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Eternal Capital, now rebranded as Sadev Ventures, is a registered Category I Alternative Investment Fund (AIF) based in Delhi, India. Founded in late 2023, the firm operates under the regulations of the Securities and Exchange Board of India (SEBI). The fund focuses on empowering entrepreneurs by investing in transformative businesses across various sectors.
The maiden fund has a size of INR 120 Crores (approximately USD 14.5 million), with a greenshoe option that can increase the total corpus to INR 240 Crores (around USD 29 million). The firm aims to build a portfolio of approximately 40 companies over the next three years, targeting early-stage ventures from pre-seed to pre-Series A.
Led by Dhruv Dhanraj Bahl, a former COO of BharatPe, the firm has attracted a roster of operator-angels as limited partners, including notable figures such as Suhail Sameer and Deep Kalra. This backing provides a unique blend of capital, mentorship, and industry connections, enhancing the firm's ability to support its portfolio companies.
Eternal Capital focuses on early-stage investments in India, specifically in the pre-seed, seed, and seed-plus stages. The firm emphasizes the convergence of financial, social, and intellectual capital to create competitive advantages for transformative businesses. This sector-agnostic approach allows them to invest across various industries, supporting ventures that demonstrate potential for significant impact.
The firm seeks to partner with entrepreneurs who are not only innovative but also committed to creating solutions that address pressing challenges. They look for founders who possess a strong vision and the capability to execute it effectively. The investment strategy is designed to provide not just capital but also strategic guidance and operational support to help startups thrive in competitive markets.
While specific portfolio companies were not disclosed in the source data, Eternal Capital has made investments in several notable ventures. The firm has a target of approximately 40 portfolio companies over three years, with a focus on transformative businesses. Some publicly disclosed investments include:
Additionally, Dhruv Dhanraj Bahl has previously invested in ventures such as Stupa Sports Analytics, Basic Home Loans, and ApniBus, showcasing a diverse investment background.
Dhruv Dhanraj Bahl - Founder & Managing Partner. Dhruv has a background as the former COO of BharatPe, bringing extensive experience in operations and strategy to the firm.
Diksha Bharti - Investor Relations and Operations. Diksha plays a crucial role in managing relationships with investors and overseeing operational functions.
Zeal Lilani - Portfolio Management and Operations. Zeal focuses on managing the portfolio and ensuring operational efficiency.
Divyakshi Satija - Principal – Investments. Divyakshi is responsible for sourcing and evaluating investment opportunities.
Vatsal Lunawat - Senior Associate – Investments. Vatsal supports the investment team in due diligence and portfolio management.
Suryansh Mehrotra - Associate - Investments. Suryansh assists in the investment process and portfolio analysis.
To pitch Eternal Capital, founders should visit their website at [Eternal Capital](https://eternalcapital.vc). It is recommended to include a comprehensive pitch deck that outlines the business model, market opportunity, and team background. While specific response time expectations are not disclosed, founders should anticipate a thorough review process.
Warm introductions can be beneficial, especially given the firm's emphasis on relationships and mentorship. Founders are encouraged to leverage their networks to connect with the team at Eternal Capital.
In April 2024, Eternal Capital officially rebranded to Sadev Ventures, reflecting a new strategic direction and focus on transformative investments. The firm launched its maiden fund with a size of INR 120 Crores (approximately USD 14.5 million) and a greenshoe option that can increase the total corpus to INR 240 Crores (around USD 29 million).
As of early 2025, the firm had committed about half of its initial corpus across approximately 20 startups, indicating an active investment strategy. The firm aims to build a portfolio of around 40 companies over the next three years, focusing on early-stage ventures that align with its mission of empowering entrepreneurs.
What are Eternal Capital's investment criteria?
Eternal Capital invests in early-stage ventures across various sectors in India, focusing on pre-seed, seed, and seed-plus stages. They look for transformative businesses that can leverage financial, social, and intellectual capital to create competitive advantages.
How can I pitch to Eternal Capital?
What makes Eternal Capital different from other VCs?
The firm is backed by operator-angels who provide not just capital but also mentorship and industry connections. This unique blend of support helps startups navigate challenges effectively.
What is the typical check size for investments?
Eternal Capital typically invests between INR 2-6 Crores (approximately USD 240K-720K), with a sweet spot around INR 3-3.5 Crores.
What is the geographic focus of Eternal Capital?
The firm primarily focuses on investments within India, targeting early-stage ventures that demonstrate transformative potential.
What kind of post-investment support does Eternal Capital provide?
Eternal Capital offers operational support, strategic guidance, and access to a network of industry experts to help portfolio companies grow and succeed.
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