Windrose Capital
Windrose Capital is a Pune-based early-stage venture capital firm founded in 2013 that manages 'The Next Billion Fund', a SEBI-registered Cat-1 AIF investing in digitally native Indian startups across Financial Inclusion and B2B Enterprise Tech themes.
- Company typePrivate
- Founded2013
- HeadquartersPune, India
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Windrose Capital does
Windrose Capital is a Pune-based early-stage venture capital firm founded in 2013 by former entrepreneurs. The firm manages 'The Next Billion Fund', a SEBI-registered Category 1 Alternative Investment Fund (AIF) targeting India's digitally native startups at the early and mid-stages, with planned deployment of over Rs 200 crores. Windrose Capital operates a thesis-driven investment model concentrated in two verticals: Financial Inclusion (FinTech products and distribution channels for underserved markets) and B2B Enterprise Tech (Deep Tech and Enterprise SaaS). The portfolio spans 30+ companies including IdeaForge (which listed via IPO in June 2023 with 93% gains), Skye Air, Nivesh, Rubick (formerly Text Mercato), LegalPay, Biddano, Datachamps, Precily, and AutoDukan.
The firm's business model is conventional VC fund management: revenue is generated through management fees on committed/deployed AUM and carried interest on successful exits, with deal sourcing driven by founder referrals, syndicate partners (1Crowd, ITI Growth Fund, Choice Group), startup events, and direct founder applications via [email protected]. Distribution is exclusively domestic (India), with a single headquarter office in Pune, Maharashtra. The team is lean (1-10 employees) and founder-led, with Managing Partner Rohit Goyal leading the fund. Marketing and deal-sourcing channels are diversified across LinkedIn, YouTube, a monthly newsletter, a thought-leadership blog, and conference participation (IVCA, VCCircle, LiveMint, Entrepreneur India).
Windrose Capital differentiates on a 'founder-first' approach emphasizing operational support, hands-on entrepreneur advisors, and a community of portfolio founders rather than pure capital deployment. The firm explicitly prefers 'errors of omission rather than errors of commission', signaling a disciplined, conviction-led deployment strategy. The firm has not publicly disclosed revenue, AUM, or fund performance figures beyond aggregate commitments, limiting external financial assessment.
Windrose Capital firmographics
Firmographics- Name
- Windrose Capital
- Legal name
- Windrose Capital
- Website
- https://windrose.capital
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Windrose Capital is a Pune-based early-stage venture capital firm founded in 2013 that manages 'The Next Billion Fund', a SEBI-registered Cat-1 AIF investing in digitally native Indian startups across Financial Inclusion and B2B Enterprise Tech themes.
- Ownership category
- akta.pro rank
Windrose Capital industry classification
Industry- Product category
- Venture Capital / Early-Stage Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
- akta.pro secondary industry
- Micro-VC & Angel Funds (FSANAAAI)
Keywords
Where Windrose Capital is headquartered
LocationHeadquarters
- HQ city
- Pune
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Windrose Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales
Revenue model
- Fund Management: Windrose Capital manages 'The Next Billion Fund', a SEBI registered Cat-1 AIF Venture Capital Fund. Revenue is generated through management fees and carried interest (performance fees) from successful portfolio exits.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Windrose Capital product offering
Product offeringCore offering
Windrose Capital is an early- and mid-stage venture capital firm that invests capital into digitally native Indian startups through "The Next Billion Fund," a SEBI-registered Category 1 AIF Venture Capital Fund. The firm applies a thesis-driven approach, deploying equity capital primarily into Financial Inclusion (FinTech products and distribution) and B2B Enterprise Tech (deep tech and enterprise SaaS) startups, alongside operational mentorship and an entrepreneur-advisor community. Beyond capital, Windrose positions itself as an active investor and advisor committed to helping founders navigate growth and scale.
Product overview
Windrose Capital is a venture capital fund that manages 'The Next Billion Fund', a SEBI registered Cat-1 AIF Venture Capital Fund established in 2013. As an early-stage investor and advisor, the firm focuses on enabling India's fast-transforming economy through investments in promising digitally-native Indian startups. Windrose Capital targets two primary investment themes: Financial Inclusion (including FinTech products and distribution of existing financial products) and B2B Enterprise Tech (including Deep Tech and Enterprise SaaS). The firm takes a thesis-driven approach, seeking disproportionately mission-driven founders building disruptive efficiency-driven digital businesses. Windrose Capital does not offer a product in the traditional sense, but rather provides investment capital, operational expertise, and advisory support to its portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- The Next Billion Fund A SEBI-registered Category 1 Alternative Investment Fund (AIF) Venture Capital Fund managed by Windrose Capital. The fund invests early- and mid-stage equity capital into digitally native Indian startups, with thesis-driven focus on Financial Inclusion and B2B Enterprise Tech sectors. Limited Partners commit capital; the firm earns management fees and carried interest on successful exits.
- Active Investor and Advisor Services Beyond capital deployment, Windrose Capital provides portfolio companies with operational expertise, hands-on entrepreneur advisors, strategic guidance, and access to a supportive founder community. This advisory engagement is bundled with equity investments to help founders navigate their startup journey, move faster, and scale bigger.
Quantifiable outcome
- IdeaForge IPO listed June 26, 2023 with subscriptions over 106 times in 18 months and 93% share listing gains
- +2 more outcomes
Companies that use Windrose Capital
Customer profileSegments3 records
Ideal customer profiles2 records
Windrose Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Windrose Capital partnerships and signals
Strategic signalScale indicators3 records
Recent moves7 records
Expansion highlights4 records
Windrose Capital competitors and assessment
Company assessmentDirect peers
- 1Crowd: India-focused early- and mid-stage venture capital platform that co-invests with multiple funds. 1Crowd co-led the Text Mercato (Rubick) round with Windrose Capital, indicating directly comparable cheque size, stage, and Indian startup focus.
- 100X.VC: Indian micro-VC fund writing pre-seed and seed cheques in early-stage startups, with a thesis-led approach. Featured Windrose Capital's Managing Partner in published content, suggesting comparable fund size, stage, and founder-first positioning.
- Blume Ventures: One of India's most active early-stage venture funds, backing tech and tech-enabled startups across sectors. Operates at a similar early-stage, India-focused thesis with comparable portfolio breadth to Windrose Capital.
- Ankur Capital: India-focused early-stage VC fund backing technology-driven startups serving emerging India. Comparable thematic, sector-led approach with similar cheque sizes targeting digital-first and inclusion-oriented businesses.
- Titan Capital: India-focused early-stage VC firm backing tech-enabled startups at seed and pre-Series A. Operates with a similar founder-first, early conviction style targeting Indian digitally native businesses.
- Indian Angel Network: One of India's largest angel networks syndicating early-stage capital into Indian startups. Comparable in stage focus, founder-first orientation, and ticket size to Windrose Capital's early deals.
- Unicorn India Ventures: India-focused SEBI-registered AIF venture fund investing in seed and Series A rounds. Most directly comparable to Windrose on regulatory structure (Cat-1 AIF), stage, and Indian digital-first thesis.
- Axilor Ventures: Indian seed and early-stage VC fund backing technology startups with a thesis-led, founder-supportive model. Operates at similar cheque sizes and stage with overlapping deep-tech and SaaS exposure.
- Artha Venture Fund: India-focused early-stage VC fund backing technology and consumer-internet startups. Comparable fund size, stage focus, and sector breadth to Windrose Capital's portfolio.
Broad incumbents
- Kalaari Capital: Established India-focused early- and growth-stage venture capital firm with broad tech and deep-tech exposure. Larger and more institutional than Windrose but overlapping in stage, geography, and deep-tech themes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Windrose Capital social profiles
Digital presenceWindrose Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Windrose Capital leadership team
Management profileNumber of profiles
Profiles1 record
Windrose Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Windrose Capital M&A and investment
M&A and investmentM&A
Investments35 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Windrose Capital
What does Windrose Capital do?
Windrose Capital is an early- and mid-stage venture capital firm that invests capital into digitally native Indian startups through "The Next Billion Fund," a SEBI-registered Category 1 AIF Venture Capital Fund. The firm applies a thesis-driven approach, deploying equity capital primarily into Financial Inclusion (FinTech products and distribution) and B2B Enterprise Tech (deep tech and enterprise SaaS) startups, alongside operational mentorship and an entrepreneur-advisor community. Beyond capital, Windrose positions itself as an active investor and advisor committed to helping founders navigate growth and scale.
Is Windrose Capital a public or private company?
Windrose Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Windrose Capital founded?
Windrose Capital was founded in 2013. It employs 1 to 10 people.
Where is Windrose Capital based?
Windrose Capital is headquartered in Pune, India, in the Asia region.
How does Windrose Capital make money?
One revenue line is on record: fund Management.
Who are Windrose Capital's main competitors?
Direct peers on record are 1Crowd, 100X.VC, Blume Ventures, Ankur Capital, Titan Capital, Indian Angel Network, Unicorn India Ventures, Axilor Ventures and Artha Venture Fund. Kalaari Capital is listed as a broad incumbent.
Does Windrose Capital have an API?
No public API is recorded for Windrose Capital.
What industry is Windrose Capital in?
Windrose Capital's product category is Venture Capital / Early-Stage Investment Management. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists), with a secondary code of FSANAAAI, Micro-VC & Angel Funds. Its NAICS code is 523940 and its SIC code is 6282.