Early-stage venture capital firm India Quotient has raised $129 million (around ₹1,130 crore) for its fifth fund, marking the largest fundraise in its 12-year history. The Bengaluru-based firm plans to back pre-seed and seed-stage startups across emerging sectors.
Founded in 2013 by Anand Lunia and Madhukar Sinha. The firm has previously backed early-stage startups in consumer internet, fintech, agritech, content, and software.
Nearly 80% of the capital for Fund V comes from global limited partners. India Quotient has emphasized that it will remain patient capital, avoiding pressure on founders for rapid valuation jumps, high dilution, or early exits.
With Fund V, the firm is also expanding its leadership team. Kanika Agarrwal and Sahil Makkar have been promoted to partners, joining Lunia, Sinha, and Gagan Goyal to strengthen deal sourcing and portfolio support.
Fund V represents a significant step up from previous funds: Fund IV closed at $80 million, Fund III targeted $60 million, and the first fund in 2013 was just $6 million. India Quotient’s portfolio includes well-known startups such as Sugar Cosmetics, ShareChat, Lendingkart, Kuku FM, Vyapar, and Cityflo.
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