Triumph Global Fund and White Whale Ventures co-led the transaction, which allowed early investor Blue Ashva Capital to exit its investment.

Upsurge India initiated and led the deal, negotiating the commercial terms in collaboration with the co-investors.

The transaction comes as iD Fresh continues to expand its business, with revenue surpassing ₹870 crore in FY26 and registering annual growth of more than 25 per cent.

Meanwhile, iD Fresh Food is preparing for a potential public listing. The company had previously identified late 2027 as a possible IPO timeline, subject to market conditions and its ability to strengthen profitability.

Speaking to sources, Satyam Goyal, head of equities at Upsurge India, said the investment decision centred on the company’s underlying business fundamentals rather than its potential IPO.

“We didn’t really look at it from the perspective of an IPO. We underwrote the business underneath. The business is growing amazingly well, solidly well. It was available at what we considered an attractive valuation, and honestly, it’s the people you back,” Goyal said, referring to founder P.C. Musthafa.

Founded in 2005, iD Fresh established its business around fresh, preservative-free, and ready-to-cook Indian food products. The company initially focused on idli and dosa batter before expanding its portfolio to include Indian breads, chutneys, and other food categories.

Highlighting the company’s competitive advantage, Goyal pointed to its operational infrastructure and ability to maintain consistency across its business.

“iD Fresh has done something quite remarkable. They’ve taken a deeply familiar part of Indian food culture and built a serious, scaled consumer business around it. The brand is what everyone sees; what interests us as investors is what sits behind it: manufacturing prowess, cold-chain infrastructure, and distribution with consistency that is genuinely difficult to replicate at scale,” he said.

Furthermore, Goyal highlighted the operational complexity involved in building a business around everyday food products. From research and product development to sourcing, testing, logistics, and last-mile delivery, companies must establish extensive operational capabilities to maintain product quality and distribution efficiency.

He also identified capital efficiency as an important factor behind the investment decision. According to Goyal, iD Fresh has demonstrated its ability to convert the capital raised into business growth while improving profitability.

Although the latest transaction provides an exit opportunity for Blue Ashva Capital, Upsurge India does not have a predetermined timeline for exiting its investment.

Goyal indicated that the firm could consider an investment horizon of two to three years, with the potential to generate a 2-3x return around the company’s IPO, depending on business performance and market conditions. However, he emphasised that any exit decision would depend on the company’s valuation at the time and its underlying business fundamentals.

“Am I going to sell before the IPO? It depends on the valuation. Am I going to sell at the IPO? It depends on the valuation. Am I going to sell post-IPO? It depends on the business,” he said.

Additionally, Goyal noted that India’s private secondary market remains at an evolving stage, with participation from family offices, institutional investors, and dedicated private-market funds expected to increase.

Established in 2025, Upsurge India operates as an investment platform focused on public markets, private equity, and private credit. The platform is associated with Upsurge Investment & Finance Ltd, a publicly listed non-banking financial company (NBFC) that has maintained a presence in India’s financial services sector for nearly three decades.

Meanwhile, AceVector plans to raise Rs 287 crore through the fresh issue of shares. In addition, existing investors, including SoftBank, Nexus Venture Partners, and Foxconn, will sell shares worth Rs 133 crore through the offer-for-sale (OFS) component.

However, the $182 million valuation represents a sharp decline from Snapdeal’s peak valuation. The e-commerce company once ranked among India’s largest online marketplaces and reached a valuation of $6.5 billion in 2016.

Japanese investor SoftBank remains AceVector’s largest shareholder, holding a 30.1% stake. The investor put around $1 billion into Snapdeal between 2014 and 2015. However, SoftBank wrote off the investment in 2017 after merger discussions between Snapdeal and rival Flipkart collapsed.

As part of the IPO, SoftBank will sell shares worth Rs 88 crore. Nevertheless, the investor will retain shares worth Rs 362 crore at the upper end of the IPO price band. Meanwhile, founders Kunal Bahl and Rohit Bansal, who collectively hold around 34% of AceVector directly and through related entities, will not sell any shares in the IPO.

Furthermore, AceVector reported stronger financial performance in FY26. The company increased its operating revenue by 30% to Rs 510 crore, while it reduced its net loss to Rs 45 crore from Rs 126 crore in FY25.

At the same time, AceVector plans to allocate almost half of the IPO proceeds towards marketing and promotion for Snapdeal. Through this investment, the company aims to revive growth at its e-commerce marketplace and strengthen its position in India’s competitive online retail market.

Snapdeal previously competed closely with Flipkart as a major e-commerce player in India. However, the company has since lost significant market share as larger e-commerce platforms expanded their presence across the country.

Earlier, AceVector confidentially filed for its IPO in July 2025. Subsequently, market regulator Sebi approved the company’s IPO in November. AceVector then filed an updated draft prospectus in December as it moved closer to the public listing.

The fund will primarily invest in listed micro and small-cap companies with market capitalisations below ₹2,000 crore. TrustLine said the strategy focuses on early-stage, private equity-style investing in the listed space, targeting businesses with significant long-term growth potential.

According to the company, investor interest surpassed expectations, reflecting confidence in its investment philosophy and track record. TrustLine is among India’s leading discretionary asset managers, with the new fund building on the performance of its inaugural offering.

Intrinsic Deep Alpha AIF-II seeks to generate alpha through a concentrated portfolio and investments in under-owned and under-researched companies in the lower end of the small-cap segment. The closed-ended scheme requires a minimum investment of ₹1 crore and has a tenure of six years from its first close, with an option to extend by up to two years in accordance with the SEBI AIF Regulations, 2012.

Commenting on the successful close, ArunaGiri N, Founder, CEO & Chief Investment Officer of TrustLine Holdings, said, “More than the quantum of money raised, what really gives us immense satisfaction is the profile of the investors. Over 90% of the commitments raised have come from our existing investors who are from C-level leadership profiles. That speaks volume for us. It reflects the trust our investors have placed in us, in our investment philosophy and the relationships nurtured over the years. Further, the entire quantum has been raised through the direct route. Not a single investment has come through the distribution channel. In today’s context, this is no mean accomplishment.”

He further added, “The fund’s objective is to build ‘rich portfolios from small gems’ by identifying high-quality micro-cap companies with superior return metrics such as high ROCE, strong operating margins, low leverage, and a consistent performance track record. The investment approach remains rooted in contra-deep value investing with a sharp focus on capital preservation.”

With the successful close of Intrinsic Deep Alpha AIF-II, TrustLine Holdings has strengthened its presence in India’s alternative investment landscape. Backed by strong investor participation, particularly from existing clients, the fund aims to capitalise on opportunities in the under-researched micro and small-cap segment through a disciplined, long-term investment strategy.

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.

The financing structure includes equity contributions from Related Digital and funds affiliated with Blackstone. In addition, the deal incorporates fixed-rate, long-term debt financing anchored by funds and accounts managed by PIMCO. Consequently, the diversified funding approach strengthens the financial foundation of this large-scale data centre development project.

Furthermore, reports indicate that PIMCO purchased approximately $10 billion of the bonds that priced on Friday, while other investors acquired the remaining portion of the debt. However, PIMCO declined to comment on the development. This strong investor participation reflects growing confidence in AI-driven infrastructure investments and long-term digital economy growth.

Earlier in October, OpenAI, Oracle, and Related Digital announced the development of a more than 1-gigawatt data centre project in Saline Township. The companies launched the initiative as part of their broader strategy to expand U.S. AI infrastructure capacity and support increasing demand for artificial intelligence and cloud services.

Moreover, the companies commenced construction of the project in February, marking a significant step forward in building next-generation hyperscale data centres. The development aligns with the rising need for scalable, high-performance infrastructure to power AI workloads, enterprise applications, and advanced computing systems.

With secured financing and strong backing from global investors, Related Digital’s $16 billion data centre campus represents a critical milestone in advancing AI infrastructure in the United States. As demand for cloud computing and artificial intelligence continues to surge, the project positions Oracle and its partners at the forefront of the evolving digital infrastructure ecosystem, driving innovation and long-term growth in the tech industry.

“We are looking at Goa and Mumbai in the western region. In north India, we are looking at Varanasi and Rishikesh. Of course, Ayodhya as well in the long term,” BHVL director Vineet Verma said. He further clarified that, depending on the specific location, the company will develop either four-star or five-star category properties to align with market demand.

At the same time, BHVL is diversifying its expansion approach by exploring both greenfield and brownfield opportunities. “We are looking at acquisitions, not just pure greenfield projects, going forward. The reason is that you can hit the ground running and start the hotel business much quicker. Typically, it takes about three to four years to build a new hotel. If we acquire an operating hotel, we only need to renovate it, which takes about six months to a maximum of one year to commence operations,” he said.

Currently, BHVL operates a portfolio of nine hotels across key cities such as Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, collectively offering more than 1,600 keys. Furthermore, the company has nine additional properties in the pipeline across southern markets, including key micro-markets like ECR and OMR in Chennai, as well as Hyderabad and Thiruvananthapuram. These developments are expected to add approximately 1,700 keys over the next three to four years.

“We are investing more than Rs 3,000 crore for this expansion. While we developed over 1,600 keys in the past 16 years, we will double that number in just four years,” Verma said.

Brigade Hotel Ventures is accelerating its growth trajectory by combining strategic acquisitions with new developments while also expanding into high-demand spiritual and leisure destinations. With a significant investment pipeline and an aggressive scaling plan, the company is positioning itself as a key player in India’s evolving hospitality landscape.

Rahool Macarius, Market Managing Director – Eurasia, Wyndham Hotels & Resorts, said, “We are pleased to collaborate with Grand Central Hotel Private Limited to introduce the Ramada brand to Itahari. The city’s growing importance as a commercial gateway makes it a strong fit for internationally recognised hospitality, and this opening reflects our continued focus on expanding in high-growth secondary cities across South Asia.”

Strategically, the property features 81 well-appointed guest rooms designed to cater to both business and leisure travellers. In addition, the hotel offers a range of modern amenities, including an all-day dining restaurant, a bar and lounge, a health club, a spa, and an outdoor swimming pool. Furthermore, it provides banquet halls and a dedicated meeting room, making it suitable for corporate gatherings as well as social events.

The hotel, owned by Desh Bandhu Basnet, has been developed in partnership with Wyndham Hotels & Resorts. Notably, this collaboration underscores the brand’s commitment to expanding its footprint in emerging markets. At the same time, it highlights the increasing demand for quality hospitality infrastructure in Itahari.

Moreover, Itahari is steadily emerging as a key transit and business hub in eastern Nepal. As a result, the launch of an internationally recognised hotel brand aligns with the city’s growing economic relevance and rising influx of travellers. Consequently, this development will further strengthen the region’s appeal for both domestic and international visitors.

The opening of Ramada by Wyndham Itahari Pashupati Marg reflects a broader trend of global hospitality brands targeting high-growth secondary cities. Going forward, such expansions are likely to play a crucial role in shaping the future of tourism and business travel in emerging markets like Nepal.

The fund will receive the investment either directly from Info Edge or through its wholly owned subsidiaries, including Smartweb Internet Services Ltd., which will act as the sponsor and investment manager. The company disclosed this development in a stock exchange filing dated February 26.

B8 Fund I has been established by B8 Trust and has received registration from the Securities and Exchange Board of India as a Category II Alternative Investment Fund. Launched on February 12, 2026, the fund will primarily back growth-stage, tech-enabled companies that operate in or focus on the Indian market. As a result, the fund aims to create long-term value for investors while strengthening the domestic startup ecosystem.

Info Edge’s Rs 250 crore commitment represents the total value agreed under the contribution arrangement. Meanwhile, the company will deploy capital in phased tranches over the fund’s lifecycle, depending on market conditions and the availability of suitable investment opportunities.

The fund will carry a base tenure of eight years from the date of its first closing, with an option to extend the term by up to two additional years, subject to investor approval. Once the investment management agreement comes into effect, B8 Fund I and its associated schemes will fall under the related-party classification as per SEBI listing norms. However, Info Edge clarified that its promoter group holds no interest in the transaction and that the investment will proceed strictly on an arm’s-length basis.

This commitment further strengthens Info Edge’s diversified investment framework. Currently, the company manages multiple capital pools, including Info Edge Ventures, which oversees commitments of nearly Rs 2,300 crore across three funds. In addition, Capital2B manages around Rs 280 crore through one fund, while the early-stage Redstart programme has deployed close to Rs 110 crore. Separately, Info Edge also maintains balance-sheet financial investments worth approximately Rs 2,000 crore.

Earlier, in May 2025, shareholders approved an allocation of up to Rs 1,000 crore to Info Edge Venture Investment Fund III, another Category II AIF managed by Smartweb. Therefore, the launch of B8 Fund I further expands Info Edge’s structured exposure to expansion-stage startups, effectively complementing its existing early- and mid-stage investment platforms.

Of the total proposed investment, investors will allocate around Rs 381 crore toward secondary share purchases, while they will infuse approximately Rs 199 crore as fresh capital, thereby diluting Groww AMC’s share capital by up to 23%.

Through this investment, State Street aims to build global investment capabilities and develop new products tailored for Indian investors, while simultaneously enabling Groww to explore expansion opportunities beyond India.

Meanwhile, the strategic investment arrives at a time when Indian retail participation across asset classes continues to broaden, and global fund managers increasingly seek local partners with large-scale digital distribution platforms. As a result, the deal highlights a growing convergence between global asset managers and Indian wealthtech ecosystems.

Notably, the transaction also marks a rare instance of a major global fund manager making a direct investment in the AMC business of an Indian wealthtech platform.

From a financial performance perspective, Groww reported revenue of Rs 1,261 crore in the December quarter (Q3 FY26), reflecting a 26% year-on-year increase. However, during the same period, the company recorded a 28% year-on-year decline in net profit to Rs 547 crore.

With this expansion, the Seattle-headquartered company has committed a cumulative $40 billion to India since 2010. The company stated that it will deploy the new capital to scale up its artificial intelligence (AI) capabilities and to reinforce its logistics network.

Moreover, the online retailer decided to inject additional funds at a time when it intensified its focus on 10-minute deliveries, a segment that had hit the company hard within online commerce. In this category, the company competes with Eternal-owned Blinkit, Swiggy’s Instamart, Nexus Venture Partners-backed Zepto, Tata Digital’s BigBasket, and Flipkart Minutes.

The fresh infusion highlights how the company is accelerating its India strategy while quick-commerce players such as Swiggy and Zepto scramble to secure public-market funding amid ongoing cash burn.

Additionally, it earlier announced that it was adding two dark stores a day across Bengaluru, Delhi-NCR, and Mumbai to expand its quick-commerce footprint, with a target of reaching 300 stores by year-end. Meanwhile, Meesho—Amazon’s rival in the tier-II and beyond ecommerce segment—listed on the stock exchanges on Wednesday following a $600-million initial public offering (IPO) at a $5.9-billion valuation, and its shares opened with a 45% rise.

Amit Agarwal, SVP of emerging markets at Amazon, said in a statement, “We have invested at scale in growing the physical and digital infrastructure for small businesses in India, creating millions of jobs.”

Furthermore, Amazon India reduced costs in the previous fiscal year to narrow its losses. All four major businesses—Amazon Seller Services, Amazon Transport Services, Amazon Wholesale, and Amazon Pay—reported substantial reductions in FY25, largely due to lower advertising and employee expenditures. Revenue from operations at Amazon Seller Services grew 19% year-over-year to Rs 30,139 crore in FY25, compared with 14% growth in FY24. Although the growth rate has improved from 3% in FY23, it remains lower than during the pandemic years, when growth reached 49% in FY21 and 32% in FY22.

Last week, the online retailer reaffirmed that it was on track to complete the $12.7 billion AWS investment and that it will “bring the benefits of AI to over 15 million small businesses.”

Additionally, Amazon’s push into AI and domestic cloud expansion aligns with similar moves by US technology majors. Microsoft, in a statement on Tuesday, announced a plan to invest $17.5 billion in India between 2026 and 2029 to accelerate AI adoption at a national scale. This commitment adds to the $3-billion investment it declared in January 2025.