Fundamentum Launches ₹2,200 Cr Fund, Nandan Nilekani Steps Back From GP Role

Venture capital firm Fundamentum Partnership has announced the launch of its third fund, targeting a corpus of ₹2,200 crore (approximately $264 million USD), including a ₹400 crore greenshoe option.

The firm, co-founded in 2017 by Infosys co-founder Nandan Nilekani and Helion Ventures' Sanjeev Aggarwal, will continue to invest in growth-stage startups at Series B.

However, Nilekani has stepped aside from his General Partner (GP) role. He has instead anchored the new fund, making his largest investment to date in a VC firm. The fund will be led by Sanjeev Aggarwal, CFO Sanjay Chaturvedi, and GPs Prateek Jain and Mayank Kachhwaha.

Fundamentum will focus on startups in consumer tech, fintech, and AI that have demonstrated product-market fit. The firm intends to maintain a concentrated portfolio, investing in four to five startups annually, and will provide both capital and advisory support. Their previous two funds have made 17 investments across various sectors.

Notable portfolio companies include used car marketplace Spinny and audio platform Kuku FM. According to the firm, its second fund has delivered a gross IRR of 26%.