Institutional Capital Flows to Growth-Stage Independents

The transition of veteran investors into independent firms signals a maturing Indian venture landscape where GPs are betting on sector-agnostic growth. By targeting Series B and C rounds, Sanskrit Capital positions itself to capture companies that have survived initial volatility and are now focused on institutional-grade scaling.

What Happened

Ashish Dave, former CEO of Mirae Asset Venture Investments (India), has launched Mumbai-based Sanskrit Capital. The firm is currently seeking SEBI approval as an Alternative Investment Fund (AIF) with a target corpus between ₹700 Cr and ₹1,000 Cr. The fund will primarily source capital from domestic family offices, founders, and private entrepreneurs.

Why It Matters

First-order: Growth-stage companies facing a scarcity of non-dilutive or late-stage venture capital in India now have another institutional-caliber player with institutional underwriting experience.

Second-order: The shift toward “single-GP” structures run by former legacy-fund heads suggests an unbundling of traditional VC firms. This increases competition for high-conviction deals while potentially reducing the bureaucratic hurdles often found in larger, multi-stage conglomerates.

Third-order: If successful, this trend confirms that domestic family offices are increasingly comfortable underwriting independent GPs over institutional brand names, favoring track record and direct founder relationships.

The Numbers

  • Fund Target: ₹700 Cr – ₹1,000 Cr (approx. $84M–$120M USD)
  • Check Size: ₹50 Cr – ₹150 Cr (approx. $6M–$18M USD)

What To Watch

  • SEBI Approval Timeline: Watch for the official AIF registration date, which will signal the start of formal deployment.
  • Capital Deployment Velocity: Look for the first series of deal announcements in Q4 2026 to gauge sector conviction versus generalist posturing.
  • LP Composition: The degree to which domestic family offices concentrate their allocation with Dave will serve as a bellwether for local investor risk appetite in the growth stage.