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Windrose Capital is an early-stage investment firm founded in 2013 and based in Pune, India. The firm focuses on supporting India's evolving economy by investing in promising startups across various sectors. Windrose Capital is comprised of individuals with entrepreneurial backgrounds, which enables them to assist founders in navigating their startup journeys effectively.
As of now, Windrose Capital manages approximately $30 million in assets under management (AUM) and has completed over 36 transactions throughout its history. The firm has a portfolio of 18 active companies and has achieved notable exits, including the successful IPO of IdeaForge. Windrose Capital started as a multi-family office in 2014 and transitioned to a SEBI Category I AIF in 2018, marking its evolution in the investment landscape.
Located at 1, Business Embassy, 1205/3/3, J M Road, Shivajinagar, Pune, Maharashtra, Windrose Capital is strategically positioned to tap into the burgeoning Indian startup ecosystem. The firm emphasizes long-term value creation and has established a reputation for disciplined investing and deep founder alignment.
Windrose Capital invests primarily in early and mid-stage digitally native startups in India, focusing on sectors such as AI, fintech, healthcare, commerce, SaaS, consumer, edtech, logistics, proptech, and climate. The firm targets pre-seed, seed, seed-plus, and Series A stages, with a thesis-driven approach that seeks to harness disruptive, efficiency-driven opportunities within the Indian startup ecosystem.
The firm looks for technology and digital-first businesses that can enhance operational efficiency and address market inefficiencies. Windrose Capital emphasizes a founder-first approach, valuing alignment with entrepreneurs who demonstrate a strong vision and commitment to their ventures. The firm is particularly interested in startups that can leverage technology to transform traditional industries and create scalable solutions.
Investment checks typically range within the early-stage spectrum, although specific check sizes have not been disclosed. Windrose Capital is open to co-investment opportunities and collaborates with other investors to maximize the potential of its portfolio companies.
Windrose Capital's portfolio includes a diverse range of companies that exemplify its investment strategy:
Notable exits include IdeaForge, a drone-tech company that successfully went public, showcasing Windrose Capital's ability to identify and support high-potential startups.
Rohit Goyal: Managing Partner. Rohit has a strong entrepreneurial background and has been featured on The Desi VC podcast. He emphasizes founder alignment and long-term value creation, having personally invested alongside LPs until recently.
Brajkishor Baheti: Partner. Brajkishor brings extensive experience in venture capital and startup ecosystems, contributing to the firm's investment strategy and portfolio management.
Parth Nagarkar: Legal and Fund Operations. Parth oversees legal matters and fund operations, ensuring compliance and efficient management of the firm's investments.
Dravya Jain: Investment Associate. Dravya supports the investment team in sourcing and evaluating potential deals, leveraging analytical skills to assess market opportunities.
Piyush Chaturvedi: Assistant Manager - Marketing & Communication. Piyush manages the firm's marketing efforts and communication strategies, enhancing Windrose Capital's visibility in the startup ecosystem.
Ranga Deshmukh: Investment Analyst. Ranga conducts market research and analysis to support investment decisions, focusing on identifying high-potential startups within the firm's target sectors.
To pitch to Windrose Capital, startups should send their proposals to pitch@windrose.capital. The pitch deck should include a clear overview of the business model, market opportunity, competitive landscape, and team background. Windrose Capital values concise and informative presentations that highlight the startup's unique value proposition.
Startups are encouraged to provide data-driven insights and demonstrate traction in their respective markets. While the firm does not specify a response time, founders should expect to receive feedback within a reasonable timeframe. Warm introductions are beneficial but not mandatory.
In recent months, Windrose Capital has been active in the Indian startup ecosystem, completing over 36 transactions since its inception. The firm is nearing full deployment of Fund III as of late 2024/early 2025, with plans to launch Fund IV next year. Windrose Capital led a $600K investment round in Nivesh.com through The Next Billion Fund, further solidifying its commitment to supporting innovative startups.
Windrose Capital has achieved four notable exits to date, including the IPO of IdeaForge, showcasing its ability to identify and nurture high-potential companies. The firm continues to focus exclusively on India-based startups, reinforcing its dedication to the local market.
What are Windrose Capital's investment criteria?
Windrose Capital focuses on early and mid-stage digitally native startups in India, particularly in sectors like AI, fintech, healthcare, and SaaS. The firm seeks technology-driven businesses that can enhance operational efficiency and address market inefficiencies.
How can startups apply or pitch to Windrose Capital?
Startups can pitch to Windrose Capital by sending their proposals to pitch@windrose.capital. The firm encourages a clear presentation of the business model, market opportunity, and team background.
What makes Windrose Capital different from other investors?
Windrose Capital emphasizes a founder-first approach, leveraging the entrepreneurial backgrounds of its team to provide strategic guidance and support to portfolio companies. The firm is known for its disciplined investing and deep founder alignment.
What is the geographic scope of Windrose Capital's investments?
Windrose Capital exclusively invests in startups based in India, focusing on the rapidly evolving Indian startup ecosystem.
What is the typical check size for investments?
While specific check sizes have not been disclosed, Windrose Capital invests in early-stage rounds, typically ranging from pre-seed to Series A funding.
What kind of post-investment involvement does Windrose Capital have?
Windrose Capital actively supports its portfolio companies through strategic guidance, operational support, and mentorship, emphasizing long-term value creation.
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