Dharana Capital Raises $250 million for Second India Growth Fund

Venture capital firm Dharana Capital has raised $250 million for its second India-focused growth fund to support next-generation technology and consumer businesses in the country.

With the closing of Fund II, Dharana Capital’s assets under management have grown to $450 million, the firm said on January 12. The new fund will invest in “category-defining” technology and consumer companies as India’s startup ecosystem increasingly focuses on scale and public listings.

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The fund has attracted investments from global limited partners, including top US university endowments, health systems, and other non-profit institutions, the firm said.

Dharana Capital founder and managing partner Vamsi Duvvuri said the firm plans to work closely with a select group of founders to help build large, lasting businesses.

“At Dharana, our vision is to back missionary founders building large, standalone, durable listed businesses. We believe India’s listed tech market cap will grow multi-fold over the next decade as more new-age enterprises go public. Our goal is to partner with a select few and play a meaningful role in this value creation,” he said.

Dharana Capital presents itself as a long-term partner for its portfolio companies, collaborating closely with founders and management teams to strengthen business fundamentals and support a smooth transition to public markets when ready.

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Its portfolio includes consumer services platform Urban Company, aerospace startup LAT Aerospace, restaurant management software provider Petpooja, small-business accounting platform Vyapar, defense and robotics venture Botlab/Vayudh, travel and expense management firm Itilite, and home appliances brand Beyond Appliances.

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