Equirus InnovateX Fund (EIF), the early-stage venture capital arm of Equirus Group, has announced the final close of its debut B2B technology-focused fund at Rs 166 crore, following its first close in February 2024.
At this stage, EIF actively invests in seed and pre-Series A startups operating across deeptech, SaaS, and fintech, particularly teams that have already built products and are now progressing toward product–market fit.
Moreover, the fund deliberately partners with founders who tackle complex, high-impact problems while building clear distribution advantages and strong defensibility. From the outset, these founders prioritise long-term sustainability. Consequently, the final close attracted a mix of domestic and global investors who contribute not only capital but also operational expertise and market access.
In addition, EIF counts several prominent founders and operators among its backers, including Girish Gaitonde (Founder & Board Member, Xoriant), M.R. Jyothy (Chairperson & MD, Jyothy Labs), Dhimant Bhayani (Founder & CEO, iRevo), Raj P. (Founder & Executive Chairman, Zaggle), Shankar Vailaya (Former Director & Co-Founder, Sharekhan), and Nitin Seth (Vice Chairman, GD Foods).
The fund leadership team includes Krishna Jha, Sunder Nookala, and Sadhika Agarwal, who collectively bring deep operator-led investing experience.
Commenting on the milestone, Sunder Nookala, Partner, Equirus InnovateX Fund, said, “At the seed and pre-series A stage, capital alone is not the differentiator—context and conviction are. Having built and backed companies ourselves, we understand the inflection points founders face around product-market fit, enterprise access, and organisational build-out. With Fund I fully closed, our commitment is to work closely with portfolio companies to help them scale responsibly, strengthen fundamentals, and build institutions that stand the test of time.”
Meanwhile, EIF has already deployed more than one-third of the fund, backing seven startups as part of Fund I. These investments include Pointo, Datazip, GreenStitch, CtrlB, Consuma AI, RSPL, and NeverInstall. Going forward, the fund plans to build a portfolio of up to 15 companies while deploying the remaining capital over the next 12–18 months.
Reflecting on the broader ecosystem, Krishna Jha, Partner, Equirus InnovateX Fund, said, “As India’s startup ecosystem matures, we are seeing a new generation of audacious founders solving structurally complex problems. As a firm of ex-operators, our focus is on partnering with these founders as they walk the long road from early idea to enduring, category-defining company.”
With its maiden fund now fully closed and early deployments already underway, Equirus InnovateX Fund is, therefore, firmly positioned to support the next wave of B2B technology startups in India. Moreover, by combining patient capital with deep, operator-led insight, EIF aims to help founders build resilient, scalable, and category-defining businesses over the long term.
