Nandan Nilekani’s Fundamentum Launches New Fund With Target Corpus of INR 2,200 Cr

The Fundamentum Partnership, which backs firms like Kuku, Spinny and PharmEasy has launched a new fund with a target corpus of INR 2,200 crore. Called the Fundamentum Fund III, it also has an INR 400 crore greenshoe option. As anchor LP, Nilekani has made his largest investment in any VC firm. Sanjeev Aggarwal, Prateek Jain, Mayank Kachhwaha and CFO Sanjay Chaturvedi will be leading the fund.

The Fund III is sector agnostic though with a primary focus on sectors like consumer technology, fintech and AI. The middle-stage fund will see investments between INR 100 crore and INR 150 crore per company.

The series-B investment platform has made a total of 17 investments from Fund I (2017) and II (2022) in technology-led companies across Consumer Internet, Bharat apps, Fintech, B2B Commerce, Enterprise Technology and emerging sectors in India. The VC disclosed that fund II is at gross IRR of 26%, with exceptional portfolio growth of 123% over the last year,

Congratulating Sanjeev and the team on the launch of Fund III, Nandan Nilekani, said, “India has no shortage of entrepreneurial ambition today. The larger challenge is building institutions that can endure, innovate and create value over decades. When Sanjeev and I first started Fundamentum, we believed that building a startup and building a lasting company require very different capabilities. Sanjeev’s experience guiding entrepreneurs through the complexity of scale continues to shape how Fundamentum partners with founders today. This new fund is being launched at a significant moment as India’s startup ecosystem enters a new phase, driven by technology, formalisation, expanding domestic demand and a robust digital public infrastructure that was practically absent a decade ago. Indian startups in the coming decade will scale at a pace unlike any previous generation, and Fundamentum with its expanded leadership team is well positioned to enable that journey.”

Sanjeev Aggarwal, Cofounder, Fundamentum Partnership adds, “When we launched Fundamentum, we wanted to establish a benchmark for early-growth-stage investing in India. As former entrepreneurs, Nandan and I wanted to draw upon our operator experience to help founders navigate the scaling journey, going beyond capital to add value through deep post-investment engagement. Over the years, we’ve built an incredible investing team, with several ex-entrepreneurs joining us, sharing this “operator-first” mindset. Across Fund I and Fund II, we have backed exceptional founders with strong fundamentals and clear pathways to scale. As we launch Fund III, we are excited to see the evolution of home-grown leaders within the firm take on the mantle of General Partners. With this expanded leadership team, Fundamentum Partnership continues to be bullish in identifying the next generation of enduring tech-led businesses from India.”