Mumbai-based venture capital firm Kettleborough VC, founded by early-stage investor Nisarg Shah, has launched its second fund with a target corpus of ₹80 crore. The fund has secured its first close at ₹35 crore, backed by a combination of family offices and entrepreneurs from India and the US.
Kettleborough Fund II will continue the firm’s focus on supporting highly experienced founders at the early stage. It seeks entrepreneurs with over a decade of domain expertise and a proven track record of execution. The fund plans to invest between $300,000 and $500,000 in around ten startups, while also reserving sufficient capital for follow-on investments in high-growth companies.
“We only back founders for whom the startup is a natural outcome of a decade-long journey in their domain. Fund I has validated this thesis with strong portfolio traction and early PMF. Fund II doubles down on this conviction,” said Shah.
Kettleborough VC, founded in 2021, has quickly established itself as a conviction-driven, sector-focused fund recognized for providing hands-on support and building a concentrated portfolio. In fact, in its first fund, Kettleborough invested in 12 startups, including Zippmat, InPrime, Finhaat, and Elivaas. Notably, nine of these companies received their first institutional cheque from Kettleborough.
Several of these startups have since secured follow-on funding from prominent investors such as Omnivore, Lightspeed, 3one4 Capital, and Bessemer Venture Partners—highlighting the success of Kettleborough’s founder-first approach.
The firm’s investment philosophy centers on “Dhandha-first” businesses—startups driven by strong business fundamentals and aligned with real-world market dynamics. Furthermore, its primary areas of interest include financial services, commerce infrastructure, and vertical SaaS or AI platforms.
Nisarg Shah, Kettleborough’s founder, has personally invested in over 30 startups, achieving 10 exits and 80 follow-on rounds. His portfolio includes companies like Foxtale, Onebanc, and Homeville.
With ₹35 crore already committed, Kettleborough now aims to close the remaining amount in the coming months and subsequently begin capital deployment. Moreover, Fund II’s focus on domain-led founders and capital-efficient businesses strategically positions it for success in today’s selective yet opportunity-rich early-stage ecosystem.
