Capital raising services in India

India's VC market ranks among the most active globally by deal count, with cross-border participation from US, Asian and European investors heavy at growth stage.

Growth rounds have scaled across every major sector - Meesho, ShareChat, OYO and Lenskart are among the companies that have drawn large international growth cheques; Postman and Freshworks each attracted growth capital ahead of their respective US market events. FEMA and RBI compliance are unavoidable at any material priced round involving foreign investors.

We work with mid- to late-stage Indian startups raising growth capital on the best available terms, drawing on an extensive VC investor network across domestic AIFs and international growth funds. We handle the full end-to-end process: fundraise prep, pitch deck, operating and financial model, investor outreach, term sheet negotiation and closing - including FEMA pricing certifications and CCPS/CCD structuring.

878

VC rounds raised in the last 12 months in India

$67M

Median VC valuation (across all stages) in India

7.6x

Median VC revenue multiple (across all stages) in India

$1.1B

Largest VC round raised in India in the last 12 months

Raising venture capital in India

India's VC market is one of the largest in the world by deal count. Domestic AIF Category I/II funds anchor the local scene; cross-border participation from US, Asian and European investors is heavy at growth stage. Round mechanics involve significant FEMA and RBI compliance complexity.

IVCA-aligned documentation

The Indian Venture and Alternate Capital Association (IVCA) coordinates industry conventions. Most Indian Series A and later rounds use NVCA-aligned documentation adapted for the Indian Companies Act, FEMA regulations and SEBI requirements (for listed-equivalent securities).

Convertible notes and SAFEs

Indian-law CCDs (Compulsorily Convertible Debentures) and CCPS (Compulsorily Convertible Preference Shares) are the standard pre-priced instruments. Y Combinator SAFEs are used where the structure is Delaware/Mauritius parent over Indian subsidiary. Conversion typically at the next priced round at a discount or capped valuation.

FEMA and RBI compliance

Foreign investment into Indian companies is governed by FEMA (Foreign Exchange Management Act) and the RBI's overseas investment rules. Pricing guidelines, sectoral caps, automatic vs approval route distinctions and reporting obligations all materially shape round structuring. One of the key Indian-specific elements of any priced round.

Round structure norms

Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Anti-dilution and pre-emptive rights typically structured via the Shareholders' Agreement and the Articles of Association.

Sectoral foreign investment caps

FEMA imposes sectoral caps on foreign investment in specific sectors - defence, broadcasting, insurance, multi-brand retail, etc. Most pure-tech and SaaS sectors operate under the automatic route up to 100%, but specific sectors require government approval.

Closing mechanics

Closings involve concurrent share allotment, FEMA pricing certifications (Form FC-GPR), Board and shareholder resolutions, and post-completion ROC filings. Indian stamp duty applies to share-allotment certificates and certain transaction documents at state-specific rates.

Largest private tech companies in India

Flipkart valued at $38B is the largest still privately-owned company in India.

See all large tech companies in India
LogoHQDescription
Flipkart
Flipkart is one of India's largest e-commerce platforms, offering a wide range of product categories including electronics, fashion, home goods, groceries, and appliances. Founded in 2007 in Bengaluru by Sachin Bansal and Binny Bansal, the company grew to become a defining player in India's online retail market before being acquired by Walmart in 2018, which holds a majority stake. Flipkart operates several subsidiaries including fashion platform Myntra and payments service PhonePe (subsequently spun out), and competes primarily with Amazon India for dominance in the country's rapidly growing e-commerce sector. The company is headquartered in Bengaluru and serves hundreds of millions of registered customers.
Dec-23
$950M strategic inv.
$38B
BYJU'S
BYJU’S is an India-headquartered edtech giant founded in 2011 providing personalized learning apps and programs for pre-K through grade 12 and competitive exams like JEE and NEET in eight languages across more than 21 countries. Its brand portfolio encompasses Disney-BYJU's Early Learn for ages 2-7, Epic reading platform, Osmo interactive kits, Tynker coding courses, Toppr adaptive tests, and WhiteHat Jr coding classes, bolstered by partnerships with Disney and Google for interactive content delivery.
Feb-24
$300M
$22B
PhonePe
-
May-23
$100M
$15B
Zepto
Zepto is a Mumbai-headquartered quick-commerce platform delivering groceries, fruits, and electronics in 10 minutes via dark stores. Operating 300+ warehouses in 10 cities, Zepto stocks 5,000 SKUs from brands like Nestle and P&G. The app serves urban India with slotless ordering. Valued at $1.4 billion in 2023, it raised funds from Y Combinator Continuity.
Oct-25
$450M Series H
$12B
Mahindra Electric Automobile
Mahindra Electric Automobile is a Bengaluru-based developer of four-wheeler electric passenger vehicles. The company produces models like the eVerito sedan tailored for urban commuting and fleet operations in India. It focuses on affordable electric mobility with lithium-ion battery technology and partners with city governments for electric taxi services. Mahindra Electric Automobile integrates fast-charging infrastructure and maintains a dedicated manufacturing facility in Bengaluru.
Aug-23
$145M
$9.7B
OYO
OYO is a Gurgaon-headquartered hospitality chain operating leased hotels, guesthouses, and vacation rentals across India, Southeast Asia, Europe, and the US. It equips properties with standardized amenities, dynamic pricing tools, and a booking app serving budget travelers seeking verified accommodations in over 80 countries.
Jan-25
$65M
$9.6B
Tata Passenger Electric Mobility
Tata Passenger Electric Mobility Ltd is a Pune-based subsidiary of Tata Motors manufacturing electric passenger vehicles including the Nexon EV, Tigor EV, and Tiago EV. The company operates a 350-acre facility in Sanand, Gujarat, producing over 100,000 units annually with battery assembly and fast-charging infrastructure. TPEML partners with Tata Power for nationwide charging networks and exports to Europe and Southeast Asia.
Mar-22
$984M
$9.1B
EV Co
EV Co is the electric passenger vehicle division of Mahindra & Mahindra, manufacturing four-wheeler EVs in India. It produces models like e2oPlus and eVerito for urban commuting, equipped with lithium-ion batteries and fast-charging support. Operations from Bengaluru facilities supply fleets to ride-hailing services and corporate customers, with a focus on zero-emission last-mile transport in Mumbai, Delhi, and other metros.
Jul-22
$484M
$9.1B
Embibe
Embibe is a Bengaluru-headquartered edtech platform using AI to deliver personalized learning for K-12 students and exam preparation in India. It analyzes performance across 1,500 skills to generate adaptive question banks and feedback reports for exams like JEE, NEET, and board tests. Acquired by Reliance in 2023, Embibe partners with state governments for digital assessments and serves millions through its app and web portal launched in 2012.
Feb-20
$13M strategic inv.
$8.0B
Dream11
Dream11 is a Mumbai-headquartered fantasy sports platform that enables users to create virtual teams and compete in contests for cricket, football, kabaddi, basketball, hockey, volleyball, baseball, and handball. Founded in 2008, it holds partnerships with the Board of Control for Cricket in India and Indian Premier League franchises, serving as India's primary sports engagement platform.
Nov-21
$836M
$8.0B

Startups who recently raised money in India

Largest VC round raised recently in India was a $1.0B Undisclosed stage of Nxtra Data in March 2026.

See all VC rounds in India
LogoHQDescriptionInvestors
Mar-26
Nxtra Data
Nxtra Data is a data center services provider and fully owned Bharti Airtel subsidiary serving enterprises, SMBs, global clients, and government in India. Nxtra Data supplies colocation, cloud infrastructure, managed hosting, data backup, disaster recovery, and remote management across 198,000 sq. ft. of space.
Bharti AirtelAlpha Wave Global+2
$1.0B
$3.1B
Undisclosed stage
Feb-26
Neysa
-
360 ONE AssetBlackstone+3
$600M
$1.4B
Undisclosed stage
Apr-26
KreditBee
KreditBee is a Bengaluru-headquartered fintech firm founded in 2018 that delivers instant personal loans up to INR 400,000 to salaried professionals in India. The app approves applications using alternative data like GST returns and UPI transactions, disbursing funds via Razorpay within 10 minutes. Regulated by RBI as a non-banking financial company, it serves over 20 million users across 15 states with features for credit score tracking and flexible repayment tenures from 3 to 36 months.
Advent InternationalA.P. Moller Holding+6
$280M
$1.5B
Series E
May-26
Rapido
Rapido is a Bangalore-based ride-hailing service launched in 2015 that connects users with bike taxis, auto-rickshaws, and cabs across 200 Indian cities including Hyderabad, Delhi, and Mumbai. The app delivers real-time tracking, upfront pricing, and cashless payments through UPI integration. Rapido holds a leading position in India's two-wheeler segment with over 15 million monthly rides and partnerships with Honda and TVS for electric bikes. It expanded into intercity travel and logistics via Rapido Fleet, serving enterprises for last-mile delivery in e-commerce and groceries.
AccelProsus Ventures+1
$240M
$3.0B
Undisclosed stage
Apr-26
Wingify
-
Amit ManochaKedar Mankekar+4
$149M
-
Undisclosed stage
May-26
RoboScience
-
Huasheng Capital
$147M
-
Series A
Dec-25
Spinny
Spinny is a Gurgaon-headquartered used car platform in India executing end-to-end transactions with 360-degree inspections and fixed pricing. Founded in 2015, it operates 74 experience centers in 19 cities including Bangalore, Delhi, and Mumbai, selling over 100,000 vehicles annually. The full-stack model covers sourcing, refurbishing via Spinny Assured program, financing partnerships with HDFC and Axis Bank, and home delivery within 60 minutes.
AccelWestBridge Capital
$90M
$1.8B
Series G
Mar-26
SFO Technologies
SFO Technologies is a provider of software development, manufacturing, software testing, consulting services, quality training, and hardware design. The firm delivers solutions to aerospace and defense, communications, energy, industrial, healthcare, and transportation industries.
Amicus Capital PartnersAnicut Capital+2
$82M
-
Undisclosed stage
Nov-25
blinkit
Blinkit is a Gurgaon-headquartered quick-commerce platform delivering groceries, fresh produce, dairy, snacks, beverages, and essentials in minutes via dark stores in Indian cities. Acquired by Zomato in 2022, it operates over 500 micro-warehouses in urban hubs like Delhi, Mumbai, and Bangalore. Integration with Zomato's app boosts order volumes, fulfilling 10-minute deliveries for 20,000-plus products across 20 cities nationwide.
Eternal Ltd
$67M
-
Strategic investment
Apr-26
Snabbit
Snabbit is a Mumbai-based on-demand home services platform connecting users with vetted professionals for tasks like deep cleaning, laundry, dishwashing, kitchen prep, and bathroom sanitation. Bookings occur hourly with arrivals in 10 to 15 minutes, supported by AI algorithms for optimal matching based on location, skills, and ratings. The company manages end-to-end operations including recruitment, training at its academies, and insurance coverage for over 5,000 service partners. Operating in 12 Indian cities including Delhi, Bangalore, and Pune, Snabbit processes thousands of daily requests through its app.
Bertelsmann India InvestmentsFJ Labs+4
$56M
$350M
Series D
Mar-26
Edubuk
Edubuk is a blockchain-based decentralized application that issues, e-seals, and verifies educational and work-experience certificates for universities and employers. It records hashes, timestamps, and seals of transcripts and degrees on the chain, streamlining background checks in India and the United States. The platform features an eSeal layer for universities and corporates to store credentials plus a verification layer for third-party access. Edubuk plans CV profiles linking academics, skills, projects, and online courses to blockchain-stored data, incorporating AI and NLP for job matching between candidates and openings. Based in India, it targets higher education institutions and verification services.
Nimbus Capital
$50M
$550M
Series A
Jan-26
Juspay
-
WestBridge Capital
$50M
$1.2B
Series D
Dec-25
Digantara
Digantara is a Bengaluru-based space technology firm developing a satellite constellation for space situational awareness. Partnering with the Indian Institute of Science, it deploys AI-ML algorithms for real-time global Earth coverage, mapping orbital debris, and ensuring flight safety for satellite operators.
360 ONE AssetKalaari Capital+4
$50M
$200M
Series B
Mar-26
blinkit
Blinkit is a Gurgaon-headquartered quick-commerce platform delivering groceries, fresh produce, dairy, snacks, beverages, and essentials in minutes via dark stores in Indian cities. Acquired by Zomato in 2022, it operates over 500 micro-warehouses in urban hubs like Delhi, Mumbai, and Bangalore. Integration with Zomato's app boosts order volumes, fulfilling 10-minute deliveries for 20,000-plus products across 20 cities nationwide.
Eternal Ltd
$49M
-
Strategic investment
Mar-26
Cult.fit
Cult.fit is a Bangalore-headquartered health and fitness company founded in 2016. It operates over 280 gyms across 50 Indian cities, delivering trainer-led classes in yoga, dance, strength training, and cycling. The platform provides nutrition plans via EatFit cloud kitchens, mental wellness through Cult.Mind, and primary care consultations, serving 2 million monthly active users.
MacRitchie Investments
$48M
$1.5B
Series G

Top VCs and strategic investors in India

Accel, Inflection Point Ventures, Peak XV Partners and Blume Ventures funded the most startups in India in the last 12 months.

See all VCs in India
LogoHQDescriptionKey portfolio
Inflection Point Ventures
Inflection Point Ventures is a Delhi-based angel investment network connecting over 3,300 CXOs, high-net-worth individuals, and family offices with early-to-mid-stage startups across India. Since its founding in 2018, the platform has facilitated investments in more than 150 companies spanning sectors like fintech, healthtech, SaaS, and consumer brands. It offers startups capital starting from INR 50 lakh per investor alongside mentorship, market access, and due diligence led by industry experts. The network democratizes angel investing through a INR 25,000 annual membership fee and transparent processes, maintaining a portfolio with unicorn representation and exits via acquisitions.
CtruhDAAKitGabify+2
80
Seed
Blume Ventures
Blume Ventures is a Mumbai-headquartered venture capital firm funding pre-seed and seed-stage tech-enabled startups in India. It invests in sectors like fintech, edtech, and consumer internet, with follow-on rounds for portfolio companies including GreyOrange for robotics and Turtlemint for insurance.
Nivāsa FinanceOptimized ElectrotechLightFury Games+2
72
Seed
Accel
Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups.
RapidoSahiAtlas+2
69
Series A
Antler
Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons.
Namma YatriHireBoundCraftif AI+2
54
Pre-seed
Peak XV Partners
Peak XV Partners is a venture capital and growth investment firm managing over $9 billion across 13 funds with stakes in more than 400 companies throughout India, Southeast Asia, and beyond. Formerly Sequoia Capital India and SEA, the Singapore-headquartered firm supports startups from seed to late stages. Approximately 40 portfolio companies have surpassed $100 million in annual revenue, spanning fintech, e-commerce, and enterprise software.
Ethereal MachinesBambooBoxGrapevine+2
53
Seed
Info Edge ventures
Info Edge Ventures is the investment arm of Info Edge (India) Ltd, established in 2008 and headquartered in Noida. It focuses on early-stage investments in internet and technology startups across consumer internet, fintech, and edtech sectors. The venture firm has backed companies like Policybazaar, Urban Company, and Acko, actively supporting digital platforms transforming consumer experiences in India.
GobbleCubeSwageazyNowPurchase+2
34
Seed
Titan Capital
Titan Capital funds early-stage startups in India with a portfolio exceeding 200 investments. Gurgaon-based, the firm backs founders in fintech, edtech, and consumer internet sectors, including unicorns like Ola Electric, Paytm, and CRED. Co-founded by Snapdeal's Kunal Bahl and Rohit Bansal, it manages over $300 million in assets and focuses on high-impact ventures scaling across South Asia.
MekrHomeRunNester India+2
34
Seed
Elevation Capital
Elevation Capital is an early-stage venture capital firm investing in consumer internet, enterprise software, logistics, and B2B marketplaces. Formerly SAIF Partners India, it manages over $2.5 billion across funds and has backed companies like Meesho, ShareChat, and Unacademy. Headquartered in Gurugram, India, the firm leads seed to Series B rounds with average investments of $10 million to $50 million in high-growth startups across Southeast Asia.
SahiWishlinkSkydo+2
34
Series B
Nexus Venture Partners
Nexus Venture Partners is a cross-border venture capital firm investing $2.6 billion in enterprise software companies in the United States and consumer internet businesses in India. The fund backs seed and Series A rounds for SaaS platforms like Postman and Unacademy, providing operational support through offices in Mumbai, Bangalore, and San Francisco. Active since 2006, Nexus Venture Partners manages 60 portfolio companies generating over $5 billion in combined revenue.
SnabbitWootz.workNeysa+2
32
Series A
CapitalOven
CapitalOven is a Mumbai-headquartered early-stage venture capital firm investing in AI, machine learning, and generative AI startups from seed to Series A stages. It backs companies across India and international markets with a focus on scalable technologies in enterprise software, healthcare, and fintech. The firm provides strategic guidance and ecosystem connections to portfolio teams.
Novixo AIAtiryaNAVCHETNA+2
31
Seed

What if not VC? Non-equity funding in India

India's non-dilutive funding stack has scaled significantly under Startup India - between Section 80-IAC tax holiday, SIDBI's Fund of Funds, MSME schemes and venture debt, Indian startups have multiple paths to extend runway without taking equity dilution.

Section 80-IAC tax holiday

DPIIT-recognised eligible startups can elect a 3-year income tax holiday (out of the first 10 years post-incorporation) under Section 80-IAC. Effectively shelters profits during the qualifying window - material for profitable Indian SaaS and tech companies.

Section 56 angel tax exemption

DPIIT-recognised startups are exempt from the angel tax under Section 56(2)(viib) - which would otherwise tax share premium above fair market value as the company's income. Critical for structuring angel and seed rounds without triggering punitive tax outcomes.

SIDBI Fund of Funds for Startups

SIDBI FFS provides anchor LP capital to AIF Category I/II funds investing in Indian startups. While indirect, the cumulative effect is that most domestic Indian VC capital carries some government LP backing.

Startup India and DPIIT incentives

Startup India recognition unlocks reduced compliance, government tender access, faster patent processing and various ministerial scheme eligibility. Stacks cleanly with sector-specific MSME and innovation programmes.

Indian venture debt

Trifecta Capital, Alteria Capital, InnoVen Capital, Stride Ventures and others provide ARR-backed venture debt. Indian venture debt has scaled materially in the last five years, typically deployed alongside priced equity rounds.

Revenue-based financing

Indian RBF providers (Klub, GetVantage, Velocity) advance cash against forward revenues for ecommerce and SaaS. Repaid as a share of monthly revenue. Faster than venture debt to draw; particularly relevant given India's large D2C and SaaS scenes.

Why Flow Partners as your capital raising advisor?

We operate across four key principles that continuously allow us to deliver successful capital raising advice to winning founders in India.

Kraft KPI-driven narrative

High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.

Move fast and cut the BS

We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.

Access relevant investors

Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.

Valuation is only one part of the equation

When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.

Selected case studies

We've advised companies from series A to series D and beyond.

Our capital raising experience spans across various tech sectors and geographies.

Client logo

We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.

Client
Client
Client
Client
Client
Client

Recently completed VC fundraising projects

Selected capital-raising mandates and prior investment experience.

Volocopter logo

Investment

Volocopter logo

€50m investment from Geely. All-electric air taxis with vertical takeoff and landing.

AU10TIX logo

Investment

AU10TIX logo

$60m investment from TPG. ID authentication and digital record conversion software.

FlixBus logo

Investment

FlixBus logo

Investment from Silver Lake. Online intercity bus service across Europe, North America and Brazil.

Pipedrive logo

Investment

Pipedrive logo

Growth investment. Cloud-based sales CRM and pipeline management software.

ALOHA logo

Investment

ALOHA logo

$30m growth investment. Food and beverage brand with plant-based protein products.

BIScience logo

Investment

BIScience logo

Investment from WPP / Kantar. Digital and behavioral data intelligence provider.

Work4 logo

Investment

Work4 logo

Growth investment. Recruitment app for employer-candidate social media engagement.

RankAbove logo

Investment

RankAbove logo

Growth investment. End-to-end search engine optimization platform.

Yatego logo

Investment

Yatego logo

Investment from Acton. Virtual shopping mall and online marketplace platform.

XING logo

IPO Advisory

XING logo

€68m IPO. Career-oriented social networking site for the DACH region.

CRA logo

IPO Advisory

CRA logo

€1.2bn IPO. Czech digital infrastructure platform (telecom and ICT).

Delticom logo

IPO Advisory

Delticom logo

€41m IPO. Europe's largest online car and motorcycle tire platform.

Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike traditional fundraising advisors, we truly understand tech businesses and the unique challenges they face. Our investment banking background combined with deep sector expertise allows us to build compelling equity stories and reach the right investors with conviction.

More services

We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.

Fractional CFO in India

We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.

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M&A in India

We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.

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