The Indian venture capital ecosystem continues to witness significant changes as experienced investors increasingly launch independent funds. In the latest development, Ashish Dave, who stepped down as the head of Mirae Asset Venture Investments (India) last year, is establishing his own investment platform, Sanskrit Capital, according to people familiar with the matter.
Based in Mumbai, Sanskrit Capital aims to raise between Rs 700 crore and Rs 1,000 crore for its maiden venture capital fund. The firm plans to adopt a sector-agnostic investment strategy while focusing on Series B and Series C startups that have already achieved product-market fit and are entering their scaling phase.
“It will be a single GP (general partner) fund… Dave is in the midst of receiving the necessary nod from Sebi (Securities and Exchange Board of India) as an AIF (alternative investment fund). The platform is likely to tap domestic family offices, entrepreneurs, and founders,” said one of the persons, who did not wish to be identified.
The source further revealed the fund’s investment strategy and ticket sizes.
“The fund will write cheques starting at Rs 50 crore and may go up to Rs 150 crore, with follow-on funding that it will make in high-conviction bets. While it will be sector-agnostic, the primary themes that it will follow are fintech, consumer internet, logistics, healthcare, and enterprise AI (artificial intelligence) applications,” the person added.
Dave did not respond to requests for comment.
His move reflects a broader trend across India’s venture capital industry, where several senior investors have recently launched independent funds. Earlier this year, former managing directors at Peak XV Partners, Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma, announced plans to launch Mettle Capital, a new venture capital fund targeting $350 million to $400 million.
Similarly, former Peak XV managing directors Shailesh Lakhani and Harshjit Sethi established Ambition Capital, which seeks to raise $250 million to invest in seed-stage and Series A startups.
Meanwhile, former Nexus Venture Partners managing director Sameer Brij Verma launched Northpoint Capital Management with a corpus of $150 million. Additionally, Z47 managing director Tarun Davda is expected to step down from his current role later this year and is reportedly exploring the possibility of launching his own investment vehicle.
Industry experts believe these first-time fund managers will face a challenging fundraising environment in 2026. Limited partners have become increasingly selective while evaluating investment opportunities, particularly because India currently offers a relatively limited pipeline of early-stage artificial intelligence startups.
At the same time, several established venture capital firms continue to explore global opportunities. Funds such as Peak XV Partners actively scout AI-focused investments in the United States to capitalize on the ongoing surge in technology-sector dealmaking.
Dave brings extensive venture capital experience to his new venture. After joining Mirae Asset in 2018, he built and expanded the firm’s India venture investment practice. During his tenure, he invested in prominent startups, including Zomato, Bigbasket, Shadowfax, and Unacademy. He also backed fintech companies such as KreditBee, Raise Financial Services, which operates the Dhan trading platform, and Jupiter.
Before joining Mirae Asset, Dave worked with Kalaari Capital and Mumbai Angels. He began his professional career in trading technology at the MCX-FT Group.
In addition to managing investments, Dave successfully raised two India-focused funds during his tenure at Mirae Asset Venture. In 2021, he launched a Rs 350 crore early-to-growth-stage fund. Subsequently, in 2023, he raised a late-stage investment vehicle with a corpus of Rs 700 crore. He eventually exited the firm in mid-2025.
As India’s startup ecosystem matures, seasoned investors such as Ashish Dave continue to create specialized investment platforms that address the evolving funding needs of growth-stage companies. Through Sanskrit Capital, Dave aims to leverage his extensive investment experience to support high-potential startups across fintech, healthcare, enterprise AI, logistics, and consumer internet sectors. The launch also highlights the growing emergence of solo general partners and independent venture funds, which are reshaping India’s venture capital landscape and creating new opportunities for entrepreneurs seeking scale-up capital.
