 microVCs globally, according to Preqin’s March 2025 Benchmark Report.
Key Highlights
- Fund Size: ₹225 crore (closed July 2021)
- IRR: 61% vs. India microVC average of 35%
- TVPI: 3.75x (INR), 3.40x (USD)
- DPI: ~20% (boosted by exits, including Everest Fleet)
- Portfolio Revenue (FY25): ₹2,100+ crore
- Total Investment Rounds: 50+
- Direct Jobs Created: 20,000+
- Indirect Employment: 100,000+
Portfolio & Impact
AVF I has backed startups across deeptech, fintech, mobility, wellness, and more. Notables include:
- Everest Fleet (urban mobility)
- Agnikul (aerospace/space-tech)
- LenDenClub (P2P lending)
- GetWork, Lemnisk, Daalchini, Nirmalaya, and InstaAstro
Of its top 10 companies, 6 are profitable, and 2 are valued over $400 million. The fund holds 15%+ average ownership in these “Alpha” bets and continues backing them through strategic follow-on investments.
Selective, Disciplined, and Data-Driven
- Less than 1% of deals evaluated receive investment.
- Built with strong governance, conviction-based decision-making, and a founder-friendly approach.
- AVF I has consistently attracted top global and corporate VCs for follow-on rounds.
#1 VC in India: Preqin Ranking
In a major validation, Preqin’s FY25 Benchmark Report ranked AVF I as the #1 VC fund in India, outperforming other funds launched around 2018 on net multiple and IRR metrics.
“What started as a small experiment has grown into a powerhouse portfolio. We’re laser-focused on becoming India’s first VC to return 10x DPI,” said Anirudh A. Damani, Managing Partner, AVF.
Looking Ahead: Follow-On Focus & Artha Select Fund
With its final seed cheque deployed, AVF I now pivots to:
- Strategic follow-on investments in top-performing companies
- Building out the Artha Select Fund, a first-of-its-kind “winners-only” microVC fund that doubles down on breakout ventures from its portfolio
“AVF I’s success is no accident—it reflects years of methodical work and bold conviction,” said Chris Kolenaty, Founder of Snow Leopard Ventures and LP in Artha Select Fund.
Final Take
AVF I’s journey—marked by outlier IRRs, strong capital efficiency, and alpha-generating strategy—sets a new benchmark for early-stage venture investing in India. As it enters its next phase, AVF I aims to redefine microVC returns, driven by focus, foresight, and founder-first investing.
