IvyCap Ventures

What IvyCap Ventures does

IvyCap Ventures is a Mumbai-headquartered venture capital firm founded in 2011 that manages four SEBI-registered fund vehicles — IvyCap Ventures Trust (Fund I, 2013), IvyCap Ventures Trust Fund II (2018), IvyCap Ventures Trust Fund III (2024), and IvyCap Ventures Angel Fund 1 (2019) — collectively overseeing approximately USD 650 million (INR 6,000 crore) in assets across 65+ portfolio companies. The firm invests at Seed, Pre-Series A, Series A, and Series B stages into Indian startups spanning DeepTech, ConsumerTech, HealthTech, FinTech, EdTech, AgriTech, SaaS, Enterprise Tech, and emerging verticals such as semiconductors, EVs, and clean-tech. Its differentiation rests on an alumni-driven ecosystem platform: more than 40 institute partnerships across IITs, IIMs, BITS, IISc, and IIITs feed deal sourcing, mentorship, and LP relationships; the IvyCamp platform runs structured corporate-startup programs with HDFC Life, HDFC Bank, Hitachi Payments, Sonata, SUD Life, Salesforce, DBS Bank, Lowe's, NVIDIA, Google, and others; the THRIVE program activates 100+ mentors/CXOs for portfolio value creation; and the Endowment Fund Program (India's first VC-linked endowment, established at IIT Delhi in October 2019 and expanded via IIT Kanpur, IIT Bombay, IIT Madras, IIT Roorkee, and the Bharat Innovates Super Endowment Fund with IIT Roorkee and NuQuant) reinvests a portion of GP profits into educational institutions.

The firm generates revenue primarily through conventional VC fund economics — management fees (typically ~2% of AUM annually) on its multiple fund vehicles, plus carried interest on investment returns above hurdle rates — and secondarily through fees from IvyCamp corporate innovation engagements. Distribution is direct via investor relations to institutional investors and family offices, supplemented by corporate-connect programs that route deal flow and structured POCs. The firm is managed by Founder & Managing Partner Vikram Gupta (IIT Delhi, ex-Piramal healthcare PE), Co-Founder & Managing Partner Ashish Wadhwani (IIM Ahmedabad, IIT Delhi; prior VC, M&A, and NASDAQ-listing experience), Co-Founder & Head of IR Sonia Sharma Gupta, and Partner Anju Gupta (IIT Delhi, Stanford), with additional offices in Bengaluru, Delhi, Singapore, and the United States. Notable portfolio highlights include the celebration of India's first homegrown VC-sourced dragon company in 2021 and current holdings such as Purplle, Bluestone, Snitch, Miko, TurboHire, Rusk Media, Tiea Connectors, Raana Semiconductors, Dhruva Space, and BatX Energies.

Name

IvyCap Ventures

Legal name

IvyCap Ventures Advisors Private Limited

Website

https://ivycapventures.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

IvyCap Ventures is a Mumbai-based venture capital firm founded in 2011, managing ~USD 650 million across four SEBI-registered funds and 65+ Indian startups (Seed to Series B), leveraging IIT/IIM alumni networks, the IvyCamp corporate innovation platform, and the Endowment Fund program pioneered at IIT Delhi.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Venture capital fund
• Early stage investing
• Startup funding
• Corporate innovation
• Alumni network

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Fund Management: IvyCap generates revenue through management fees (typically 2% of AUM annually) and carried interest (carry) on investment returns (typically 20% of profits above hurdle rate). The firm operates multiple funds: IvyCap Ventures Trust (Fund I), Fund II, Fund III, and IvyCap Angel Fund 1.
2. Startup Engagement Programs: The IvyCamp platform offers structured corporate innovation programs where corporates pay for startup scouting, POC facilitation, and engagement programs. Programs include Futurance (with HDFC Life), Finnovation (with HDFC Bank), SUD Life Uprise, HPX (with Hitachi Payments), Sonata Software Open Innovation, and Bank of Baroda Startup Mentoring.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

IvyCap Ventures is a venture capital firm that manages four SEBI-registered Alternative Investment Funds (Fund I, Fund II, Fund III, and Angel Fund 1) totaling over USD 650 million in assets, investing in early to growth-stage Indian startups from Seed through Series B. Beyond capital, the firm operates ecosystem platforms including IvyCamp for corporate-startup engagement programs, THRIVE for portfolio mentorship, and IvyConnect for founder masterclasses, and pioneered India's first VC-backed endowment fund at IIT Delhi.

Product overview

IvyCap Ventures is a venture capital firm that operates multiple fund vehicles (Fund I, Fund II, Fund III, and Angel Fund 1) managing over USD 650 million across 65+ portfolio companies. The firm offers ecosystem platforms including IvyCamp for corporate-startup engagements, THRIVE for portfolio mentorship, and IvyConnect for educational workshops. IvyCap pioneered India's first university endowment fund at IIT Delhi in 2019, reinvesting profits into educational institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• IvyCap Ventures Trust Fund I
• IvyCap Ventures Trust Fund II
• IvyCap Ventures Trust Fund III
• IvyCap Ventures Angel Fund 1
• IvyCamp Corporate Innovation Platform
• THRIVE Mentorship Program
• IvyConnect Masterclass Program
• IIT Delhi Endowment Fund Program

Quantifiable outcome

• First homegrown VC fund to successfully create a dragon company
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

19 partnerships are on record, tiered core and minor.

• IIT RoorkeecoreStrategic or Co-development Partner · 22 June 2026IvyCap Ventures partnered with IIT Roorkee and NuQuant to launch the ₹1,000 crore Bharat Innovates Super Endowment Fund, designed as a perpetual, self-sustaining corpus to support deep-tech startups, research, and intellectual property development across the IIT network. IvyCap will manage the endowment fund.
• IIT DelhicoreStrategic or Co-development Partner · 1 October 2019IvyCap established India's first Endowment Fund at IIT Delhi, launched by the President of India in October 2019. The endowment allocates a portion of IvyCap's profits to support research, innovation, and entrepreneurship at the institution.
• HDFC LifecoreStrategic or Co-development PartnerHDFC Life partnered with IvyCap to launch Futurance program for startup POC opportunities to accelerate digital transformation through startup pilots. The program is in its 5th phase with 11 startups selected for POC.
• HDFC BankminorStrategic or Co-development PartnerHDFC Bank partnered with IvyCap for the Finnovation program focusing on AI/ML fraud detection and metaverse applications for housing finance innovation.
• Hitachi Payment ServicescoreStrategic or Co-development PartnerHPX (Hitachi Payments Accelerator) is a collaboration between Hitachi Payment Services and IvyCamp to empower startups in fintech and payments to develop innovative solutions and build next-gen capabilities.
• Sonata SoftwareminorStrategic or Co-development PartnerOpen Innovation Program scouting startups in AI, ML, Blockchain, and RPA for retail tech innovation, advancing Sonata's technology partnerships.
• Star Union Dai-ichi Life Insurance (SUD Life)minorStrategic or Co-development PartnerSUD Life Uprise program for startups to scale and deploy solutions including workflow automation, decision making dashboarding, HR Tech, and customer engagement in the insurance sector.
• Bank of BarodaminorStrategic or Co-development PartnerStructured Mentoring Program for Bank of Baroda startups providing entrepreneurs access to experienced mentors for business, strategic, legal, and technical issues.
• SalesforceminorGTM or Marketing PartnerCorporate Connect session with 30+ startups on Building the Right Product in the Age of AI, with 3 selected startups showcasing solutions to Salesforce leadership.
• DBS BankminorGTM or Marketing PartnerStartup Connect Program connecting DBS Bank with 120+ startups, 60+ startups pitched to IvyCap investment team, founders gained clarity on fundraising and regulatory compliance.
• Lowe's IndiaminorGTM or Marketing PartnerInnovation Xchange event facilitated partnership between Lowe's leadership and four IvyCap portfolio startups: Vinculum Group, Botsync, Convosight, and Adya for product demos and 1:1 conversations.
• IIT Bombay (SINE)coreStrategic or Co-development PartnerPanel discussion on IIT innovation landscape featuring ImmunoACT, Modulus Housing, and BotLab Dynamics. Collaboration on deeptech innovation with startup ecosystem.
• IIT Madras (Centre for Innovation)coreStrategic or Co-development PartnerEndowment support for AgniRath solar car project; team qualified for 2023 World Solar Challenge as only Indian team. Support for deeptech innovations including foldable housing solutions.
• IIT Kanpur (SIIC)coreStrategic or Co-development PartnerEndowment support for Cute Brains startup developing assistive technology for children with dyslexia; partnership for workshop on early intervention and inclusive education.
• NvidiaminorOthersCorporate partner listed for ecosystem engagement and potential technology partnerships.
• GoogleminorOthersCorporate partner listed for ecosystem engagement.
• P&GminorGTM or Marketing PartnerStartup shortlisting for P&G vGrow 2.0 summit for specific use cases to present to P&G leadership.
• TargetminorGTM or Marketing PartnerTarget Accelerator program workshops for portfolio startups, design engagement programs.
• IIT Delhi (SInC)coreStrategic or Co-development PartnerOver 40 institute partnerships with IITs, IIMs, BITS, IISc, IIITs including E-Cell collaborations, incubator partnerships, and mentorship programs.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Blume Ventures: India-focused early-stage VC investing across Seed to Series A in consumer, fintech and deeptech. Most directly comparable to IvyCap in stage, sector breadth, and institute-anchored brand, with similar AUM scale.
• 3one4 Capital: Bengaluru-based early-stage VC investing from Seed to Series A with a strong technology and consumer focus. Closely comparable to IvyCap on stage, ticket size, and cross-sector Indian thesis.
• Chiratae Ventures (formerly IDG Ventures India): India-anchored technology VC with funds across Seed, early, and growth stages. Comparable in sector-agnostic tech thesis and India-centric deployment, though at a larger cumulative AUM.
• Kalaari Capital: Early-stage India VC backing technology-led startups from Seed to Series A. Similar stage focus and sector breadth, with a comparable founder-led, India-only thesis.
• InfoEdge Ventures: Early-stage India VC investing in consumer, enterprise and deeptech startups. Comparable stage, ticket size, and India-only deployment strategy to IvyCap, with overlapping portfolio companies such as Rusk Media.

Broad incumbents

• Accel India: One of the most established India-focused VCs investing Seed to Series C and beyond. Operates in the same stages and sectors as IvyCap but with materially larger fund sizes and global co-invest network.
• Peak XV Partners (formerly Sequoia Capital India & SEA): One of the largest India and SEA-focused VCs, investing across Seed to growth and public markets. Overlaps with IvyCap on early-stage Indian tech but operates at a fundamentally different scale and breadth.

Emerging players

• Speciale Invest: India-based early-stage fund focused on deeptech and enterprise tech. Comparable to IvyCap's recent deeptech tilt (e.g., Morphing Machines co-invest) and Series A focus, though at smaller fund size.
• Indian Angel Network: One of India's largest angel networks, active at the seed/early stage with an IIT-anchored founder base. Compares to IvyCap's Angel Fund 1 on ticket size, stage, and alumni-driven sourcing.

Regional players

• Mumbai Angels: Mumbai-based angel network investing in early-stage Indian startups across sectors. Geographic and alumni overlap with IvyCap, comparable on stage, and relevant on the angel/seed end of the firm's activity.

Market position

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/ivycapventures
• LinkedInlinkedin.com/company/1954822
• Instagraminstagram.com/ivycap.ventures
• Facebookfacebook.com/IvyCapVentures

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments117 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IvyCap Ventures