Here’re The 24 Most Active Investors Who Backed Indian Startups In Q1 2023

It seems that the first quarter (Q1) of 2023 has pushed cash-starved Indian startups further into a tight corner, with startup funding plummeting 75% year-on-year (YoY) across segments to $3 Bn as against $12 Bn in Q1 2022, according to Inc42’s ‘Indian Tech Startup Funding Report Q1 2023’.

Settling at 2019-levels, mega deals dropped 77% to just seven such deals against 30 in the year-ago quarter. Seed-stage funding, too, took a hit, declining 81% QoQ to $180 Mn from $961 Mn in Q4 2022.

According to an Inc42 survey, 52% of the investors surveyed admitted that they participated in fewer deals compared to Q1 2022. This simply hints at the fact that the bearish investor sentiment, particularly in Indian institutional investors, could stay for a while. 

The top five active startup investors (as per the number of deals) who showed their faith in the world’s third-largest startup ecosystem in the first three months of 2023 are AngelList India (47), Alteria Capital (26), Blume Ventures (20), Stride Ventures (20), and AH Ventures (19).

While there is still hope for startup funding to revive in the quarters ahead, here’s the list of the most active startup investors that have backed companies in Q1 2023. 

Note: Only active startup investors have been included in the list based on their deal participation in Q1 2023 and Inc42’s Top Indian Startup Investor Ranking Survey, Q1 2023. We will be adding more VCs to this list, to nominate, write to us at [email protected]. Meanwhile, here’s another list capturing more angel investors backing Indian startups.

Most Active Startup Investors Of Q1 2023

1. AngelList India

Founded in 2009 by Naval Ravikant, AngelList allows individual investors to put money as little as $1K through investment syndicates.

In Q1 2023, it participated in 47 startup deals and backed ventures like D2C startup MasterChow, fintech startup OTO Capital and healthtech startup CareFi.

In 2022, the VC firm participated in 285 funding deals and invested in B2B manufacturing and logistics startup Magma, content sharing startup SuperShare, and coliving marketplace Crib, among others.

2. Alteria Capital

Venture debt fund Alteria Capital primarily invests in VC-funded startups in India. It enables startup founders to reduce dilution and increase their ownership in their ventures by investing through a debt route and acquiring only small equity in them.

In Q1 2023, Alteria Capital participated in 26 startup deals, including those of Entropik, LEAD School, Jupiter, and Freightify. 

The VC debt fund manages about 90 portfolio companies, including the likes of Cars24, Spinny, BharatPe, DealShare, Dunzo, The Good Glamm Group, LendingKart, and MediBuddy.

3. Blume Ventures

Blume Ventures, founded in 2010 by Karthik Reddy and Sanjay Nath, invests in startups operating in diverse segments such as edtech, fintech, health, commerce, consumer internet, AI, and SaaS. 

In Q1 2023, it participated in 20 funding rounds of startups, investing in companies such as ApnaKlub, Virohan, ElectricPe, and Aerem.

In 2022, the VC fund closed its $250 Mn fund and backed 31 Indian startups including browser testing platform Lambdatest, Pixxel, and agritech startup Jai Kishan.

4. Stride Ventures

Founded in 2019 by Ishpreet Gandhi, Stride Ventures mainly invests in startups working in fintech, agritech, B2B commerce, healthtech, SaaS, mobility, and energy solutions.

In Q1 2023, it participated in 20 startup deals, including edtech unicorn LEAD. In 2022, it made investments in 55 startups and closed its $200 Mn Stride Ventures India Fund II. The fund was launched to fund 60-70 startups with $4 Mn to $5 Mn investment over a period of four years.

5. ah! Ventures

Mumbai-based venture capital firm ah! Ventures mainly invests in early-stage startups in India. In Q1 2023, it took part in 19 startup deals, including those of WHOLELEAF, DealBasket and DApp World.  

While the VC firm participated in 54 startup funding deals in 2022, including We360.ai, Immersive Vision, and Klassroom, it also created a $14 Mn alternative investment fund (AIF) to make investments in domestic startups such as healthcare, fintech, education, B2B SaaS, enterprisetech, and D2C sectors.

6. We Founder Circle

We Founder Circle, founded in 2020 by Gaurav Sanghavi, Neeraj Tyagi, Bhawna Bhatnagar, Deo Saurabh and Vikas Aggarwal, claims to have made 71 investments in 53 startups in 2022. 

During the same year, it rolled out two angel funds – a $24 Mn angel fund ‘Invstt Trust’ and a $30 Mn cross-border angel fund ‘We Founder Circle Global Angels Fund’.

In the first quarter of 2023, it participated in 18 startup deals, having invested in The Energy Company, Zypp Electric, and Banksathi among others.

7. Inflection Point Ventures

Founded in 2019, Inflection Point Ventures has a network of more than 6,400 CXOs, HNIs (high-net individuals), and professionals. 

In Q1 2023, it participated in 12 startup deals. In 2022, the firm made 48 investments in Indian startups, including beverage brand Bored Beverages, OTT platform STAGE, and fintech startup MoneyPlanned.

8. Accel

The Silicon Valley-based VC firm Accel secured $650 Mn in 2022 for its seventh fund (Accel India VII) to back early-stage startups in India and Southeast Asia. 

In Q1 2023, the VC firm participated in 12 startup investment deals. It pumped money into startups like Zypp Electric, Kratos Studios, Rigi and Brick&Bolt. It participated in 48 investment deals in 2022. 

9. Antler India

Singapore-based VC firm Antler entered the Indian market in late 2020. At that time, it shared plans to invest $100 Mn-$150 Mn in more than 100 Indian startups by 2023.

In April 2022, it launched Antler India Residency, a cohort-based programme, for startup founders. In Q1 2023, it participated in 10 startup deals, including those of Locad, Salad and OnArrival. 

In 2022, the VC firm took part in 22 startup deals and backed startups such as Voloplay, Juno, and Peakperformer. 

10. Titan Capital

Titan Capital mainly invests in seed-stage startups working in segments such as consumer internet, direct-to-consumer (D2C) brands, SaaS and AI. 

As per Inc42 data, in the first quarter of 2023, it participated in nine startup deals, investing in bluelearn, Magma, Zouk and Podeum.

11. The GAIN

The GAIN is an accelerator that focuses on pre-revenue tech startups. So far it has organised five cohorts and made investments in 51 startups to date. The GAIN helps startups scale up.

As per Inc42 data, in the first quarter of 2023, it participated in nine startup deals. 

12. InnoVen Capital

Singapore-based InnoVen Capital is a joint venture of Seviora (Temasek) and United Overseas Bank. It makes debt investments in startups operating in sectors such as consumer internet, B2B commerce, enterprise software, fintech, healthtech, and logistics.

The VC debt firm focuses on startups in India, Southeast Asia, and China. In Q1 2023, it participated in eight startup deals, including those of Stashfin and Jumbotail.

In 2022, the VC firm invested in 52 deals and backed startups such as MediBuddy, Rebel Foods, and Scripbox.

13. Letsventure

Founded in 2013 by Shanti Mohan and Sanjay Jha, Letsventure enables individual investors to back Indian startups.

In Q1 2023, it invested in eight startups, including Zypp Electric, STAGE, BankSathi, and  LoanKuber. In 2022, it participated in 360 startup deals and invested in restaurant chain Burger Singh, hygiene startup Sanfe, and ecommerce rollup Evenflow. 

14. Eagle10 Ventures

Founded by Pramod D’Souza and Prashant Pansare, Eagle10 Ventures primarily invests in early-tech startups in India. In Q1 2023, it participated in seven startup deals. 

The VC firm also has investments in EV startup KwH, deeptech startup Matelabs, EV startup Starya, foodchain Burger Singh, and ayurvedic startup Life & Pursuits, among others, according to its website. 

15. Anicut Capital

Founded in 2016 by Ashvin Chadha and IAS Balamurugan, Anicut Capital is presently managing an angel fund and two debt funds. 

In Q1 2023, it participated in seven investment deals. Some of its investment bets are Blue Tokai Coffee, CapGrid, and Uravu Labs. In 2022, it participated in 26 deals, including those of MasterChow, Snapmint, and The Ayurveda Experience.

16. 2am VC

Founded in 2020 by Bredan Rogers and Hershel Mehta, the investment firm 2am VC backs early-stage Indian startups run by millennials. 

In the first quarter of 2023, 2am VC participated in seven funding deals, including those of Bluelearn and ONWO. In 2022, it pumped money into 23 startups, including the likes of Fieldproxy, GoldSetu, and Spare8.

17. Sequoia Capital

US-based VC firm Sequoia Capital made investments in seven startups in Q1 2023. Some of these names include Mad Street Den, Bounce Infinity, Toddle and Park+.

In 2022, the VC firm made 86 investment deals in India and backed SaaS unicorn Chargebee, B2B SaaS platform CleverTap and edtech startup Scaler Academy.

18. Huddle

Huddle, an accelerator and VC fund, mainly invests in early-stage startups in India. In Q1 2023, it participated in six startup deals. 

It has also invested in robotics startup Astrek Innovations, SaaS startup Astrogate Labs, D2C startup Blue Tokai, D2C startup Bold Care, climatetech Cell Propulsion, healthtech Cureskin, and logistics startup Celcius, among others, according to its website.

19. Better Capital

Better Capital, set up by Vaibhav Domkundwar in 2018, has received investments from founders, operators and investors from across the globe. Some of its backers are former and current executives of Meta, Google, Uber, LinkedIn, Tiger Global, TPG, and the World Bank. 

In Q1 2023, it participated in six investment deals of startups, investing in Toddle, STAGE and Cusmat.

In 2022, it took part in 75 startup funding deals, including Gullak and HYPD.

20. Rainmatter Capital

Bengaluru-based incubator Rainmatter, an initiative of Zerodha, invests in Indian fintech startups. In exchange for minority stakes, it provides mentorship and funding between $100K and $1 Mn to startups.

In Q1 2023, it participated in six startup deals, including those of OTU India, NOTO, and MProfit.

21. Sixth Sense Ventures

Founded in 2014 by Nikhil Vora, Sixth Sense Ventures is a consumer-centric venture fund. In the first quarter of 2023, it made investments in five startups.

It also has investments in startups such as aquawhite, AVG Logistics, Bira 91, Bombay Shaving Company, Eupheus Learning, Fullife Healthcare, Grab, Fitternity, LEAP, and Smaaash, among others.  

22. Hyderabad Angels 

Hyderabad Angels primarily backs early-stage startups across the globe, including India, Singapore, the US, the UK,  and the UAE. It currently manages a network of over 120 investors and has had 10 exits. 

In Q1 2023, it participated in five startup deals, including that of ecommerce marketplace SuperCluster Pi. 

23. Sauce.vc

Venture capital fund Sauce.vc focuses on startups working in F&B, personal care and lifestyle segments. 

In Q1 2023, it participated in five startup deals, including oral care startup Perfora.

The VC also has invested in Innovist, The Whole Truth, QuikAF, Misters, Supertails, My Muse, Mabel, and Dpanda, among others.

24. Venture Catalyst

Venture Catalyst, founded by Dr Apporva Ranjan Sharma and Anuj Golecha, invests between $200K and $2 Mn in early-stage startups. The investments are syndicated with participation from HNIs, family offices, and CXOs. 

In Q1 2023, it participated in five startup deals, having invested in Zypp Electric, STAGE and Cusmat. 

In 2022, it associated with the Confederation of Real Estate Developers’ Associations of India (CREDAI) to form a $100 Mn proptech fund to back early-stage and growth-stage startups. During the same year, it made 207 investments, backing startups such as AlgoBulls, spacetech startup Agnikul and intercity mobility startup Zingbus.

Note: Only active startup investors have been included in the list based on their deal participation in Q1 2023 and Inc42’s Top Indian Startup Investor Ranking Survey, Q1 2023. We will be adding more VCs to this list, to nominate, write to us at [email protected]. Meanwhile, here’s another list capturing more angel investors backing Indian startups.