Former banker Dhruv Jhunjhunwala’s Novastar Partners targets Rs 350 Cr fund

Former investment banker Dhruv Jhunjhunwala has launched Novastar Partners, an investment firm focused on India’s private markets.

While the firm has not disclosed details about its maiden fund, a person familiar with the matter told Entrackr that Novastar is targeting a corpus of Rs 350 crore with a green shoe option of Rs 150 crore.

Jhunjhunwala, who previously worked with RBC Capital Markets in New York, is an alumnus of New York University’s Stern School of Business. He has evaluated more than 100 private equity and technology-driven opportunities across sectors such as e-commerce, SaaS, gaming, education and consumer technology. His earlier investments include Capillary Technologies, R for Rabbit, AdmitKard and Kratos Studios.

Novastar Partners aims to provide investors exposure to India’s private market ecosystem through partnerships with investment managers and curated private opportunities. The firm seeks to create a single-entry platform for global investors participating in India’s growth story.

The investment firm will focus primarily on technology and tech-enabled businesses, targeting sectors such as software, IT services, healthtech, fintech, edtech, artificial intelligence, and deeptech. “Our goal is to allocate capital into highly scalable, capital-efficient companies with a strong moat," Jhunjhunwala said.

The leadership team also includes Gaurav Sharma, an alumnus of Duke University, who previously worked with Bridgewater Associates and Japan-based APL.

“India is entering its golden age, driven by macroeconomic growth, domestic consumption and digital adoption,” said Sharma. “This is a pivotal time for private markets, and we are building a gateway for investors to participate.”

Novastar Partners plans to announce its initial fund partnerships in early 2026.