Why Is Ashish Dave Launching A New Venture Capital Firm?
Ashish Dave, former CEO (India) of Mirae Asset Venture Investments, is launching a new venture capital firm called Sanskrit Capital, marking one of the most significant new fund launches in India’s venture investing ecosystem this year.
According to sources familiar with the development, Sanskrit Capital is targeting a corpus of ₹700 crore to ₹1,000 crore for its inaugural fund and is expected to focus on growth stage startups that have already demonstrated product market fit and are entering the scaling phase.
The launch comes at a time when India’s venture capital landscape is witnessing the emergence of several new investment firms founded by experienced fund managers and former venture capital executives.
With years of experience backing high-growth startups, Dave is expected to leverage his extensive network and investment expertise to build a differentiated growth stage investment platform.
What Will Sanskrit Capital Invest In?
Sanskrit Capital is expected to adopt a sector agnostic investment strategy while concentrating primarily on Series B and Series C startups.
The fund intends to back companies that have already validated their business models and are looking to accelerate growth, expand market share, and strengthen operational capabilities.
While the investment approach will remain broad, key sectors likely to receive attention include fintech, consumer internet, logistics, healthcare, and enterprise artificial intelligence applications.
Industry observers note that these sectors continue to attract significant investor interest due to their large market opportunities, technology adoption trends, and long-term growth potential.
By focusing on scale-up stage companies, Sanskrit Capital aims to bridge a critical funding gap between early stage venture capital and larger private equity investments.
How Large Will The Investments Be?
The firm plans to write sizeable investment cheques ranging between ₹50 crore and ₹150 crore per company.
In addition to initial investments, Sanskrit Capital is expected to reserve substantial capital for follow-on rounds in high-performing portfolio companies.
This strategy allows the fund to increase exposure to its strongest investments while supporting portfolio companies through multiple growth stages.
The fund is also expected to operate as a single-GP (General Partner) structure, giving Dave significant flexibility in investment decisions and portfolio construction.
Who Will Back The Fund?
Sources indicate that Sanskrit Capital is close to obtaining regulatory approval from the Securities and Exchange Board of India (SEBI) as an Alternative Investment Fund (AIF).
The fund is expected to attract commitments from domestic family offices, successful entrepreneurs, startup founders, and other high-net-worth investors seeking exposure to India’s startup ecosystem.
As domestic capital becomes increasingly important in India’s venture landscape, new funds are seeing greater participation from local investors looking to diversify beyond traditional asset classes.
The growing maturity of India’s startup ecosystem has also encouraged successful founders and business leaders to become limited partners in venture capital funds.
What Is Ashish Dave’s Background?
Ashish Dave is among the more experienced venture investors in the Indian market.
He joined Mirae Asset Venture Investments in 2018 and played a key role in establishing the Korean investment firm’s venture capital operations in India.
Before joining Mirae, he spent nearly three years at Kalaari Capital, one of India’s leading early-stage venture capital firms.
During his tenure at Mirae Asset, Dave was involved in several startup investments and helped strengthen the firm’s presence in India’s rapidly growing technology ecosystem.
He stepped down from Mirae Asset Venture Investments last year, paving the way for his entrepreneurial venture into fund management.
Why Is India Seeing A Wave Of New VC Firms?
The launch of Sanskrit Capital reflects a broader trend of experienced venture capital professionals launching independent investment firms.
Recently, former Peak XV Partners executives Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma launched Mettle Capital, targeting Series A and Series B startups.
Similarly, former Peak XV managing directors Shailesh Lakhani and Harshjit Sethi launched Ambition Capital with a $250 million fund focused on seed and Series A investments.
The trend highlights growing confidence in India’s startup ecosystem, as seasoned investors seek to build specialized investment platforms tailored to emerging opportunities across sectors.
