India Quotient raises $129 million in Fund 5 to back early stage startups

Early-stage venture capital firm India Quotient has closed its fifth fund worth $129 million (around ₹1,132 crore) — more than twice the size of its previous $64 million Fund IV.

With this new fund, India Quotient plans to invest in Indian startups at the pre-seed and seed stages, as well as support founders at the idea stage.

“We will continue to back founders long before their ideas become ‘sectors.’ This has been true from the early days of India social, brands, content, digital lending, India software, agritech, and many more,” the VC firm said.

Under Fund V, India Quotient plans to support founders at every stage — without rushing them to raise capital, give up too much equity, or exit early.

The firm, an early backer of ShareChat, Sugar Cosmetics, Lendingkart, and Kuku FM, also announced an expansion of its leadership team, appointing Sahil Makkar (VP) and Kanika Agarrwal (ex-Upside AI cofounder) as new partners.

In June 2021, India Quotient closed the first $64 million of its fourth fund, backed by domestic investors like flipkart cofounder Binny Bansal, Paytm founder Vijay Shekhar Sharma, and MakeMyTrip cofounder Deep Kalra, with a target to raise a total of $80 million.

About India Quotient 

Founded in 2012 by Anand Lunia and Madhukar Sinha, India Quotient is a sector-agnostic venture capital firm that invests in early-stage startups across sectors such as SaaS, B2B marketplaces, fintech, consumer services, and social media.

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The firm’s investment size ranges from ₹1–15 crore ($120K–$1.9M) per startup. Over the past decade, India Quotient has launched four funds and invested in more than 100 startups.

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