Kettleborough VC launches fund II with Rs 80 Cr target, closes Rs 35 Cr in first tranche

Venture capital firm Kettleborough VC, founded by early-stage investor Nisarg Shah, has launched its second fund with a target corpus of Rs 80 crore, and announced a first close at Rs 35 crore. The fund is backed by a mix of family offices and entrepreneurs from India and the US.

According to Kettleborough, Fund II will continue to invest in deeply experienced founders at the earliest stages, typically those with over 10 years of domain expertise and a strong execution focus. 

The firm will write initial cheques of $300,000–$500,000 in about 10 startups, with significant follow-on reserves for high-performing bets.

Founded in 2021, Kettleborough VC has built a name as a conviction-led, construct-specific fund. Its Fund I backed 12 startups including Zippmat, InPrime, Finhaat, and Elivaas, nine of which received their first institutional cheque from Kettleborough. These portfolio companies have since raised follow-on rounds from investors like Omnivore, Lightspeed, 3one4, and Bessemer.

“We only back founders for whom the startup is a natural outcome of a decade-long journey in their domain. Fund I has validated this thesis with strong portfolio traction and early PMF. Fund II doubles down on this conviction,” said Shah.

Kettleborough added that it focuses on “Dhandha-first” businesses, with interest across financial services, commerce infrastructure, and vertical SaaS/AI platforms.

Shah has personally backed over 30 startups, with 10 exits and 80 follow-on rounds, including hits like Foxtale, Onebanc, and Homeville.