Sanskrit Capital: A New Venture Capital Firm by Ashish Dave

Sanskrit Capital is making its debut in the venture capital landscape, spearheaded by Ashish Dave, the previous CEO (India) of Mirae Asset Venture Investments. The new firm is aiming for a fund size of Rs 700-1,000 crore for its initial offering, as indicated by sources.

Focus and Investment Strategy of Sanskrit Capital

This firm is set to be sector-agnostic and will concentrate on Series B and Series C startups that have successfully achieved product-market fit and are on the verge of scaling operations. Sanskrit Capital will likely function as a single-GP (general partner) fund and is nearing the final stages of securing approval from Sebi as an AIF (alternative investment fund). The firm anticipates attracting investment from domestic family offices, entrepreneurs, and company founders.

Investment Amounts and Key Focus Areas

The funding strategy involves cheque sizes ranging from Rs 50 crore to Rs 150 crore, with extra capital allocated for follow-on investments in strong-performing portfolio companies. While the approach is broadly sector-agnostic, Sanskrit Capital will primarily focus on areas such as fintech, consumer internet, logistics, healthcare, and enterprise AI solutions.

Ashish Dave’s Background and Industry Trends

Ashish Dave played an instrumental role in establishing the venture capital division of the Korean firm Mirae Asset in India after a three-year period at Kalaari Capital, joining them in 2018. He has since exited from Mirae last year.

The launch of Sanskrit Capital occurs at a time when numerous new venture firms are emerging, led by former investment professionals. For instance, last month saw the inception of Mettle Capital by ex-Peak XV Partners executives Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma, who intend to focus on Series A and Series B startups, alongside select seed-stage opportunities. Mettle Capital is expected to start deploying capital later this year after finalising its fundraising efforts.

In addition, former Peak XV managing directors Shailesh Lakhani and Harshjit Sethi initiate Ambition Capital, targeting a fund size of $250 million with an emphasis on seed and Series A investments.