WaterBridge Ventures
WaterBridge Ventures is an India-focused early-stage venture capital firm founded in 2016, managing ~$250M across four SEBI-registered Category II AIFs and investing in 35 portfolio companies across B2B commerce, AI-led SaaS/DeepTech, and Tier 2+ consumption themes.
- Company typePrivate
- Founded2016
- HeadquartersNew Delhi, India
- Headcount11–50
- GTM typeB2B
- OfferingServices
What WaterBridge Ventures does
WaterBridge Ventures is an India-focused, early-stage venture capital firm founded in 2016 by Ashish Jain and Manish Kheterpal. The firm operates four SEBI-registered Category II Alternative Investment Fund vehicles (WaterBridge Ventures I, II, Alpha, and III) and manages approximately US$250 million in assets under management. WaterBridge deploys 5-6 high-conviction investments per year as the first institutional cheque in Seed and Series A rounds, with follow-on capital reserved through Series C. The firm is headquartered in New Delhi with a regional office in Bengaluru and an active deal-flow presence across North America (US and Canada) through portfolio companies such as PocketPills.
The firm's investment thesis is organized around three pillars: (1) B2B Manufacturing and Commerce, (2) Building Global Businesses From India, focused on AI-led SaaS, DeepTech, and globally distributed platforms, and (3) Consumption and Micro-entrepreneurship targeting Tier 2+ markets and India's next 500 million consumers. Across 35 portfolio companies, WaterBridge's active investments include Atlan (cloud-native DataOps, $173M cumulatively raised), Citymall (Tier 2+ social commerce, $165M raised), Bijnis (B2B commerce for footwear/apparel), Chalo (India's largest mass-transit platform), magicpin (hyperlocal discovery/food delivery), Eloelo (live-streaming social entertainment), PocketPills (Canadian digital pharmacy), and Posha (autonomous cooking robotics, SXSW 2025 Innovation Award winner).
WaterBridge's revenue is generated through standard venture capital economics — annual management fees charged against committed or deployed capital across its four AIF vehicles, plus carried interest on successful exits. The firm has realized exits including DoubtNut (acquired by Allen Career Institute in 2023) and Unacademy (IPO). Operating support is delivered through board participation, active operational mentorship, and an eclectic cross-sector, cross-continent founder network. The firm maintains thought-leadership channels (LinkedIn, YouTube 'That One Idea' and 'Rev It Up' series, newsletter) and partners with ecosystem bodies including the India Deep Tech Alliance, 2X Global, and IVCA, where Co-founder Manish Kheterpal serves as Vice Chair of the VC Council for 2024-26.
WaterBridge Ventures firmographics
Firmographics- Name
- WaterBridge Ventures
- Legal name
- WaterBridge Capital Management LLP
- Website
- https://waterbridge.vc
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- WaterBridge Ventures is an India-focused early-stage venture capital firm founded in 2016, managing ~$250M across four SEBI-registered Category II AIFs and investing in 35 portfolio companies across B2B commerce, AI-led SaaS/DeepTech, and Tier 2+ consumption themes.
- Ownership category
- akta.pro rank
WaterBridge Ventures industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Impact Investment & Development Investment Funds (BPADACAO)
Keywords
Where WaterBridge Ventures is headquartered
LocationHeadquarters
- HQ city
- New Delhi
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
WaterBridge Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Management Fees: Standard VC fund management fee structure charged on committed or deployed capital across WaterBridge Ventures I, II, Alpha, and III Fund vehicles registered with SEBI as Category II AIFs.
- Carry / Performance Fees: Carried interest earned on successful exits and distributions from portfolio companies across Fund I, Fund II, Alpha, and Fund III. Portfolio includes successful exits from DoubtNut (acquired by Allen Career Institute), Unacademy, and others.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels7 records
WaterBridge Ventures product offering
Product offeringCore offering
WaterBridge Ventures is an early-stage venture capital firm that deploys equity capital from Seed to Series A into Indian startups across B2B Manufacturing and Commerce, Global Businesses from India (AI-led SaaS, DeepTech), and Consumption and Micro-entrepreneurship themes. The firm manages four SEBI-registered Category II AIF fund vehicles and provides active operational partnership, follow-on capital through Series C, and network access to founders it backs.
Product overview
WaterBridge Ventures is a venture capital firm that serves as an early and most active partner to founders building generational companies in India. The firm operates multiple Category II AIF funds (WaterBridge Ventures I, II, Alpha, and III Trust) registered with SEBI, collectively managing capital for investment across portfolio companies. The investment thesis focuses on three main verticals: B2B Manufacturing and Commerce, Consumption and Micro-entrepreneurship, and Building Global Businesses from India. With $969M in total capital raised by portfolio companies and 35 portfolio companies, WaterBridge provides not just capital but active partnership, network access, and operational support to founders from Seed through Series C stages.
Differentiator
Problem solved
Functional benefit
Products and services
- WaterBridge Ventures Investment Services Venture capital partnership providing Seed to Series A equity capital and active operational support to early-stage Indian founders, with follow-on capital through Series C and cross-sector network access. The service is delivered to founders across three investment themes and is structured as a long-term partnership rather than a one-time transaction.
- WaterBridge Ventures Fund I SEBI-registered Category II Alternative Investment Fund (Registration No: IN/AIF2/16-17/0244) managed by WaterBridge Capital Advisors LLP, deployed for the firm's first institutional cycle of early-stage investments in Indian startups.
- WaterBridge Ventures II Trust SEBI-registered Category II Alternative Investment Fund (Registration No: IN/AIF2/18-19/0651) managed by WaterBridge Capital Management LLP, continuing the firm's early-stage investment activities in India.
- WaterBridge Ventures Alpha Trust SEBI-registered Category II Alternative Investment Fund (Registration No: IN/AIF2/21-22/0983) managed by WaterBridge Alpha Advisors LLP, structured for specialized investment activities alongside the firm's main funds.
- WaterBridge Ventures III Trust SEBI-registered Category II Alternative Investment Fund (Registration No: IN/AIF2/23-24/1302) managed by WaterBridge Capital III Advisors LLP, supporting the firm's expanded investment strategy and follow-on capacity through Series C.
Quantifiable outcome
- Total portfolio capital raised of $969M across 35 portfolio companies
- +4 more outcomes
Companies that use WaterBridge Ventures
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles2 records
WaterBridge Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
WaterBridge Ventures partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- India Deep Tech Alliance (IDTA)coreWaterBridge Ventures joined the India Deep Tech Alliance (IDTA) in February 2026, aligning with its investment thesis around DeepTech and advanced manufacturing. IDTA is an industry body focused on advancing India's deep tech ecosystem through policy advocacy, ecosystem development, and global partnerships.
- 2X GlobalcoreWaterBridge Ventures joined 2X Global, a membership network focused on gender-lens investing. The firm has demonstrated commitment to diversity through its team composition and portfolio company leadership recognition (e.g., Priya Singh of Chalo recognized by Dun & Bradstreet as a Dynamic Women Business Leader 2025).
- Principles for Investors in Inclusive Finance (PIIF)coreWaterBridge Ventures is a signatory to the Principles for Investors in Inclusive Finance (PIIF) — a responsible investment framework for investors focused on expanding access to affordable and responsible financial products and services to those traditionally excluded. This aligns with the firm's thesis around serving India's next 500M consumers and micro-entrepreneurs.
- IVCA (Indian Venture and Capital Association)coreManish Kheterpal serves as Vice Chair of IVCA's VC Council for 2024-26, and Anjali Sosale moderates IVCA's AltCap101 kickoff. WaterBridge actively participates in IVCA events including the Capital and Investment Summit 2024 (co-chaired by Manish Kheterpal) and 'Bharat Vapsi: Navigating Regulatory and Investment Landscapes' event.
Scale indicators16 records
Recent moves7 records
Expansion highlights5 records
WaterBridge Ventures competitors and assessment
Company assessmentDirect peers
- Blume Ventures: India-focused early-stage VC with a high-volume seed strategy and broad sector coverage across SaaS, consumer and deeptech. Comparable to WaterBridge on stage (seed to Series A), India focus and active follow-on through Series C.
- Peak XV Partners (formerly Sequoia Capital India): India and Southeast Asia-focused venture and growth firm. Comparable on stage and geography as co-investors in WaterBridge's portfolio (Atlan Series C, Bijnis) with overlapping thesis on B2B SaaS and consumer from India.
- Ankur Capital: India-focused early-stage VC backing tech-led solutions for next-half-billion consumers, with explicit impact orientation. Comparable to WaterBridge's micro-entrepreneurship and inclusive-finance angle and overlapping LP signatory frameworks.
- Info Edge Ventures: India-focused early-stage venture arm of Info Edge (Naukri parent). Directly comparable: co-invested with WaterBridge in Bijnis, shares seed-to-Series A profile and India-centric consumer/SMB thesis.
- Kalaari Capital: India-focused early-stage venture capital firm investing across seed and Series A in consumer, SaaS and tech-enabled services. Directly comparable to WaterBridge on stage, geography and portfolio overlap (Kalaari co-invested alongside WaterBridge in Eloelo).
- Matrix Partners India (Z47): Early-stage India-focused VC investing from seed through growth. Directly comparable: Matrix is co-invested with WaterBridge in Bijnis and Trampoline, and shares a similar seed-led, thesis-driven approach.
- Accel India: One of India's most established early-stage venture firms with deep seed-to-Series A exposure. Directly comparable through co-investment with WaterBridge in Citymall's $47M Series D and similar India-focused consumer/enterprise investing approach.
Broad incumbents
- Norwest Venture Partners India: Global growth equity firm with active India portfolio. Comparable as a co-investor alongside WaterBridge in Citymall and as a broader incumbent writing larger growth-stage cheques that complement WaterBridge's seed-led positions.
- Bertelsmann India Investments: India-focused corporate venture vehicle of Bertelsmann. Comparable as an LP-style co-investor in WaterBridge's portfolio (led Fairdeal.Market's $15M Series A) and as a broader incumbent operating across stages in India.
Regional players
- Enrission India Capital: Japanese venture capital firm focused on India-Japan cross-border opportunities. Comparable as a co-investor in Loopworm alongside WaterBridge and as a regional player operating with similar early-stage ticket sizes in India.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
WaterBridge Ventures social profiles
Digital presenceWaterBridge Ventures compliance and trust
Trust signalCompliance1 record
WaterBridge Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
WaterBridge Ventures leadership team
Management profileNumber of profiles
Profiles10 records
WaterBridge Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
WaterBridge Ventures M&A and investment
M&A and investmentM&A
Investments82 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about WaterBridge Ventures
What does WaterBridge Ventures do?
WaterBridge Ventures is an early-stage venture capital firm that deploys equity capital from Seed to Series A into Indian startups across B2B Manufacturing and Commerce, Global Businesses from India (AI-led SaaS, DeepTech), and Consumption and Micro-entrepreneurship themes. The firm manages four SEBI-registered Category II AIF fund vehicles and provides active operational partnership, follow-on capital through Series C, and network access to founders it backs.
Is WaterBridge Ventures a public or private company?
WaterBridge Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was WaterBridge Ventures founded?
WaterBridge Ventures was founded in 2016. It employs 11 to 50 people.
Where is WaterBridge Ventures based?
WaterBridge Ventures is headquartered in New Delhi, India, in the Asia region.
How does WaterBridge Ventures make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carry / Performance Fees.
Who are WaterBridge Ventures's main competitors?
Direct peers on record are Blume Ventures, Peak XV Partners (formerly Sequoia Capital India), Ankur Capital, Info Edge Ventures, Kalaari Capital, Matrix Partners India (Z47) and Accel India. Broad incumbents are Norwest Venture Partners India and Bertelsmann India Investments. Enrission India Capital is listed as a regional player.
Does WaterBridge Ventures have an API?
No public API is recorded for WaterBridge Ventures.
What industry is WaterBridge Ventures in?
WaterBridge Ventures's product category is Venture Capital. Its primary akta.pro industry code is BPADACAO, Impact Investment & Development Investment Funds. Its NAICS code is 52394 and its SIC code is 6282.